Global cues drag gold prices

Hyderabad: Despite the Greeks’ decision to remain within the Eurozone and subsequent developments in Greece to come out of the debt-trap, the creditors were in no mood to forgo as much as the former expects from them. On the other hand, countries like Germany have already resorted to the arm-twisting techniques by asking the debt ridden country either to part with its territory or quit the Eurozone.

At the same time, there appears to be practically no signs of strife-ridden Yemen which has been bombarded, although for valid reasons, several times recently. Therefore, gold despite its subdued trend is unlikely to lose shine at least in a near future. However, due to the US dollar gaining further strength the yellow metal moved in the lower levels during the week ended Saturday.

During last week ended Saturday both the precious metals further moved downward. Standard gold (24 carats) closed at Rs 26,360 (per 10 gms) representing a decline of Rs 200 over previous week. The ornamental gold followed the suit and was quoted in the range of Rs 25,730 – 25,830. Silver (0.999) too recorded a decline of Rs 300 (a kg) and closed at Rs 35,900 (a kg) from Rs 36,200 in the previous week.

The sentiment in principal commodity markets at the Osmangunj, Risala Abdullah, Mir Alam Mandi, General Bazar, Saroornagar, Bowenpally, Kukatpally and Dilsukh Nagar continued to be strong thanks to the havoc played by rains in the North, West and East of the country strangely coupled with a long dry-span in the South.

Turmeric, Ginger, Garlic and Cardamom moved upward while on the other hand, Tamarind, Onion and Coriander ruled at lower levels due to lower demand while Chilies and Jaggery remained firm even at lower demand.