Festive season buoys gold prices

Hyderabad: Though gold prices remained upbeat internationally, no newer peaks were scaled by it. It closed at $1,496.84 (per Ounce) while silver, followed suit and closed at $17.53 (per Ounce).

Platinum and Palladium also marched forward and closed at $933.05 (per 10 gms) and $1,685.25 (per 10 gms) respectively.

Other economic parameters remained firm. Brent closed at $61.77 (per barrel) while Crude oil was quoted at Rs 3,934 (per barrel). Gold MCX stood at Rs 37,750 (per 10 gms) and Silver MCX at Rs 45,517 (per kg).

At home, traders have decked up their shops for the Dussehra and Diwali sales. As a positive signal for the upcoming bonanza gold recorded an increase of Rs. 360 while Silver declined by Rs.1,100. Standard gold (24 carats) closed at Rs 38,060 (per 10 gms).

Ornamental gold too, moved up in tandem and was quoted in the range of Rs 36,130 - 36,230 on the closing day. Silver (0.999), on the other hand, declined and closed at Rs 45,400 (per kg). The sentiment in gold and silver is expected to remain strong during the festive season.

COMMODITIES

The sentiment in principal wholesale commodity markets in the twin cities was moderate. The business in Rythu Bazars and the various commodity markets was adversely affected due to the heavy rains which marked the retreat of monsoon season.

The inflow of supplies from other states, particularly Maharashtra, Kerala, Tamilnadu, Karnataka, Gujarat and Madhya Pradesh were obstructed due to heavy rains and flood situation in these states also.

During the week copra, common pulses such as tuar dal, moong dal, urad dal and masoor dal recorded a marginal appreciation while tamarind, jeera, tilseeds, ajwain, staple food grains and common edible oils remained steady at the previous week's closing levels.

Chillies, coriander and sagodana recorded marginal appreciation while rapseeds moved within a narrow margin.

The prices of common vegetables remained beyond the reach of common man as supplies were disrupted due to heavy rains in the vegetable-growing areas.

Common vegetables such as cabbage, cauliflower, ribbed guard, snake guard, lady fingers, cucumber, potatoes, onions, tomatoes and French beans along with other leafy vegetables recorded a decline in prices in the range of 15 per cent to 34 per cent.

In Hyderabad, the NECC wholesale egg-price appreciated by Rs.25 and closed at Rs.403 (per 100). Barring Hospet, all other 29 egg-markets in the country witnessed the price-level above Rs.400.