Weekly Market Review 25-06-2023

Hyderabad (NVS): With the civil war-like situation developing in the war-torn Russia after the open defiance by the Wagner group, the private army floated by the Russian government, the entire world has been taken aback. The natural fallout of such an explosive situation will be disastrous.

However, New York gold closed at US $ 1,920.20 (per Ounce) while silver closed at $ 22.42 (per Ounce). Platinum and Palladium closed at $ 917 (per Ounce) and $ 1,256(per Ounce) respectively.

Other economic parameters remained moderate. Brent closed at US $ 73.85 (per barrel) while Crude MCX oil was quoted at Rs.5,680 (per barrel). While Gold MCX stood at Rs.58,295 (per 10 gms), MCX Silver closed at Rs.68,050 (per kg), Copper MCX closed at Rs.713.95 (per kg). Sensex and Nifty 50 closed at 62,979.37 and 18,665.50 points. Leading foreign currencies’ exchange rates were, US $: Rs.81.96, British Pound: Rs.105.04, Euro: Rs.89.62, Singapore $: Rs.60.68, Swiss Franc: Rs.91.40, Australian $: Rs.54.75, Saudi Riyal: Rs.21.85, New Zealand Dollar: Rs.50.34, Kuwaiti Dinar: Rs.267.60, Omani Rial: Rs.213.74, UAE Dirham: Rs.22.31, Japanese Yen: Rs.0.57, and Hong Kong Dollar: Rs.10.47.

In local markets, standard gold (24 carats) appreciated by Rs.930 and closed at Rs.60,110 (per 10 gms). Ornamental gold too, followed suit and was quoted in the range of Rs.55,000 – 55,100 on the closing day. Silver (0.999) depreciated by Rs.4,300 and closed at Rs. 78,800 (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.

With the arrival of monsoon common vegetables such as cabbage, cauliflower, ribbed guard, snake guard, lady fingers, cucumber, potatoes, onions, tomatoes and French beans along with other leafy vegetables are expected to record a marginal decline in the coming days.

The NECC wholesale egg-price in Hyderabad declined by Rs.20 and closed at Rs.520 (per 100). The highest price of Rs.610 was recorded at Chennai while Ludhiana and Barwala recorded the lowest of Rs.467.