Gold is gaining ground

While the first ten days of Ramzan were the mood-dampening, thanks to the spoil sport played by the monsoon, the next ten days proved to be morale booster. The month long festival would conclude in the following week. As the buying hysteria has been picking up day after day, it could be safely guessed that the next week also would prove to be the most buoyant one for the markets.

Due to good buying support, principal commodities recorded smart gains. While the staple food-grains like wheat, rice, jawar, bajra and maize were more or less steady, other commodities of the household budget such as tamarind, turmeric, cumin seeds, ginger, garlic and coriander recorded appreciation in the range of 5 per cent to 12 per cent. Chilies.jaggery and sugar too closed higher by 7 per cent to 15 per cent.

The excess rainfall in Saurashtra region of Gujarat, which produces the highest quantity of groundnut in the country, dampened the spirit of the speculators. However, considering the fact that the effect of the excessive rainfall has not been so devastating and a lot more of the crop has been saved, on the price-front not much long term impact is likely to be felt.

<p data-mce-style="--"text-align:" justify;--"="" style="--"color:" rgb(51,="" 51,="" 51);="" font-family:="" georgia,="" --'times="" new="" roman--',="" --'bitstream="" charter--',="" times,="" serif;="" font-size:="" 13px;="" line-height:="" 19px;="" text-align:="">Dr HC Upadhyay