Precious Metals Losing Sheen

Hyderabad: Depite the World Health Organisation (WHO) description of the Omicron phenomenon as 'mild', both the USA and Europe have been in the grip of panic. Following this global trends in precious metals have been adversely impacted. Consequently, New York gold closed at US $ 1,798.70 (per Ounce) while silver closed at $ 22.35 (per Ounce). Platinum and Palladium closed at $ 937 (per Ounce) and $ 1,718 (per Ounce) respectively.

Other economic parameters remained moderate. Brent closed at US $ 73.52 (per barrel) while Crude MCX oil was quoted at Rs.5,383 (per barrel). While Gold MCX stood at Rs.48,603 (per 10 gms), MCX Silver closed at Rs.62,165 (per kg), Copper MCX closed at Rs.741.55 (per kg). Sensex and Nifty 50 closed at 57,011.74 and 16,985.20 points. Leading foreign currencies' exchange rates were, US $: Rs.76.01, British Pound: Rs.100.69, Euro: Rs.85.44, Singapore $: Rs.55.57, Swiss Franc: Rs.82.24, Australian $: Rs.54.17, Saudi Riyal: Rs.20.25, New Zealand Dollar: Rs.51.23, Kuwaiti Dinar: Rs.250.81, Omani Rial: Rs.196.25, and UAE Dirham: Rs.20.78, Japanese Yen: Rs.0.67, Canadian $ Rs.58.59 and Hong Kong Dollar: Rs.9.75. Local markets revealed a firm sentiment despite the chilling fear of trade disruption if the Omicron spread widens. The standard gold (24 carats) appreciated by Rs.650 and closed at Rs.49,850 (per 10 gms). Ornamental gold followed suit and was quoted in the range of Rs.45,600 – 45,700 on the closing day. Silver (0.999) too, appreciated by Rs.1,000 and closed at Rs.66,100 (per kg).

COMMODITIES

The sentiment in principal wholesale commodity markets in twin cities remained moderate due to dropping of mercury below 14 degree Celsius in night. Rythu Bazars and the various commodity markets located in Begum Bazar, Kishangunj, Mukthyargunj, Risala Abdullah, Mir AlamMandi, Dilsukhnagar, Kukatpally, Bowenpally, General Bazar recorded moderate trading. During the week, common pulses such as 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 recorded a negligible decline.