Gold rises in local market

Hyderabad: Amidst rapidly changing geo-political equations major global markets continued to play the hide and seek. However, optimism generated due to better fund results and encouraging corporate results kept the hopes flying during the week ended Saturday.

Consequently, New York gold closed at $1,835.60 (per Ounce) while silver closed at $24.27 (per Ounce). Platinum and palladium closed at $1,028 (per Ounce) and $2,040 (per Ounce) respectively.

Brent closed higher at $87.89 (per barrel) while Crude MCX oil was quoted at Rs 6,313 (per barrel). While Gold MCX stood at Rs 48,236 (per 10 gms), MCX Silver closed at Rs 64,820 (per kg), Copper MCX closed at Rs.752 (per kg).

In local markets, standard gold (24 carats) further appreciated by Rs 540 and closed at Rs 49,640 (per 10 gms). Ornamental gold too, followed the suit and was quoted in the range of Rs 45,400 – 45,500 on the closing day. Silver (0.999) too appreciated by Rs.4500 and closed at Rs 69,000 (per kg).

Commodities

The sentiment in principal wholesale commodity markets in twin cities remained moderate due to continuing fear of Covid-19/Omicron. Otherwise in normal days markets would swing into accelerated business activities. Rythu Bazars and the various commodity markets located in Begum Bazar, Kishangunj, Mukthyargunj, Risala Abdullah, Mir Alam Mandi, Dilsukhnagar, Kukatpally, Bowenpally, General Bazar recorded moderate trading.

During the week, tuar dal, masoor dal, moong dal and urad dal and commodities like chillies and garlic remained unchanged at their respective last week's closing levels, while staple foodgrains and common edible oil recorded a marginal appreciation.

The NECC wholesale egg-price in Hyderabad further declined by Rs 30 and closed at Rs 405 (per 100). The highest price of Rs 517was recorded at Lucknow while Hospet recorded the lowest of Rs 400.