Weekly Market Review 12-08-2023

Hyderabad (NVS): Even as the warring nations continued hobnobbing with their allies, NATO members and gulf block were seen in readiness to combat any situation. This kept the global markets guessing about the future. Therefore, the evergreen investment of gold gained much importance during the week under review.

The New York gold closed at US $ 1,913.10 (per Ounce) while silver closed at $ 22.66 (per Ounce). Platinum and Palladium closed at $ 911 (per Ounce) and $ 1,278 (per Ounce) respectively.

Other economic parameters remained from moderate to strong. Brent closed at US $ 86.81 (per barrel) while Crude MCX oil was quoted at Rs.6,937 (per barrel). While Gold MCX stood at Rs.58,906 (per 10 gms), MCX Silver closed at Rs.69,967 (per kg), Copper MCX closed at Rs.725.25 (per kg). Sensex and Nifty 50 closed at 65,322.65 and 19,428.30 points. Leading foreign currencies’ exchange rates were, US $: Rs.82.96, British Pound: Rs.105.31, Euro: Rs.90.96, Singapore $: Rs.61.35, Swiss Franc: Rs.94.61, Australian $: Rs.53.93, Saudi Riyal: Rs.22.11, New Zealand Dollar: Rs.49.65, Kuwaiti Dinar: Rs.269.31, Omani Rial: Rs.215.11, and UAE Dirham: Rs.22.59, Japanese Yen: Rs.0.57, Canadian $ Rs.61.37 and Hong Kong Dollar: Rs.10.61.

In local market remains upbeat. Standard gold (24 carats) declined by Rs.540 and closed at Rs.59,620 (per 10 gms). Ornamental gold too, followed suit and was quoted in the range of Rs.54,550 – 54,650 on the closing day. Silver (0.999) declined by Rs.2,300 and closed at Rs.76,200 (per kg).

COMMODITIES

With the lull in rains, Rythu Bazars and the various commodity markets located in Begum Bazar, Kishangunj, Mukthyargunj, Risala Abdullah, Mir AlamMandi, Dilsukhnagar, Kukatpally, Bowenpally, General Bazar recoded moderate trade volumes.

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 recorded brisk trading. The much focused tomato further declined by Rs.10 and closed in the range of Rs.50-55 (Per kg). With the increased supply position, the price of tomato is likely to dip further in the near future.

The NECC wholesale egg-price in Hyderabad appreciated by Rs.20 and closed at Rs.435 (per 100). The lowest price of Rs. 434 was recorded at Ludhiana while the highest price of Rs.520 was recorded at Kolkata.