Gold prices on the decline
Following the ISIS attacks on Paris last week, France, USA and Russia have launched a massive retaliatory military action against ISIS and its bases in Syria.
Hyderabad : Following the ISIS attacks on Paris last week, France, USA and Russia have launched a massive retaliatory military action against ISIS and its bases in Syria. The rest of the world has been watching this deadly game of the attacks and counter-attacks with bated breath. The yellow metal belying the guess of the big players has suddenly taken the Northern route. However, despite the sudden rise of gold prices in the international market the investors are psychologically yet to be convinced about this new trend.
Still, one thing appears to be certain that in view of the escalation of strife in the world, gold as an age-old favourite medium of storage of value would continue to dominate other forms of investment. Those who understand this gospel truth have of late, begun taking the plunge and acquired good deal of stock at the current low price. Meanwhile, both the precious metals ruled at lower levels in the local market last week.
On the closing day, standard gold closed lower by Rs 130 per 10 gm. Similarly, silver (0.999) too closed lower by Rs 200 per kg. Standard gold (24 carats) closed at R. 25,670 per 10 gm vis-à-vis Rs 25,800 in the last week. The ornamental gold followed the suit and was quoted in the range of Rs25,060 - 25,160 per 10 gm. Silver (0.999) stood at Rs 34,200 per kg against Rs 34,400 in the last week.
The sentiment in principal commodity markets at the Osmangunj, Risala Abdullah, Mir Alam Mandi, General Bazar, Saroornagar, Bowenpally, Kukatpally and Dilsukh Nagar continued to be firm. Garlic, tilseeds and tamarind recorded a marginal appreciation in the range of 2 per cent to 3 per cent due to increased demand.
On the other hand, turmeric, onions and chilies declined marginally following the improved supplies after the stoppage of rain in the neighboring southern States. In perishables, the sentiment was strong throughout the week. The common vegetables like potatoes, tomatoes, cabbage, cauli flower, lady’s finger, and leafy vegetables continued to be firm.