Spurt in gold prices amid Ukraine war

Hyderabad: Amidst the fear of ongoing all out war between Russia and Ukraine assuming the shape of the World War, global markets remained shaking and shivering. Like all wars the current war, of any proportion, would plunge the economy in turmoil. Precious metals, petrol and petroleum products and all manufacturing activities are expected to record an unprecedented cost hike.

There was a sudden spurt in the gold price as soon as Russia declared war on Ukraine. New York gold closed at $1,889.00 (per Ounce) while silver closed at $24.27 (per Ounce). Platinum and Palladium closed at $1,055 (per Ounce) and $2,307 (per Ounce) respectively.

Similarly, Brent closed at US $ 97.93 (per barrel) while Crude MCX oil was quoted at Rs.6,848 (per barrel). Gold MCX stood at Rs.50,270 (per 10 gms), MCX Silver closed at Rs.64,050 (per kg) and Copper MCX closed at Rs.769.55 (per kg). Sensex and Nifty 50 closed at 55,858.52 and 16,658.40 points respectively.

In local markets, standard gold (24 carats) appreciated by Rs 380 and closed at Rs 50,570 (per 10 gms). Ornamental gold was quoted in the range of Rs 46,250 – 46,350 on the closing day. Silver (0.999) declined by Rs 1,000 and closed at Rs 70,000 (per kg).

Commodities

The sentiment in principal wholesale commodity markets in twin cities remained moderate. 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 recorded a marginal appreciation. Staple food-grains and common edible oils remained unchanged.

The NECC wholesale egg-price in Hyderabad declined by Rs.45 and closed at Rs.340 (per 100), the lowest in the country.The highest price of Rs.430 was recorded in Kolkata.