Gold shines in local market

Even as the world is struggling to come back on tracks of normalcy after a prolonged pandemic of corona virus, the omicron and its variants have applied breaks in this endeavour. The growing geopolitical strife between major military powers has also added significantly to the already uncertain situation in global markets. However, by and large developed economies and 'almost developed' economies such as India have been able to manage so far for an accelerated growth. Consequently, New York gold closed at $1,783.20 (per Ounce) while silver closed at $ 22.17 (per Ounce). Platinum and palladium closed at $ 940 (per Ounce) and $ 1,702 (per Ounce) respectively.

With the higher prices ruling in the domestic market of gold, the total import of gold for the year ending December 31, 2021 is likely to be around 600 tonnes. In terms of value it would be crossing Rs 5 lakh crore.

In local markets, standard gold (24 carats) appreciated by Rs 380 and closed at Rs 49,200 (per 10 gms). Ornamental gold too, followed the suit and was quoted in the range of Rs 45,000 – 45,100 on the closing day. Silver (0.999) declined by Rs 400 and closed at Rs 65,100 (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 ginger and garlic remained unchanged at their respective last week's closing levels, while staple food-grains and common edible remained firm. Chillies, however, recorded a spurt following the increased export demand.

The NECC wholesale egg-price in Hyderabad further appreciated by Rs.25 and closed at Rs. 475 (per 100). The highest price of Rs.560 was recorded at Kolkata, while Hospet recorded the lowest of Rs 465.