Ukraine crisis keeps gold high

Hyderabad: Amidst frightening scenario emerging from the ongoing Russia-Ukrain war with a possibility of its culmination into a full fledged World War, global markets remained simmering during the week under review. Consequently, New York gold closed at the higher level of US $ 1,972.90 (per Ounce) while silver closed at $ 25.73 (per Ounce). Platinum and Palladium closed at $ 1,122 (per Ounce) and $ 2,930 (per Ounce) respectively.

Other economic parameters tooappreciated significantly. Brent closed at US $ 118.11 (per barrel) while Crude MCX oil was quoted at Rs.8,605 (per barrel). Gold MCX stood at Rs 52,549 (per 10 gms), MCX Silver closed at Rs.69,173 (per kg) and Copper MCX closed at Rs.840.50 (per kg). In local markets, standard gold (24 carats) zoomed further by Rs 2,230 and closed at Rs 50,570 (per 10 gms). Ornamental gold was quoted in the range of Rs 48,300 – 48,400 on the closing day. Silver (0.999) too, appreciated significantly by Rs 4,400 and closed at Rs 73,400 (per kg).

Commodities

The sentiment in principal wholesale commodity markets in twin cities remained strong. 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 remained unchanged at their respective last week's closing levels, while staple food-grains and common edible oil recorded a sudden spurt in their prices which is directly linked to the immediate impact of the Russia-Ukrain war.