Metal, commodity markets in wait and watch mode

Hyderabad : The dramatic turn of events in Afghanistan that put the banned Taliban into driver's seat has not only created turmoil in the Pushtun land but also has baffled political observers throughout the world. With this development, the global markets are in the wait and watch mode.

Consequently, New York gold closed at $1,780.50 (per Ounce) while silver declined and closed at $23.03 (per Ounce). Platinum and palladium closed at $990 (per Ounce) and $2,204 (per Ounce) respectively.

In local markets, standard gold (24 carats) further appreciated by Rs.170 and closed at Rs 48,170 (per 10 gms). Ornamental gold too, followed the suit and was quoted in the range of Rs 44,050 – 44,150 on the closing day. Silver (0.999) further declined by Rs 6,500 and closed at Rs 61,700 (per kg).

Commodities

Consequent to trade ban with Afghanistan, the import of popy-seeds (Khus-Khus) and other goods, however, would continue to enter India via smuggling route. Popy-seeds which were sold at Rs 1,400 (per kg) until now, have flared up to Rs 2,600-2,800 (per kg) after the takeover of Kabul by the Talibans.

The sentiment in principal wholesale commodity markets in twin cities turned moderate due to the sporadic 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.

During the week, common pulses such as tuar dal, masoor dal, moong dal, 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. (NVS)