Sentiment in gold market to firm up
With the announcement by US Federal Bank that during the current year there would not be any revision of Fed rates, the yellow metal got a boost in the global markets
Hyderabad: With the announcement by US Federal Bank that during the current year there would not be any revision of Fed rates, the yellow metal got a boost in the global markets. Added to this, two major political factors also helped the optimism in gold market alive.
First, the positive signals from China to end the bitter trade war with the US and second, bright chances for the third summit with the North Korean dictator with President Trump to iron out the contentious issues including de-nuclearisation of the former.
Therefore, not only the yellow metal became a hot favourite of the investing clan during the week ended Saturday but also it scaled the highest level in last three weeks chart.
Gold closed at $1313.13 (per oz), while Silver (0.999) closed at $15.41. At home, amidst sluggish demand both the yellow metal recorded excellent gains while white metal remained unchanged.
The general elections, notwithstanding stringent rules with regard to cash transactions, have adversely impacted the demand for gold as the money gets diverted to fund the elections.
Standard gold (24 carats) appreciated by Rs 150 and closed at Rs 33,100 (per 10 gms). Ornamental gold too, moved up in tandem and was quoted in the range of Rs.30,300-30,400 on the closing day.
Silver (0.999) remained unchanged throughout the week at Rs.41,000 (per kg).
The sentiment in principal wholesale commodity markets in the twin cities was from moderate to strong. Rythu Bazars and the commodity markets located in Begum Bazar, Kishangunj, Mukthyargunj, Risala Abdullah, Mir Alam Mandi, Dilsukhnagar, Kukatpally, Bowenpally, General Bazar witnessed good arrivals.
Most of the commodities including chillies, coriander, turmeric, tamarind, methi, mustard, rice, wheat, jawar, maize, ragi, ginger etc; either remained steady or moved within narrow margins.
Common pulses such as tuar dal, moong dal, urad dal and masoor dal recorded small appreciation in the range of 4 per cent to 6 per cent while edible oils, sugar and vanaspati remained unchanged.
Garlic market has suffered a deadly blow due to glut. The supplies of inferior quality of garlic has impacted its prices. Among vegetables, potatoes, sweet-potatoes, tomatoes, kandha and carrots declined marginally.
On the other hand, cabbage, cauliflower, ribbed guard, snake guard, lady fingers, cucumber and French beans along with other leafy vegetables recorded an appreciation in the range of 12 per cent to 18 per cent, due to onset of summer season.