Gold prices drop marginally

Hyderabad: Precious metals including gold and silver recorded an all-time high price levels during the week ended Saturday. Similarly. prices of crude, petrol and petroleum products too, flared up.

Though the prices of these commodities have now rested at the higher levels and the upswing has been curtailed, still a lot of uncertainty prevails over the future trend.

Pure gold in the New York market settled at $1,552 (per oz) while silver closed at $18. Platinum and palladium also followed suit and closed at the higher levels of dollars 971 and 2,118 (per oz) respectively.

MCX crude closed at Rs.4,218 (per barrel) while MCX gold and MCX silver closed at Rs 39,673 and Rs 46,515 respectively. Copper closed at Rs 448.75 (per kg).

In Hyderabad, the demand was largely eclipsed by two eclipses viz. Solar eclipse and Lunar eclipse coupled with inauspicious period up to the Sankranti festival.

The standard gold (24 carats) declined by Rs.40 and closed at Rs 39,850 (per 10 gms) while silver (0.999) after shedding Rs 600 closed at Rs.46,900 (per kg).

Ornamental gold was quoted in the range of Rs 37,900-38,000 (per 10 gms). As the war clouds over the world are yet to disperse, the uncertainty has gripped the markets. In fact, it seems like lull before the storm.

COMMODITIES

The sentiment in wholesale commodity markets remained moderate. New arrivals of freshly cultivated agri-produce have eased the price front.

Among perishables, while onions continued to shed excess price due to flooding of the imported onions, tomatoes too, ruled at the rock bottom levels, thanks to abundant supplies from the growing areas. Leafy vegetables and spices too, came within the affordable range.

The NECC wholesale egg price in Hyderabad crashed by Rs 34 and closed at Rs 432 (per 100). The highest price of Rs 525 was recorded in Asansol, Burdwan and Madnapore while Namakkal recorded the lowest price of Rs 410.