Gold prices to climb up

Dr H C UPADHYAY Hyderabad (NVS): As the duty hike on gold imports impacted its supplies, the yellow metal in the domestic market firmed up marginally during the week ended Saturday. White metal, however, declined marginally. The upward journey of gold is likely to continue for three more weeks after which white metal too, is likely to catch up with it. Last week, gold moved up marginally recording an overall appreciation of Rs 90 per 10 gms. White metal, on the other hand, recorded a marginal decline of Rs 350 per kg over previous week closing. Ornamental gold too appreciated by Rs 200 per 10 gms. Thus, both the precious metals closed at higher levels. Standard gold (24 carats) closed at Rs 29,790 from its previous week closing level of Rs 29,700. Ornamental gold also followed the suit and was quoted in the range of Rs 29,100 - 29,200 per 10 gms. Silver declined and closed at Rs 54, 600 per kg against last week's closing price of Rs 54,950. The sentiment in principal markets for essential commodities and Kirana goods in Risala Abdullah, Osmangunj, Begum Bazar, General Bazar, Dilsukh Nagar, Mir Alam Mandi, Bowenpally and Kukatpally localities remained strong. Moong and its daal appreciated by Rs 50 per quintal while chana and its daal eased further by Rs 30 per quintal owing to the good arrivals. The sentiment in spices like ginger, garlic and coriander continued to remain firm and recorded a further appreciation of 0.77 per cent over previous week.