Weekly Market Review 09-07-2023

Hyderabad (NVS): The geo -political situation has, of late, left political Pundits baffled. The reason is quite simple. Almost on daily basis permutations and combinations between the warring nations have been changing. This fluid situation has impacted the global markets guessing.

Consequently, New York gold closed at the higher levels of US $ 1,924.40 (per Ounce) while silver closed at $ 23.06 (per Ounce). Platinum and Palladium closed at $ 910 (per Ounce) and $ 1,218 (per Ounce) respectively.

Other economic parameters remained moderate. Brent closed at US $ 78.47 (per barrel) while Crude MCX oil was quoted at Rs.6,068 (per barrel). While Gold MCX stood at Rs.58,772 (per 10 gms), MCX Silver closed at Rs.71,334 (per kg), Copper MCX closed at Rs.722.20 (per kg). Sensex and Nifty 50 closed at 65,280.45and 19,311.80 points. Leading foreign currencies’ exchange rates were, US $: Rs.82.62, British Pound: Rs.106.07, Euro: Rs.90.63, Singapore $: Rs.61.20, Swiss Franc: Rs.92.96, Australian $: Rs.55.30, Saudi Riyal: Rs.22.03, New Zealand Dollar: Rs.51.32, Kuwaiti Dinar: Rs.271.34, Omani Rial: Rs.214.75, UAE Dirham: Rs.22.49, Japanese Yen: Rs.0.58, and Hong Kong Dollar: Rs.10.55.

In local markets, standard gold (24 carats) appreciated by Rs.440 and closed at Rs.59,510 (per 10 gms). Ornamental gold too, followed the suit and was quoted in the range of Rs.54,450 – 54,550 on the closing day. Silver (0.999) further appreciated by Rs.1,000 and closed at Rs. 76,700 (per kg).

COMMODITIES

Rythu Bazars and the various commodity markets located in Begum Bazar, Kishangunj, Mukthyargunj, Risala Abdullah, Mir Alam Mandi, Dilsukhnagar, Kukatpally, Bowenpally, General Bazar recorded moderate trading.

During the week, common pulses such as 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 remained steady.

The NECC wholesale egg-price in Hyderabad declined by Rs.70 and closed at Rs.470 (per 100). The highest price of Rs.535 was recorded at Pune while Ludhiana recorded the lowest of Rs.405.