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Gold prices remain upbeat

Gold prices remain upbeat
Highlights

Gold remained buoyant within higher brackets and closed at $1,504.35 (per Ounce) while silver, followed suit and closed at $17.55 (per Ounce).

Hyderabad: Gold remained buoyant within higher brackets and closed at $1,504.35 (per Ounce) while silver, followed suit and closed at $17.55 (per Ounce).

Platinum and Palladium also marched forward and closed at $882.60 (per 10 gms) and $1,672.75 (per 10 gms) respectively.

Other economic parameters barring Brent and Crude oil remained firm. Brent closed at $58.23 (per barrel) while Crude oil was quoted at Rs 3,735 (per barrel). Gold MCX stood at Rs 38, 055 (per 10 gms) and Silver MCX at Rs 45,379 (per kg).

BSE Sensex and Nifty 50 closed at 37,673.31 and 11,174.75 points respectively.

Leading foreign currencies' exchange rates were: $: Rs 70.88, British Pound: Rs 87.35, Euro: Rs 77.77, Singapore $: Rs 51.36, Canadian $: Rs 53.20, Swiss Franc: Rs.71.15, Australian $: Rs.47.95, Saudi Rial: Rs 18.88, Kuwaiti Dinar: Rs 232.81, Omani Rial: Rs 183.94 and UAE Dinar: Rs 19.28.

At home, despite higher prices, the trading was brisk, thanks to the onset of festival season. While the yellow metal appreciated by Rs 150 on buying support and closed at Rs 38,210 (per 10 gms), ornamental gold too moved up in tandem and was quoted in the range of Rs 36,270 - 36,370 on the closing day.

Silver (0.999), remained unchanged at the previous week's closing level and closed at Rs 45,400 (per kg). The current strong sentiment in gold and silver is likely to continue at least for one month from now.

COMMODITIES

The sentiment in principal wholesale commodity markets in the twin cities was moderate. Rythu Bazars and the various commodity markets located in Begum Bazar, Kishangunj, Mukthyargunj, Risala Abdullah, Mir Alam Mandi, Dilsukhnagar, Kukatpally, Bowenpally, General Bazar was from moderate to strong.

During the week common pulses such as tuar dal, moong dal, urad dal and masoor dal recorded an appreciation in the range of 6 per cent to 9 per cent, while staple food grains and common edible oils except the groundnut oil remained steady at the previous week's closing levels.

Groundnut oil despite the accelerated festive demand slided by Rs.30 (per 15 kg tin) and closed at Rs.1,800 (per tin).

The prices of common vegetables eased further considerably during this week also thanks to good rains in the vegetable growing areas.

Common vegetables such as cabbage, cauliflower, ribbed guard, snake guard, lady fingers, cucumber, potatoes, tomatoes and French beans along with other leafy vegetables recorded a decline in prices in the range of 12 per cent to 22 per cent.

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