Gold prices may go up

Hyderabad: As the war-clouds loomed large over Israel and Palestine, international gold prices firmed up. Here at home too, both the precious metals staged a smart recovery. The situation is becoming predictably volatile and it would be no surprise if gold and silver shoot up to dizzy heights in the days to come.

Standard gold (24 carats) appreciated by Rs 680 per 10 gm during the week ended Saturday and closed at Rs 28,860 per 10 gm against the previous week’s closing of Rs 28,180. Similarly, ornamental gold too, appreciated from Rs 27,520-27,620 per 10 gm in the previous week to the higher level of Rs 28,180-28,280.

The white metal also moved up in tandem and closed at Rs 46,375 per kg from the previous week’s closing mark of Rs 45,255 or Rs 1,120 higher. Due to the prevailing volatile situation, big time investors are keeping their fingers crossed.

With the monsoon playing hide and seek, the prices of essential commodities have taken the northern route. Rice, wheat, maize, jowar and pulses have recorded an upswing in the range of 7 per cent to 12 per cent while chilies, coriander, ginger and garlic remained steady. Other kirana items such as tamarind, turmeric, jeera and jaggery were divergent. All the principal commodity markets in twin cities recorded a spurt in buying by the traders, some of whom with the intention of hoarding.