Lower holding in ETFs dents gold demand HC Upadhyay

Hyderabad: Due to the lower volumes in the Exchange Traded Funds (ETF) in the USA during the quarter ended September 30, the global demand for gold registered a decline of 7 per cent at 831 tonnes as against 894.4 tonnes in the previous corresponding period. The average quarterly price of gold during the quarter ended September in the current year stood at $1,790 (per ounce) as against $ 1,900 in the previous corresponding period.

Consequently, New York gold closed at $1,818 (per Ounce) while silver closed at $24.15 (per Ounce). Platinum and Palladium closed at $ 1,032 (per Ounce) and $ 1,967 (per Ounce) respectively.

In local markets, standard gold (24 carats) appreciated by Rs 430 and closed at Rs49,200 (per 10 gm). Ornamental gold too, followed the suit and was quoted in the range of Rs45,000-45,100 on the closing day. On the other hand, Silver (0.999) declined by Rs.200 and closed at Rs 68,700 (per kg).

Commodities

The sentiment in principal wholesale commodity markets in twin cities turned moderate. 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, tuar dal, masoor dal, moong dal and urad dal, chillies and garlic remained unchanged at their last week's closing levels, while staple foodgrains and common edible oil recorded a negligible decline.

The NECC wholesale egg-price in Hyderabadappreciated by Rs 38 and closed at Rs 435 (per 100). The highest price of Rs 529was recorded at Muzaffarpur, while Hospet, Hyderabad, East Godavari and West Godavari recorded the lowest of Rs435. (NVS)