Gold prices continue to move up

Gold prices continue to move up
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Highlights

In the international market, Gold remained firm in higher brackets and closed at $1,443.06 (per Ounce) while silver, remained unchanged and closed at $16.31 (per Ounce).

Hyderabad: In the international market, Gold remained firm in higher brackets and closed at $1,443.06 (per Ounce) while silver, remained unchanged and closed at $16.31 (per Ounce). Platinum and Palladium followed suit and closed at Rs 25,650 (per 10 gms) and Rs 31,604 (per 10 gms) respectively.

Other economic parameters, except Brent and crude oil, moved northward. Brent closed at $61. 31 (per barrel) while Crude oil was quoted at Rs 3,892 (per barrel). Gold MCX stood at Rs 35,550 (per 10 gms) and Silver MCX at Rs 41,302 (per kg).

Sensex and Nifty 50 closed at 37,118.22 and 10,997.35 points respectively. Leading foreign currencies' exchange rates were: $: Rs.69.80, British Pound: Rs 84.89, Euro: Rs 77.69, Singapore $: Rs 50.71, Canadian $: Rs 52.88, Swiss Franc: Rs 71.15, Australian $: Rs.47.50, Saudi Rial: Rs. 18.76 and UAE Rial: Rs.19.17.

At home, due to incessant rains in Hyderabad, the trading was dull. However, both the yellow and white metals remained firm and closed at a marginally higher levels when compared with the previous week.

Standard gold (24 carats) appreciated by Rs 400 and closed at Rs 35,460 (per 10 gms). Ornamental gold too, moved up in tandem and was quoted in the range of Rs 33,640 - 33,740 on the closing day.

Silver (0.999), too, appreciated by Rs 150 and closed at Rs 41,300 (per kg). The sentiment in gold and silver is likely to remain moderate during a couple of weeks from now.

COMMODITIES

The sentiment in principal wholesale commodity markets in the twin cities was moderate.

Rythu Bazars and the various commodity markets located in Begum Bazar, Kishangunj, Mukthyargunj, Risala Abdullah, Mir Alam Mandi, Dilsukhnagar, Kukatpally, Bowenpally, General Bazar witnessed moderate business.

To cope up the increase in festival demand, the government has permitted import of Tuar and Urad daal.

The first consignment of 20,000 tons of Tuar Daal and 30,000 tons of Urad Daal is expected to arrive in the second week of the current month while second consignment of 5,000 tons of these pulses is likely to reach by September end.

This measure will go a long way in easing the prices of these common pulses, particularly during the ensuing Dussehra and Diwali festivals.

During the week common pulses such as tuar dal, moong dal, urad dal and masoor dal remained steady at the previous week's closing levels so also the edible oils and Vanaspati.

In Hyderabad, the NECC wholesale egg-price appreciated by Rs 21 and closed at Rs 326 (per 100). The highest price of Rs 378 was recorded at Mumbai while Barwala closed at the lowest price of Rs 315 on the closing day. (NVS)

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