Gold prices hinge on global cues

Hyderabad: Amidst the clouds of economic uncertainty owing to wide-spread political strife between Russia and Ukraine, besides in Middle East; the yellow metal remained divergent during the week ended Saturday. The uncertainty is likely to continue indefinitely, so will also be the market suspense.

At home, both the precious metals ruled at the lower levels. Standard Gold (24 carats) declined by Rs 120 from the previous week’s closing of Rs 28,510 per 10 gm and closed at Rs 28,390. Similarly, ornamental gold also declined and was quoted in the range of Rs 27,720 - 27,820 on the closing day. In addition, white metal also recorded marginal losses. It declined from Rs 45,300 per kg to Rs 44,740 or by Rs 560. The sentiment has been moderate though it is likely to turn strong in due course if and so long as the political uncertainty in major power blocks continues. The sentiment in principal commodity markets in the city remained from moderate to strong. With the rainfall deficit of over 50 per cent both in Telangana and Andhra Pradesh, the farmers are depressed. Though after the recent spell of showers, some of them have started sowing operations, there is a looming apprehension about losing their efforts, money and material.

During the week, chilies, ginger, garlic, coriander and jeera closed at marginally lower levels while turmeric, tamarind and jiggery closed a bit higher.