Gold to stay firm despite dwindling dollar

Gold to stay firm despite dwindling dollar
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Gold to stay firm despite dwindling dollar 

Highlights

Despite the US dollar losing about 15 per cent value in the international market since last August, the yellow metal is likely to remain firm in the days to come thanks to the higher import of gold by India.

Hyderabad: DESPITE the US dollar losing about 15 per cent value in the international market since last August, the yellow metal is likely to remain firm in the days to come thanks to the higher import of gold by India. According to the market sources if there is no sudden spurt in gold price at home, the import bill is likely to cross 100 tonne mark in the current month as against 45 tonne in last October. In local markets, standard gold (24 carats) appreciated by Rs 540 and closed at Rs 47,890 (per 10 gms). Ornamental gold too, followed the suit and was quoted in the range of Rs 43,800 – 43,900 on the closing day. Silver (0.999) too, appreciated by Rs 2,200 and closed at Rs 65,900 (per kg).

Commodities

The sentiment in principal wholesale commodity markets in twin cities turned moderate due to parting showers of the monsoon season. 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 negligible decline. (NVS)

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