Weekly Market Review 02-12-2023
Hyderabad (NVS): With the abrupt end of the cease-fire after 7 days between Israel and Hamas on December 1, and consequent resumption of war between both the sides, the geo-political equations in the Middle East have been disturbed once again. This has also alerted other nations supporting or opposing either side on Russia-Ukraine front an emergency meeting of defence commanders of Russia for discussing the alleged nuclear war strategy has also sent danger signals to the rest of the world.
New York gold closed at US $ 2,071.00 (per Ounce) while silver closed at $ 25.42 (per Ounce). Platinum and Palladium closed at $ 934 (per Ounce) and $ 986 (per Ounce) respectively.
Other economic parameters remained moderate. Brent closed at US $ 78.88 (per barrel) while Crude MCX oil was quoted at Rs.6,231 (per barrel). While Gold MCX stood at Rs.63,137 (per 10 gms), MCX Silver closed at Rs.76,237 (per kg), Copper MCX closed at Rs.726.80 (per kg). Sensex and Nifty 50 closed at 67,481.19 and 20,267.90 points. Leading foreign currencies exchange rates were, US $: Rs.83.22, British Pound: Rs.105.68, Euro: Rs.90.65, Singapore $: Rs.62.40, Swiss Franc: Rs.95.65, Australian $: Rs.55.48, Saudi Riyal: Rs.22.18, New Zealand Dollar: Rs.51.66, Kuwaiti Dinar: Rs.269.34, Omani Rial: Rs.215.21 and UAE Dirham: Rs.22.66, Japanese Yen: Rs.0.57, Canadian $ Rs.61.65, Hong Kong Dollar: Rs.10.65.
In local markets, standard gold (24 carats) further appreciated by Rs.1,470 and closed at Rs.63,760 (per 10 gms). Ornamental gold was quoted in the range of Rs.58,350 – 58,450 on the closing day. Silver (0.999) too further appreciated by Rs.3,300 and closed at Rs.83,500 (per kg).
COMMODITIES
The sentiment in principal wholesale commodity markets in twin cities remained moderate. Rythu Bazars and the various commodity markets located in Begum Bazar, Kishangunj, Mukthyargunj, Risala Abdullah, Mir AlamMandi, Dilsukhnagar, Kukatpally, Bowenpally, General Bazar experienced moderate trading.
During the week, common pulses such as tuar dal, masoor dal, moong dal and urad dal and commodities like chillies and garlic remained unchanged at their respective last week’s closing levels, while staple food-grains and common edible recorded a negligible decline.
Common vegetables such as cabbage, cauliflower, ribbed guard, snake guard, lady fingers, cucumber, potatoes, onions, tomatoes and French beans along with other leafy vegetables rose by 15% to 20%.
The NECC wholesale egg-price in Hyderabad further declined by Rs.5 and closed at Rs.505 (per 100). The highest price of Rs.600 was recorded at Varanasi and Lucknow while Namakkal recorded the lowest of Rs.475.