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Weekly Market Review
The Russia-Ukraine pot has been boiling at its extreme
Hyderabad (NVS): The Russia-Ukraine pot has been boiling at its extreme. Zelensky has been calling on European leaders seeking their support by way of latest arms and ammunition to combat the deadly combine of Russia-China-N.Korea. According to defence observers, the current month of October is very crucial because from next month onwards severe cold season will commence making it very difficult for the forces to indulge in the war game. Therefore, the global markets continued to play hide and seek during the week under review.
The New York gold closed at US $ 1,833.10 (per Ounce) while silver closed at $ 21.59 (per Ounce). Platinum and Palladium closed at $ 877 (per Ounce) and $ 1,134 (per Ounce) respectively.
Other economic parameters remained from moderate to strong. Brent closed at US $ 84.58 (per barrel) while Crude MCX oil was quoted at Rs.6,880 (per barrel). While Gold MCX stood at Rs.56,898 (per 10 gms), MCX Silver closed at Rs.68,290 (per kg), Copper MCX closed at Rs.706.00 (per kg). Sensex and Nifty 50 closed at 65,995.63 and 19,653.30 points. Leading foreign currencies’ exchange rates were, US $: Rs.83.12, British Pound: Rs.101.74, Euro: Rs.88.12, Singapore $: Rs.60.96, Swiss Franc: Rs.91.35, Australian $: Rs.53.06, Saudi Riyal: Rs.22.16, New Zealand Dollar: Rs.49.74, Kuwaiti Dinar: Rs.270.31, Omani Rial: Rs.215.90, UAE Dirham: Rs.22.63, Japanese Yen: Rs.0.56, Canadian $ Rs.60.74 and Hong Kong Dollar: Rs.10.61.
The sentiment in precious metals remained moderate. Standard gold (24 carats) declined by Rs.660 and closed at Rs.57,540 (per 10 gms). Ornamental gold too, followed suit and was quoted in the range of Rs.52,650 – 52,750 on the closing day. Silver (0.999) declined by Rs.1,500 and closed at Rs.74,500 (per kg).
COMMODITIES
With the lull in rains, Rythu Bazars and the various commodity markets located in Begum Bazar, Kishangunj, Mukthyargunj, Risala Abdullah, Mir AlamMandi, Dilsukhnagar, Kukatpally, Bowenpally, General Bazar recoded moderate trade volumes.
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 brisk trading.
The NECC wholesale egg-price in Hyderabad declined by Rs.10 and closed at Rs.505 (per 100). The lowest price of Rs. 495 was recorded at Hospet and Namakkal while the highest price of Rs.600 was recorded at Kolkata.
