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Festive season spurs gold sales
Lowered Fed rates and the moderately weak $ ultimately motivated global bullion players to firmly concentrate on yellow metal.
Hyderabad: Lowered Fed rates and the moderately weak $ ultimately motivated global bullion players to firmly concentrate on yellow metal.
Consequently, gold closed at $1,516.34 (per oz) whereas silver closed at $18.22. Other economic parameters, except Brent and crude oil, remained strong. $ stood at Rs 70.70 while British pound was equal to Rs 91.51.
On auspicious day of Dhanteras, people traditionally make purchase of gold or silver irrespective of the price. Consequently, this year more trade volumes were reported on Diwali day.
Gold MCX closed at Rs 38,455 (per 10 gms) while silver MCX closed at Rs 46,392 (per kg). Platinum was quoted at Rs 39,921 (per 10 gms) whereas Palladium at Rs 32,996 (per 10 gms) on the closing day.
Sensex and Nifty 50 closed at 40,165.03 and 11,890.
60 points respectively. Similarly, Brent closed at the higher level of $61.55 (per barrel) while crude oil in the local market was traded at Rs 3,950 (per barrel).
In local markets, during the week gold (24 carats) recorded a further appreciation of Rs 220 and closed at Rs 38,950 (per 10 gms). Ornamental gold followed suit and closed in the range of Rs 37,000 - 37,100. Silver (0.999) was up by Rs 100 and offered at Rs 46,400 (per kg).
COMMODITIES
The sentiment in principal wholesale commodity markets in different localities of Hyderabad and Secunderabad continued to remain from moderate to strong.
Ginger, garlic, chilli, edible oils, rice and wheat of all varieties recorded marginal increase during the week, while common pulses such as tuar daal, moong daal, urad daal and masoor daal remained unchanged.
The sentiment in common vegetables remained strong. The NECC wholesale egg price in the twin cities closed at Rs 399 (per 100) or Rs 10 higher than the closing price in the last week. Mumbai recorded the highest price of Rs 452 while Hospet the lowest of Rs 385 in the country.
