Gold up, silver down

Dr HC UPADHYAY Hyderabad (NVS): The week ended on Saturday witnessed a continued upward trend in the yellow metal while the white metal shed marginally in the final tally on the penultimate day of the week. Standard gold (24 carats) recorded an appreciation of Rs 390 per 10 gms while silver (0.999) declined by Rs 150 per kg during the week. On the closing day, however, both the precious metals appreciated by Rs 17 per 10 gms and Rs 32 per kg respectively. Standard gold (24 carats) closed at Rs 30,180 per 10 gms from the previous week's closing of Rs 29,790. Ornamental gold followed the suit and was quoted in the range of Rs 29,480 - 29,580 against Rs 29,100 - 29,200 in the previous week. Silver declined marginally and closed at Rs 54, 450 per kg against previous week's closing level of Rs 54,600. The sentiment in principal markets for essential commodities and kirana goods in Risala Abdullah, Osmangunj, Begum Bazar, General Bazar, Dilsukh Nagar, Mir Alam Mandi , Bowenpalli and Kukatpalli localities was from moderate to strong. Despite the fact that the country is poised to harvest 9.3 crore tonnes of wheat this year and we have well over 3.1 crore tones of buffer stock the wheat price is unlikely to rule at lower levels either in the fair price shops or in the open market. It is indeed a sad commentary on the part of the powers that be that the country has to dump our wheat-stock in the foreign countries at a less than cost price because there are no buyers in the export market. The sentiment in common vegetables market remained strong. Ridge gourd, bitter gourd, lady's finger, kandha, potatoes, beet root and beans further appreciated 8.24%.