On global cues, gold rates rise marginally

Hyderabad: With improvement in international relations across the globe, markets of precious metals breathed easy during the week. New York gold and silver closed at $15,569.69 and 18.12 (per oz) respectively. Platinum and Palladium were quoted at $1,024.64 and 2,536.85 (per oz).

MCX gold and silver closed at Rs.39,957 (per 10 gms) and Rs. 46,451 (per kg). MCX copper closed at Rs. 452.25 (per kg). Similarly, Brent oil closed at $65.35 while crude oil was quoted at 4,153 (per barrel).

In local market the precious metals were divergent. While standard gold (24 carats) appreciated by Rs 70 and closed at Rs.40,020 (per 10 gms) silver (0.999) recorded a decline of Rs.200 at Rs 46,700 (per kg) closing.

With the Sankranti festival over, the new buying bout of precious metals, particularly in rural areas, has begun. Therefore, the buoyancy is expected to return back in due course.

COMMODITIES

The sentiment in local principal wholesale commodity markets remained firm and witnessed brisk business after the festival.

The sentiment in chillis, ginger, garlic and sugar remained strong while in coriander, common pulses and edible oils it was moderate.

Common vegetables and NECC eggs recorded a considerable decline due to the increased arrivals. In Hyderabad, the NECC wholesale egg price crashed by Rs 24 at the closing price of Rs 408 (per 100).

Surat recorded the highest price of Rs 487 while Namakkal closed with the lowest of Rs 395.