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Gold prices drop in the last week of festive season

Gold prices drop in the last week of festive season
Highlights

Internationally, the yellow metal closed at $1,461.35 (per ounce), much lower than the previous week. Silver too, slipped to $16.90. Other precious metals viz. Platinum and Palladium closed at $886 and $1,744.50 respectively.

Hyderabad: Internationally, the yellow metal closed at $1,461.35 (per ounce), much lower than the previous week. Silver too, slipped to $16.90. Other precious metals viz. Platinum and Palladium closed at $886 and $1,744.50 respectively.

Other economic parameters, except brent and crude oil, remained strong. Gold MCX closed at Rs.37,687 (per 10 gms) while silver MCX closed at Rs 43,872 (per kg). Sensex and Nifty 50 closed at 40,323.61 and 11,908.15 points respectively. Similarly, brent closed at the higher level of $62.61 (per barrel).

In local markets, this was the last week of festival season. During the week gold (24 carats) recorded a decline of Rs 730 and closed at Rs 38,220 (per 10 gms).

Ornamental gold followed suit and closed in the range of Rs.36,320 - 36,420. Silver (0.999) too declined by Rs.2,500 and closed at Rs.43, 900 (per kg).

The hefty decline in silver price could be attributed to the decline in gold price because the white metal was chosen as an alternative to gold whose price was traveling northward in recent times.

With the decline in gold price, the investors have reverted back to the yellow metal causing drop in demand and consequently its price.

COMMODITIES

The sentiment in principal wholesale commodity markets in different localities of Hyderabad and Secunderabad continued to be from moderate to strong.

Ginger, garlic, chilli, edible oils, rice and wheat of all varieties remained unchanged during the week, while common pulses such as tuar daal, moong daal, urad daal and masoor daal recorded a small appreciation.

The recent heavy rains caused due to oceanic cyclone has caused large scale damage to crops of paddy, onion, tomato and other vegetables. Consequently, prices of these commodities have skyrocketed.

The sentiment in common vegetables turned moderate. The NECC wholesale egg price in the twin cities closed at Rs. 386 (per 100) or Rs 13 lower than the closing price in the last week.

Varanasi recorded the highest price of Rs 457 while Hospet the lowest of Rs. 380 in the country.

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