Gold prices touch new highs

Gold prices touch new highs
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Highlights

Amidst unpalatable utterances of US President Trump that India and China were taking undue advantage of WTO, gold continued to scale newer peaks during the week ended Saturday.

Hyderabad: Amidst unpalatable utterances of US President Trump that India and China were taking undue advantage of WTO, gold continued to scale newer peaks during the week ended Saturday.

Silver also moved up in tandem and is expected to cross $21 (per oz) in the near future. In the recent history, silver had touched the highest level of $35.30 in February 1980 while the lowest of $3.50 in January 1993.

Gold remained buoyant in higher brackets and closed at $1,525 (per Ounce) while silver, followed suit and closed at $17.20 (per Ounce). Platinum and Palladium also marched forward and closed at $854.10 (per 10 gms) and $1,452.75 (per 10 gms) respectively.

Other economic parameters moved northward. Brent closed at $59.49 (per barrel) while Crude oil was quoted at Rs 3,902 (per barrel). Gold MCX stood at Rs 38,010 (per 10 gms) and Silver MCX at Rs 43,835 (per kg). Sensex and Nifty 50 closed at 37,350.33 and 11,047.80 points respectively.

Leading foreign currencies' exchange rates were: US$: Rs 71.14, British Pound: Rs 86.42, Euro: Rs 78.91, Singapore $: Rs 51.40, Canadian $: Rs 53.62, Swiss Franc: Rs.72.71, Australian $: Rs 48.22, Saudi Rial: Rs 18.97, Kuwaiti Dinar: Rs 233.83, Omani Rial: Rs 184.81 and UAE Dirham: Rs 19.34.

At home, despite higher prices, big market players were quite active.

Therefore, both the precious metals attained new heights and closed at higher levels as compared to the previous week. Standard gold (24 carats) appreciated by Rs 470 and closed at Rs 37,970 (per 10 gms).

Ornamental gold too, moved up in tandem and was quoted in the range of Rs 36,080 - 36,190 on the closing day. Silver (0.999), too, appreciated by Rs 500 and closed at Rs 43,800 (per kg).

COMMODITIES

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

Rythu Bazars and the various commodity markets located in Begum Bazar, Kishangunj, Mukthyargunj, Risala Abdullah, Mir Alam Mandi, Dilsukhnagar, Kukatpally, Bowenpally, General Bazar localities were from moderate to strong.

During the week common pulses such as tuar dal, moong dal, urad dal and masoor dal remained unchanged while staple food grains and common edible oils moved within a narrow margin. Chillies, copra and tilseeds recorded smart gains while sagodana and jeera remained subdued. Coriander and mustard remained unchanged.

The prices of common vegetables recorded an appreciation as the rains took a halt in the vegetable growing areas.

Common vegetables such as cabbage, cauliflower, ribbed guard, snake guard, lady fingers, cucumber, potatoes, onions, tomatoes and French beans along with other leafy vegetables recorded appreciation in prices in the range of 9 per cent to 17 per cent.

In Hyderabad, the NECC wholesale egg-price further appreciated by Rs 9 and closed at Rs 336 (per 100). The highest price of Rs 386 was recorded at Mumbai while Hospet closed with the lowest price of Rs.310.

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