Gold prices surge ahead

Hyderabad: Amidst increased tensions between the US on the one hand and Iran and N. Korea on the other coupled with looming uncertainty over the outcome of trade-talks with China, the yellow metal hovered around $1,500 (per Oz) during the week ended Saturday.

Gold closed at $1,490.85 while Silver stood at $17.52 on the closing day. Platinum and Palladium were firm and closed at $950.60 and 1,610.75 respectively.

Other economic parameters, except Brent oil, moved northward. Brent closed at $59.73 (per barrel) while Crude oil was quoted at Rs 3,915 (per barrel). Gold MCX stood at Rs 37,731 (per 10 gms).

At home, due to higher prices, despite fast approaching festival season, the trading was dull. However, both the precious metals surged ahead and closed at the higher levels. Standard gold (24 carats) appreciated by Rs 1,040 and closed at Rs 38,920 (per 10 gms).

Ornamental gold too, moved up in tandem and was quoted in the range of Rs 36,040 - 36,140 on the closing day. Silver (0.999), too, appreciated by Rs 2,100 and closed at Rs 47,900 (per kg). The sentiment in gold and silver is likely to remain strong, considering the geo-political situation of the day.

COMMODITIES

The sentiment in principal wholesale commodity markets in the twin cities was from moderate to strong. Rythu Bazars and the various commodity markets located in Begum Bazar, Kishangunj, Mukthyargunj, Risala Abdullah, Mir Alam Mandi, Dilsukhnagar, Kukatpally, Bowenpally, General Bazar did brisk business.

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

The prices of common vegetables continued to be on the higher side. 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 an increase in the range of 12 per cent and 25 per cent.

In Hyderabad, the NECC wholesale egg-price appreciated by Rs 21 and closed at Rs 340 (per 100). The highest price of Rs 401 was recorded at Kolkata while Hospet closed recorded the lowest price of Rs 330.