Gold prices at record high

Hyderabad: Gold appreciated significantly and closed at $1,522.91 (per ounce). Silver followed suit and closed at $18.46 (per ounce). The exchange rates of foreign currencies vis-a-vis Indian Rupee (INR) were: $, Rs 71.74, Euro Rs 78.83, British Pound 87.22, Canadian dollar Rs 54.15, Swiss Franc Rs 72.46, Australian $ Rs 48.34, Kuwaiti Dinar Rs 235.95 and Omani Rial Rs 186.33.

Other economic parameters were: Brent $58.90 (per barrel), Crude oil Rs 3,967, Platinum and Palladium closed at Rs 29,090, (per 10 gms) and Rs 35.423 (per 10gms) respectively while Copper closed at Rs 441.57(per kg).

Gold MCX stood at Rs 39,720 (per 10 gms) and Silver MCX at Rs 46,639 (per kg). Sensex and Nifty 50 closed at 37,332.79 and 11,023.25 points respectively.

At home, the international trend in precious metals was reflected and the prices zoomed to the historic high. During the week standard gold (24 carats) appreciated by Rs 660 and closed at Rs 38,760 (per 10 gms). Ornamental gold too, moved in tandem and was quoted in the range of Rs.36,800-36,900.

Silver (0.999) recorded an appreciation of Rs 2,200 and closed at Rs 46,700 (per kg). The sentiment in gold and silver jewellery market is likely to remain strong.

The investors having switched over their preference from gold to silver, in a couple of weeks silver may touch the record level of Rs 55,000 (per kg) while still gold ruling at higher levels relentlessly.

COMMODITIES

The sentiment in principal wholesale commodity markets in the twin cities was from moderate to strong. According to official estimates the cereals production is likely to be up by 5 lakh tons during 2019-20 at 259 lakh tons.

Considering the buffer stock of 35 lakh tons already available, the next year price situation will be comfortable. Rythu Bazars and the commodity markets located in Begum Bazar, Kishangunj, Mukthyargunj, Risala Abdullah, Mir Alam Mandi, Dilsukhnagar, Kukatpally, Bowenpally, General Bazar witnessed a moderate trend.

Most of the commodities including chillies, coriander, turmeric, tamarind, methi, mustard, rice, wheat, jawar, maize, ragi, ginger etc; either remained steady or remained divergent within narrow margins.