Afghan crisis: Gold, silver rise in local market

Gold, silver prices not hit by US inflation
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Gold, silver prices not hit by US inflation

Highlights

Amidst bitter acrimonious allegations against each other, the US and Taliban are keeping the rest of the world on tenterhooks.

Hyderabad: Amidst bitter acrimonious allegations against each other, the US and Taliban are keeping the rest of the world on tenterhooks.

Consequently, New York gold closed at $1,816.80 (per ounce) while silver closed at $ 23.98 (per ounce). Platinum and Palladium closed at $ 1006 (per ounce) and $ 2,348 (per ounce) respectively.

In local markets, standard gold (24 carats) appreciated by Rs430 and closed at Rs48,600 (per 10 gm). Ornamental gold too, followed the suit and was quoted in the range of Rs44,450 – 44,550 on the closing day. Silver (0.999) too, appreciated by Rs7,000 and closed at Rs.68,700 (per kg).

Commodities

The sentiment in principal wholesale commodity markets in twin cities turned moderate due to monsoon showersw. Rythu Bazars and the various commodity markets located in Begum Bazar, Kishangunj, Mukthyargunj, Risala Abdullah, Mir Alam Mandi, Dilsukhnagar, Kukatpally, Bowenpally, General Bazar moderate trading.

During the week, common pulses such as tuar dal, masoor dal, moong dal and urad dal and commodities like chillies and garlic remained unchanged at their respective last week's closing levels, while staple food-grains and common edible recorded a marginal appreciation.

Meanwhile here comes the report that the central government has set up a task force, called the project palm to cope up with the ever increasing demand for edible oils in the country.

The country had imported the edible oils to the tune of Rs10 billion during the year 2019-2020 of which palm oil import constituted 55 per cent. Under the new initiative the focus will be on increasing the palm cultivation in the country so aa to lessen the dependence on imports.

The NECC wholesale egg-price in Hyderabad appreciated by Rs 7 and closed at Rs 403 (per 100). The highest price of Rs477 was recorded at Lucknow and Ranchi, while Hospet recorded the lowest of Rs375.

Other economic parameters remained moderate. Brent closed at $ 72.70 (per barrel) while Crude MCX oil was quoted at Rs5,064 (per barrel). While Gold MCX stood at Rs47,557 (per 10 gms), MCX Silver closed at Rs63,751 (per kg), Copper MCX closed at Rs715.50 (per kg).

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