Gold up in local market

Hyderabad: The global worrisome situation since the beginning of the Russia-Ukrain war has been a major cause of market uncertainty. Now there are reports that the war theatre has been expanding to the middle East and far East countries also engulfing the countries like Israel, Syria, Iran, Turkey, Taiwan, Japan and of course, China.

Amidst such a frightening scenario, all countries whether rich or poor are going to reel under high inflation and economic depression sooner than later. Consequently, New York gold closed at $1,872.20 (per Ounce) while silver depreciated and closed at $21.91 (per Ounce). Platinum and Palladium closed at $972 (per Ounce) and $1,870 (per Ounce) respectively. Other economic parameters remained moderate. Brent closed at $ 122.01 (per barrel) while Crude MCX oil was quoted at Rs 9,388 (per barrel). While Gold MCX stood at Rs 51,694 (per 10 gms), MCX Silver closed at Rs 61,920 (per kg), Copper MCX closed at Rs 776.05 (per kg). Sensex and Nifty 50 closed at 54,303.44 and 16,201.80 points. In local markets, standard gold (24 carats) appreciated by Rs 650 and closed at Rs 52,750 (per 10 gms). Ornamental gold too, followed the suit and was quoted in the range of Rs 48,250 – 48,350 on the closing day. Silver (0.999) depreciated by Rs 500 and closed at Rs 67,000 (per kg).

Commodities

Rythu Bazars and the various commodity markets in Begum Bazar, Kishangunj, Mukthyargunj, Risala Abdullah, Mir AlamMandi, 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 food-grains and common edible oil recorded a negligible decline.