Buoyancy in gold prices likely

However, the white metal was a bit behind both in terms of volume as well as value when compared with the yellow one. Silver (0.999) remained divergent during the week.

In the final tally, standard gold (24 carats) recorded a decline of Rs 290 per 10 gm and closed at Rs 30,220 per 10 gm from its last week closing mark of Rs 30,510. Ornamental gold followed the suit and was quoted in the range of Rs 29,520-29,620 on the last day of the week. Silver recorded a decline of Rs 1,060 per kg. From the closing mark of Rs 42,540 per kg in the previous week, the white metal closed at the lower level of Rs 41,480. The sentiment in both the precious metals being fairly strong, there is every possibility of the return of buoyancy in gold and silver in a next couple of weeks.

The general sentiment in the principal commodity markets was moderate to firm during the week. Despite the reports of the lower sugar production, the market price of sugar is not likely to increase. Turmeric, chillis and til seeds ruled at the lower levels while jeera, coriander, garlic, ginger and tamarind continued to rule at the higher levels.

The sentiment in edible oils was steady. Groundnut oil, its refined quality, soyabean oil and rapseed oil remained unchanged while cottonseed oil and kardi oil recorded a marginal decline. Vanaspati remained unchanged. The undertone in the edible oils being moderate, there is no possibility of further hike in the prices of common edible oils in the near future.

The sentiment in the perishables was strong. Barring last two days when the weather god was pleased to do some favour by way of unseasonal showers, the rest of the week witnessed a very hot summer that impacted vegetable prices very badly. The NECC eggs gained by Rs 20 in Hyderabad and were quoted at Rs 303 per 100 on the closing day.