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Gold prices fall on global cues
Meanwhile some big market players have raised a banner against the present system of gold price fixing in London where only a few traders have a say. The demand of making the pricing mechanism transparent and realistic has been welcomed by the trade all over.
Hyderabad: Due to the availability of better investment tools, yellow metal steadily declined in the global markets during the week ending Saturday. However, the hope is still alive about the upward interest rates revision by the US Fed bank. Therefore, undertone in the international gold market has been strong despite periodical ups and downs.
Meanwhile some big market players have raised a banner against the present system of gold price fixing in London where only a few traders have a say. The demand of making the pricing mechanism transparent and realistic has been welcomed by the trade all over.
Back at home, demand for gold jewellery has shot up by 20 per cent in the last quarter over the preceding one. The market is hopeful of continued buoyancy until next marriage season.
This year, there are going to have 37 days of marriage muhurtams against 32 in the last year. Further, good monsoon has added to the optimism among villagers who account for about 60 per cent of the demand for gold in the country. As is well known, village folks traditionally set aside a part of their income for the purchase of gold because of its easy liquidity in the times of need.
During the week, standard gold (24 carats) was remained subdued generally in line with the international trend. Silver (0.999) too moved in tandem and closed at Rs 45,000 per kg.
Standard gold (24 carats) closed at Rs 31,620 per 10 gm while the ornamental gold followed suit and closed in the range of Rs 30,890-30,990. Thus the decline in gold during the week was to the tune of Rs 320 per 10 gm while in silver it was Rs 2,000 per kg.
Commodities The sentiment in the wholesale commodity markets in Begum Bazar, Risala Abdullah, Osman Gunj, Mir Alam Mandi, General Bazar, Bowenpally, Kukatpally, Saroor Nagar and Alwal remained strong. There was no noticeable change in the staple food grains like rice, wheat, bajra, maize and jowar, cereals and pulses.
However, Dal Merchant Association has asserted that the wholesale prices of all pulses have considerably declined in the range of Rs 15-40 per kg.Among perishables, common vegetables continued to be at a moderate level following satisfactory arrivals. The NECC eggs remained steady at Rs 338 per 100 throughout the week. Nagpur recorded the lowest price of Rs 320 while Lucknow, the highest of Rs 390 on the closing day.
