Gold prices down marginally

Hyderabad (NVS): Indeed, this is a very hot summer! While weather pundits have already endorsed this fact, the political pundits too unanimously agree that this time General Elections would be contested in a record-breaking heat. The marriage season which also coincides these two seasons is an added attraction for the market players. This is evident from the fact that contraband gold worth crores of rupees has already infested the local bullion markets where self styled gold refiners are making the hay. These illiterate, unethical refiners have set up their ‘refineries’ in every nook and corner of all big cities and towns, albeit, without any licence, permission or approval from any authority whatsoever. They melt illegally brought yellow metals into stripes, belts and rods.

At the same time, the apex trade body of gems and jewellery trade has not yet given up its hope of getting relaxation in the import restrictions. During the trading week, Standard gold (24 carats) recorded marginal changes and closed at Rs 28,940 per 10 gms. Ornamental gold followed the suit and was quoted in the range of Rs28,260-28,360 per 10 gms on the closing day. Silver too declined marginally and closed at Rs 43,510 per kg. The sentiment in the principal commodity markets at Osmangunj, Begum Bazar, Dilsukh Nagar, Monda Market and Kukatpally turned strong. Jeera and turmeric declined by 10 per cent to 16 per cent. During the week, the sentiment in tamarind, garlic, ginger, jowar and maize was strong. Among edible oils undertone was moderate. Groundnut refined oil and cottonseed refined oil escalated marginally while rapseed refined oil, soyabean oil and Vanaspati remained unchanged.