Gold rates remain firm

Hyderabad: With the successful conclusion of the fresh first round of trade negotiations between US and China on October 10th, 2019, the hopes for resolutions of trade war between these two superpowers have kindled.

Consequently, the Yellow metal which was hovering around $1500 came down to the level of $1,488.87 on the closing day of Saturday. Silver followed suit and closed at $17.65.

Similarly, Platinum and Palladium also declined and closed at $896.60 (per 10 gms) and $1,703.25 (per 10 gms), Copper stood at Rs 443.15 (per Kg) respectively.

Other economic parameters barring Brent and Crude oil remained firm.

Brent closed at $60.29 (per barrel) while Crude oil was quoted at Rs 3,869 (per barrel). Gold MCX stood at Rs 37,8455 (per 10 gms) and Silver MCX at Rs 45,171 (per kg).

At home, trading gradually picked up in view of the ongoing festival season.

While the yellow metal appreciated by Rs 90 on buying support and closed at Rs 38,300 (per 10 gms) ornamental gold too, moved up in tandem and was quoted in the range of Rs 36,420 - 36,520 on the closing day.

Silver (0.999), recorded its marginal declined of Rs 200 and closed at Rs 45,200 (per kg).

COMMODITIES

The sentiment in principal wholesale commodity markets in the twin cities was moderate. During the week common pulses recorded an appreciation in the range of 10 per cent to 12 per cent, while staple food grains and common edible oils except the groundnut oil remained steady at the previous week's closing levels.

The prices of common vegetables, Onions and Tomatoes in particular flared up considerably during the week thanks to the excessive rains in the vegetable growing areas.

Common vegetables such as cabbage, cauliflower, ribbed guard, snake guard, lady fingers, cucumber, potatoes, tomatoes and French beans along with other leafy vegetables recorded considerable increase in prices in the range of 20 per cent to 28 per cent.

In Hyderabad, the NECC wholesale egg-price further appreciated by Rs 33 and closed at Rs 411 (per 100). The highest price of Rs 466 was recorded at Mumbai while Hospet closed at the lowest price of Rs 390.