Gold prices likely to flare up

Hyderabad: With the geo-political scenario in the Middle East changing abruptly, Gold and Crude-Oil have recorded a sudden jump and closed at $1552.80 (per Ounce) and $68.23 (per barrel) respectively.

In the international market other precious metals including Silver, Platinum and Palladium also recorded a sport and closed at $18.11, 986.92 and 1994.47 respectively.

At home, Gold MCX closed at Rs. 40,130 (per 10 gm) and Silver MCX closed at Rs. 47,520 (per Kg), while Copper closed at Rs. 442.05 (per Kg).

Standard Gold (24 carats) appreciated by Rs 850 and closed at Rs 39,890 (per 10 gms), Ornamental gold also moved up in tandem and was quoted in the range of Rs 37,860-37,960 on the closing day.

Silver (0.999) to gained up to Rs. 600 during the week and closed at 47,500 (per kg). Both the precious metals have potentials to flare up in the coming days due to volatile market currents globally.

COMMODITIES

The sentiment in local principal, wholesale commodity markets remained from moderate to strong. The supply position on Onion-front improved considerably following the import of 42,500 tons of Onion.

Among perishables, vegetables commanded higher prices while Onion scaled down to Rs 50/- kg. The NECC egg prices remained upbeat throughout the country tense to the winter season.

In Hyderabad the closing price was Rs 466 (per 100) or Rs 11 higher than the previous weeks closing price.