Gold prices decline

Hyderabad: Demand for yellow metal in India was impacted due to trade restrictions and higher import duty as it recorded just about a half of the gold import in January this year as compared to the previous year. The New York gold ruled firm and closed at $1,569.91 (per ounce). Silver followed suit and closed at $17.67 (per ounce).

Brent declined due to coronavirus impact on demand and closed at $54.50 (per barrel). The MCX Crude oil closed at Rs 4,400 (per barrel) while MCX Copper stood at Rs 441.50 (per kg). NyMex closed at 50.34.

At home, both the precious metals recorded a decline. Gold MCX and Silver MCX closed at Rs 43,400 (per 10 gms) and Rs 49,009 (per kg) respectively. Platinum and Palladium moved up and closed at $968.55 (per ounce) and $2,369.31 (per ounce).

In Hyderabad, standard gold (24 carats) declined by Rs 200 and closed at Rs 40,610 (per 10 gms). Ornamental gold too, moved in tandem and was quoted in the range of Rs 38,600 -38,700 (per 10 gms). Silver (0.999) too, declined by Rs 800 and closed at Rs 46,100 (per kg).

COMMODITIES

The sentiment in the principal wholesale commodity markets in twin cities continued to be from moderately strong.

The NECC wholesale egg price all over the country remained above Rs 318 (per 100). In Hyderabad, a decline of Rs 35 was recorded at the closing price of Rs 320.

Surat recorded the highest price of Rs 385 while Warangal closed at Rs 318 which was the lowest in the country.