Gold prices continue to appreciate

Hyderabad: Amidst continuing geopolitical strife involving the US with several countries yellow metal hogged the limelight during the week ended Saturday. Gold closed at $1,409.40 (per oz) while Silver (o.999) closed at $15.30. Similarly, British Pound and Euro were quoted at Rs 86.59 and Rs 77.74 respectively on the closing day.

Other economic parameters, including the crude oil, moved northward. Brent closed at $66.67 (per barrel) while Crude oil closed at Rs 4,146. Platinum and Palladium closed at $834.60 and 1,550.25 respectively while Copper closed at 443015. Gold MCX stood at Rs 34,775(per 10 gms) and Silver MCX at Rs 38,390 (per kg). Sensex and Nifty 50 closed at 38,736.23 and 11,547.70 points respectively.

At home, amidst sluggish demand both the yellow and white metals recorded excellent gains. Standard gold (24 carats) appreciated by Rs 440 and closed at Rs 34,700 (per 10 gms). Ornamental gold too moved up in tandem and was quoted in the range of Rs 32,900-33,000 on the closing day. Silver (0.999) recorded an appreciation of Rs 1,150 and closed at Rs 38,400 (per kg). The sentiment in gold and silver jewellery market is likely to firm up further in view of prevailing market volatility.

COMMODITIES

The sentiment in principal wholesale commodity markets in the twin cities was strong. Rythu Bazars and the markets located in Begum Bazar, Kishangunj, Mukthyargunj, Risala Abdullah, Mir Alam Mandi, Dilsukhnagar, Kukatpally, Bowenpally, General Bazar witnessed good arrivals. Most of the commodities including chillies, coriander, turmeric, tamarind, methi, mustard, rice, wheat, jawar, maize, ragi, garlic, ginger etc; either remained steady or moved up within narrow margins. Common pulses such as tuar dal, moong dal, urad dal and masoor dal recorded small appreciation in the range of 2 per cent to 4 per cent while edible oils and Vanaspati remained unchanged. With the belated good rainfall throughout the country in July, the deficit has come down from 33 per cent as on June 30 to 12 per cent as on July 11.

In the coming days, good rainfall is likely to wipe out the deficit. The week witnessed a strong sentiment in vegetables. Most of the vegetables including the leafy-ones appreciated by over 40 per cent while potatoes, sweet potatoes, tomatoes, Kandha and radish remained unchanged at the previous week's higher levels.