Gold prices zoom past Rs 37k level

Gold prices zoom past Rs 37k level
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Highlights

Due to global trade uncertainties, the yellow metal breached all records of last six years, so also the white metal which faithfully followed the former.

Hyderabad: Due to global trade uncertainties, the yellow metal breached all records of last six years, so also the white metal which faithfully followed the former.

Therefore, gold remained buoyant and closed at $1,498.45 (per Ounce) while silver, followed suit and closed at $17.04 (per Ounce).

Platinum and Palladium also marched forward and closed at $864.51 (per 10 gms) and $1,498.45 (per 10 gms) respectively.

Other economic parameters, except Brent oil, moved northward. Brent closed at $58.53 (per barrel) while Crude oil was quoted at Rs 3,892 (per barrel). Gold MCX stood at Rs 37,992 (per 10 gms) and Silver MCX at Rs 43,324 (per kg).

Sensex and Nifty 50 closed at 37,581.91 and 11109.65 points respectively. Leading foreign currencies' exchange rates were: $: Rs 70.80, British Pound: Rs 83.52, Euro: Rs 79.52, Singapore $: Rs 50.05, Canadian $: Rs 52.31, Swiss Franc: Rs 71.12, Australian $: Rs 47.02, Saudi Rial: Rs. 18.10, Kuwaiti Dinar: Rs.225.38, Omani Rial: Rs 177.63 and UAE Dinar: Rs.18.53.

At home, due to higher prices, the trading was dull. However, both the yellow and white metals zoomed and closed at phenomenally higher levels as compared to the previous week. Standard gold (24 carats) appreciated by Rs 2,040 and closed at Rs 37,500 (per 10 gms).

Ornamental gold too, moved up in tandem and was quoted in the range of Rs 35,620 - 35,720 on the closing day. Silver (0.999), too, appreciated by Rs 2,000 and closed at Rs 43,300 (per kg).

The sentiment in gold and silver having reached the peak levels is likely to cool down 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 was from moderate to strong.

The inflow of supplies from other states, particularly Maharashtra, Kerala, Tamilnadu, Karnataka, Gujarat and Madhya Pradesh have been obstructed due to heavy rains and flood situation in these states.

During the week common pulses such as tuar dal, moong dal, urad dal and masoor dal recorded a marginal appreciation while staple food grains and common edible oils remained steady at the previous week's closing levels.

The prices of common vegetables eased further considerably during this week also thanks to good rains 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 a decline in prices in the range of 27 per cent to 42 per cent.

In Hyderabad, the NECC wholesale egg-price appreciated by Rs 2 and closed at Rs 328 (per 100). The highest price of Rs 381 was recorded at Mumbai while Punjab closed at the lowest price of Rs 302.

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