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Gold prices to remain firm
New York gold touched $1508.59 (per oz) while silver also moved up in tandem and closed at $18.27. Platinum and Palladium closed at $952.35 and 1540.95 respectively.
Hyderabad: New York gold touched $1508.59 (per oz) while silver also moved up in tandem and closed at $18.27. Platinum and Palladium closed at $952.35 and 1540.95 respectively.
Other economic parameters remained upbeat vis-a-vis Rupee. Crude oil closed at Rs.3,969 (per barrel) while Brent Crude closed at $61.22. Copper MCX was quoted at Rs 453.4 (per kg). Gold MCX stood at Rs 38,566 (per 10 gms) and Silver MCX at Rs 47,885 (per kg).
Sensex and Nifty 50 closed at 36,981.77 and 10,946.20 points respectively.
The foreign exchange market also remained firm during the week. The foreign exchange rates were: $71.73, EURO 79.06, GPB 88.25, CNY 10.08, SR 19.28, KD 238.16, UAE 19.52, and CAD 54.38.
At home, amidst sluggish demand both the yellow and white metals recorded marginal gains. Standard gold (24 carats) appreciated by Rs 160 and closed at Rs 38,920 (per 10 gms).
Ornamental gold too, moved up in tandem and was quoted in the range of Rs 36,920-37,020 on the closing day.
Silver (0.999) recorded an appreciation of Rs 1,200 and closed at Rs 47,900 (per kg). The sentiment in gold and silver jewellery market is likely to remain firm in the near future.
COMMODITIES
During the week, the sentiment in principal wholesale commodity markets in the twin cities was strong. Rythu Bazars and the markets located in Begum Bazar, Kishangunj, Mukthyargunj, Risala Abdullah, Mir Alam Mandi, Dilsukhnagar, Kukatpally, Bowenpally, General Bazar and Alwal witnessed good arrivals. Most of the commodities including chillies, coriander, turmeric, tamarind, methi, mustard, rice, wheat, jawar, maize, ragi, garlic, ginger etc; either remained steady or moved within narrow margins. Common pulses such as tuar dal, moong dal, urad dal and masoor dal recorded a small appreciation in the range of 1 per cent to 2 per cent while edible oils, sugar and Vanaspati remained unchanged.
According to the sources, this year soya bean output is expected to be 1.4 cr. tons, higher than estimated. The wholesale prices of onions, potatoes, sweet-potatoes, tomatoes, Kandha and carrots moved up substantially.
