Gold prices on the rise

Hyderabad: Following the reports of lower demand for physical gold from China, the yellow metal at home moved within narrow margins during the week. Tight import restrictions have indeed yielded good results which are duly reflected in the lower figures of the current account deficit (CAD). Imports which were lower by 1.9 per cent coupled with increased exports which were 4.8 per cent higher promise the better days ahead. However, the political uncertainty owing to the ongoing general elections has kept the speculative investors at bay, at least for the time being.

During the trading week, Standard gold (24 carats) recorded an appreciation of Rs 500 and closed at Rs 29,870 per 10 gm from the previous week closing mark of Rs 29,370. Ornamental gold followed the suit and was quoted in the range of Rs 29,170 -29,280 per 10 gm on the closing day. Silver too appreciated marginally and closed at Rs 43,680 per kg from the previous week’s closing of Rs 43,600.

The sentiment in the principal commodity markets at Osmangunj, Begum Bazar, Dilsukh Nagar, Monda Market and Kukatpally remained strong. Jeera, turmeric, coriander, chillis, sunflower seeds and wheat declined in the range of Rs 50 to Rs 250 per quintal. On the other hand, the sentiment in tamarind, garlic, ginger, pepper, soyabeans and tilseeds and maize remained strong. Among edible oils undertone continued to be moderate. Groundnut refined oil and cottonseed refined oil remained firm so was also rapseed refined oil, soyabean oil and vanaspati remained unchanged.

During the week, common vegetables witnessed a substantial rise in prices due to lower supplies affected by the rise in mercury. The common vegetables including potatoes, onions, French beans, kandha and leafy vegetables recorded a further appreciation of 40 per cent to 60 per cent .The NECC eggs in Hyderabad closed at Rs 240 per 100 or Rs 5 higher than previous week.