Weekly Market Review

Hyderabad (NVS): Despite the fear of deadly Omicron virus which is spreading rapidly throughout the world and threat of war following massive deployment of war-weapons along side Ukraine border by Russia, precious metals managed to retain their shine; thanks to the strong fundamentals of the US economy. Due to growing inflationary trend in the US, there is every possibility of the hike in Federal Bank interest rate in a near future. During the week, gold declined by 1.4 per cent in the global markets.

On the closing day of the week, New York gold closed at US $ 1,782.60 (per Ounce) while silver closed at $ 22.52 (per Ounce). Platinum and Palladium closed at $ 930 (per Ounce) and $ 1,750 (per Ounce) respectively.

Other economic parameters remained moderate. Brent closed at US $ 69.88 (per barrel) while Crude MCX oil was quoted at Rs.5,039 (per barrel). While Gold MCX stood at Rs.47,925 (per 10 gms), MCX Silver closed at Rs.61,567 (per kg), Copper MCX closed at Rs.724.05 (per kg). Sensex and Nifty 50 closed at 57,696.46 and 17,196.70 points. Leading foreign currencies' exchange rates were, US $: Rs.75.24, British Pound: Rs.99.56, Euro: Rs.85.13, Singapore $: Rs.54.82, Swiss Franc: Rs.82.00, Australian $: Rs.52.72, Saudi Riyal: Rs.20.06, New Zealand Dollar: Rs.50.72, Kuwaiti Dinar: Rs.248.57, Omani Rial: Rs.195.44, and UAE Dirham: Rs.20.48, Japanese Yen: Rs.0.67, Canadian $ Rs.58.56 and Hong Kong Dollar: Rs.9.65.

In local markets, standard gold (24 carats) depreciated by Rs.330 and closed at Rs.48,820 (per 10 gms). Ornamental gold too, followed the suit and was quoted in the range of Rs.44,650 – 44,750 on the closing day. Silver (0.999) too depreciated by Rs.2400 and closed at Rs.65,500 (per kg).

COMMODITIES

The sentiment in principal wholesale commodity markets in twin cities turned moderate due to parting rain showers of the current monsoon season. Rythu Bazars and the various commodity markets located in Begum Bazar, Kishangunj, Mukthyargunj, Risala Abdullah, Mir Alam Mandi, Dilsukhnagar, Kukatpally, Bowenpally, General Bazar moderate trading.