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Precious metals upbeat despite slack season
At home, despite it being the slack season the markets were upbeat. Both the precious metals, namely gold and silver, became overnight dear to the speculators. Due to this, sizeable business was reported from all major jewellery markets in the country.
Hyderabad: After scaling the highest peak of last 28 months, the yellow metal relented a bit towards the weekend and settled for $1356 (per oz). The swift divergent movements at higher levels left the investors baffled. As a result, the trade volumes dipped on major global markets during the last two days. However, the sentiment remained strong with a promise of better future.
At home, despite it being the slack season the markets were upbeat. Both the precious metals, namely gold and silver, became overnight dear to the speculators. Due to this, sizeable business was reported from all major jewellery markets in the country.
Standard gold (24 carats), after closing at Rs 31,610 (per 10 gms) in the previous week, opened at the higher level and remained upbeat till the next three days. In the last two days the divergent trend grappled the market as a result of which the price level dipped marginally. Finally, the yellow metal closed at Rs 31,860 or Rs 250 higher than the previous week’s closing mark.
Ornamental gold, too, followed suit and was quoted in the range of Rs 31,120 – 31,220 (per 10 gms) on the last day of the week.
Silver (0.999) also moved up during the week. It rose from Rs 45,500 (per kg) to Rs 46,400 or Rs 900 higher.
Ironically, both the precious metals have found favour with the big-players. This is one more reason for the current spurt in the prices of gold and silver.
According to some observers, the price spiral in both the precious metals would scale yet higher peaks in the next couple of weeks.
The sentiment in the principal wholesale commodity markets like Begum Bazar, Osmangunj, Kishangunj, Risala Abdullah, Maharajgunj, Dilsukh Nagar, Mir Alam Mandi, Bowenpally, Kukatpally and Alwal remained firm.
While the prices of staple food grains such as wheat, rice, maize, jowar, bajra and raagi remained unchanged, chillies, coriander, garlic, ginger , sugar and jaggery appreciated by four per cent to nine per cent. Jeera, which was ruling at lower levels for quite sometime, looked up and in the weeks to come it would appreciate considerably.
By:Dr H C Upadhyay
