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Gold trades higher on geo-political tensions
Amidst highly politically surcharged climate, the price-spiral of both the precious metals, viz. Gold and silver took northern route during the week ended Saturday.
Hyderabad: Amidst highly politically surcharged climate, the price-spiral of both the precious metals, viz. Gold and silver took northern route during the week ended Saturday.
The no-nonsense talk of US President Donald Trump at the World Economic Forum (WEF) in Davos making it clear that if North Korea chose to go ahead with its sinister plans against the USA, its entire arsenal of Nuclear weapons would be destroyed by the USA made serious impact on the prospects of peace talks.
Thus, geo-political situation has turned highly volatile which has sent the yellow metal to a new height in the global markets. On the closing day standard gold (24 carats) touched the level of $1,357 or $15 higher over the previous week’s closing mark. In tandem, white metal too, recorded smart gains and closed at $17.35.
Meanwhile, at home, the import of gold showed an increase of 53 per cent during the year 2017. In absolute terms, the country recorded an import of 846 tonne in the year 2017 as against just 550 tonne in 2016. On export front, the country recorded a decline of 4.65 per cent during the months of April-December 2017 at $25 billion.
During the week the standard gold (24 carats) recorded an appreciation of Rs480 and closed at Rs31,590 (per 10 gms), while silver (0.999) appreciated by Rs1,000 and closed at Rs41,000 (per kg.). Ornamental gold was quoted in the range of Rs29,150 - 29,250 (per 10 gms) on the closing day of the week.
In local wholesale commodity markets at Begum Bazar, Osmangunj, Risala Abdullah, Mir Alam Mandi, Kishangunj, Muktyargunj, Dilsukh Nagar, Kukatpally, Bowenpally and Alwal the overall sentiment was strong. Garlic, turmeric and tilseeds appreciated marginally while on the other hand, onions, coriander, rapseeds and ginger ruled at lower levels. Chillies, and tamarind remained unchanged.
The sentiment in perishables too, was from moderate to strong. Common vegetables ruled at the previous week’s closing levels. The NECC wholesale egg price in Hyderabad recorded a decline of Rs22 and closed at Rs380 (per 100). The highest price of Rs450 was recorded in Lucknow, while Hospet recorded the lowest price of Rs355 on the last day of the week.
By Dr HC Upadhyay