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Petro products take a beating
With no signs of end to the Russia- Ukraine war and escalation of hostility between China and Taiwan, global economy has staged a big retreat since last two months.
Hyderabad: With no signs of end to the Russia- Ukraine war and escalation of hostility between China and Taiwan, global economy has staged a big retreat since last two months. The markets, particularly those of petrol, gas and petroleum products have taken a serious beating following the ever increasing hostilities between super powers.
Consequently, New York gold closed at $1,932.30 (per Ounce) while silver closed at $24.13(per Ounce). Platinum and Palladium closed at $926.00 (per Ounce) and $2,239.00 (per Ounce) respectively.
Other economic parameters remained low. Brent closed at $106.65 (per barrel), Crude MCXoil was quoted at Rs 7,838(per barrel). While Gold MCX stood at Rs 52,264 (per 10gms), MCXSilver closed at Rs 66,588 (per kg) and Copper MCX closed at Rs 805.60 (per kg). In local markets, standard gold (24 carats) declined by Rs 610 and closed at Rs 53,450 (per 10gms). Ornamental gold was quoted in the range of Rs 48,900 – 49,000 on the closing day. Silver (0.999) too, declined by Rs 2,600 and closed at Rs 71,600 (per kg).
Commodities
The sentiment in principal commodity markets in Hyderabad remained from moderate to strong. Rythu Bazars and the various commodity markets in Begum Bazar, Kishangunj, Mukthyargunj, Risala Abdullah, Mir Alamn Mandi, Dilsukhnagar, Kukatpally, Bowenpally, General Bazar recorded moderate trading. During the week, 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 oil closed at marginally higher levels.
