Gold declines slightly
Even as the inflationary trend continued in the USA and bank and Fed rates remained undecided about increasing the interest rates, yellow metal ruled firm in global markets.
Hyderabad: Even as the inflationary trend continued in the USA and bank and Fed rates remained undecided about increasing the interest rates, yellow metal ruled firm in global markets. This trend is likely to continue quite for some time. According to experts, gold may touch $ 1,920 (per Oz) if Fed rate is revised upward in a near future.
Consequently, New York gold closed at $1,845 (per Ounce) while silver closed at $ 24.56 (per Ounce). Platinum and Palladium closed at $1,027 (per Ounce) and $1,994 (per Ounce) respectively.
In local markets, standard gold (24 carats) declined by Rs 270 and closed at Rs 49,910 (per 10 gms). Ornamental gold too, followed suit and was quoted in the range of Rs 45,650 – 45,750 on the closing day. Silver (0.999) also recorded a decline of Rs 1,300 and closed at Rs 70,400 (per kg).
While the farmers have been rejoicing over prime minister's announcement about withdrawal of three contentious laws, its economic consequences cannot be ignored. The farm production is expected to increase. The sentiment in principal wholesale commodity markets in twin cities remained moderate. Rythu Bazars and the various commodity markets in Begum Bazar, Kishangunj, Mukthyargunj, Risala Abdullah, Mir Alam Mandi, Dilsukhnagar, Kukatpally, Bowenpally, General Bazar recorded moderate trade volumes.
During the week, 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 marginal increase. The NECC wholesale egg-price in Hyderabad declined by Rs 20 and closed at Rs 420 (per 100). (NVS)