Gold prices to go up

Dr HC UPADHYAY Hyderabad (NVS): Due to technical correction, prices of both gold and silver had stabilized, albeit for a short span, during the mid-week. And there was marginal increase in prices of both the precious metals thanks to decline in gold imports. Outlook for the coming couple of months is positive as the traditional buoyancy during marriage season and 'Akshay Tritiya' is expected to jack up the prices of yellow and white metals. On the closing day of the week, the net increase in the price of Standard gold (24 carats) over last week was at Rs 1,150, driving the price to Rs 27,950 per 10 gm from the previous week's closing of Rs 26,800. Ornamental gold followed the suit and was quoted in the range of Rs 27,300 - 27,400 against Rs 26,160 - 26,260 in the previous week. Silver too appreciated by Rs 1,200 and closed at Rs.47,000 per kg against previous week's closing level of Rs 45,800. 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 firmed up and the under currents were strong. Unseasonal rains encouraged upcountry traders to resume their buying schedule at Hyderabad. Common edible oils such as groundnut oil and its refined variety, cottonseed refined oil, soyabean oil, rapseed refined oil, ricebran oil etc, remained unchanged throughout the week. The undertone in Vanaspati continued to be moderate.