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Gold silver slide on weak global trend
The white metal, too, closed at lower levels in tandem though the outlook for the next three months has been favourable for the escalation. Local markets followed the global trend and were subdued.Standard gold (24 carats) declined by Rs 500 (per 10 gms) from the last week’s closing mark of Rs 32,000 (per 10 gms) and closed at Rs 31,500. Ornamental gold followed suit and was quoted in the rang
Hyderabad: With the reports of declining unemployment figures in the US from 2.65 lakh as on July 16 to 2.53 lakh on July 23, strong optimism prevailed in the market about the hike in the Fed rates shortly. This led the global markets to react negatively. As such, the yellow metal, too, suffered a setback, albeit temporarily, and closed at lower levels.
The white metal, too, closed at lower levels in tandem though the outlook for the next three months has been favourable for the escalation. Local markets followed the global trend and were subdued.
Standard gold (24 carats) declined by Rs 500 (per 10 gms) from the last week’s closing mark of Rs 32,000 (per 10 gms) and closed at Rs 31,500. Ornamental gold followed suit and was quoted in the range of Rs 30,770 to Rs 30,870. Silver (0.999), too, declined by Rs 220 (per kg) and closed at Rs 46,380 (per kg).
Local demand for jewellery and coins in view of the ensuing festival season being consistently high, both the precious metals are able to retain their upward swing during the current period of volatility in the international market.
The non-stop terrorist attacks by the ISIS and its affiliates almost throughout the world have added an element of uncertainty among all the major markets globally. Therefore, investors appear to be trading a cautious path to avoid major setbacks in their business moves.
The sentiment in the major wholesale commodity markets at Begum Bazar, Risala Abdulla, General Bazar, Mir Alam Mandi, Kukatpally, Bowenpally, Saroor Nagar, Kishan Gunj, Mukhtyar Gunj etc remained firm. Staple food grains like rice, wheat, maize, jowar and bajra remained unchanged at the last week’s closing levels, while chillies were divergent within a narrow margin. Jeera, pepper, coriander, tamarind and til seeds appreciated marginally, while garlic, ginger and turmeric declined marginally.
As compared to trans-Vindhyas, southern parts have received lesser rainfall so far. This has become a cause of worry for all the stakeholders though the weathermen are quite confident that there would be satisfactory rains in the southern part of the country in due course, which is expected to make up for the deficit.
The sentiment in perishables was strong. Common vegetables continued to be dearer, while the NECC eggs in Hyderabad closed at Rs 416 (per 100), thus making no change over the last week’s closing price. Pune recorded the highest price of Rs 467, while Indore and Hospet registered the lowest at Rs 415.
By:Dr H C Upadhyay
