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Gold, silver see uptick on festive mood
This apprehension does not seem to be misplaced, considering the fact that in many a member countries discord has been simmering and more so after the Brexit.However, this is not to suggest that the EU’s very existence has been in peril. Still, if immediate remedial measures are not taken by the respective member countries, then there is every possibility of a catastrophe any time in the mid-term
Hyderabad : On positive global clues and increased optimism about the market recovery, the yellow metal remained moderately high during the week ended Saturday. Silver, too, moved up in tandem. In the aftermath of Brexit, global markets, particularly the European Union (EU) markets, are quite apprehensive about the future of the EU itself.
This apprehension does not seem to be misplaced, considering the fact that in many a member countries discord has been simmering and more so after the Brexit.However, this is not to suggest that the EU’s very existence has been in peril. Still, if immediate remedial measures are not taken by the respective member countries, then there is every possibility of a catastrophe any time in the mid-term period.
In the local market, standard gold (24 carats) appreciated by Rs 380 (per 10 gms), while silver (0.999) gained Rs 950 during the week. Standard gold moved up from the previous week’s closing mark of Rs 31,380 (per 10 gms) to Rs 31,760 and the ornamental gold from Rs 30,650 to Rs 31,030. Silver moved up from Rs 45,300 (per kg) to Rs 46,250.
As the festive season has been drawing nearer, the mood of the market also has begun to change. The demand for gold and silver coins and idols of Gods and Goddesses has of late started showing the uptrend. This year particularly is expected to be a year of windfall for traders, thanks to the good monsoon.
The sentiment in principal wholesale commodity markets in the Osmangunj, Begum Bazar, Mir Alam Mandi, Kukatpally, Saroornagar, Bowenpally, General Bazar and Alwar was from moderate to strong. While the staple food grains such as rice, wheat, maize, bajra and jowar remind unchanged at their respective levels in the previous week, chillies, garlic, ginger and coriander recorded a marginal increase.
With the arrival of few stocks of the imported pulses in the market, a situation of panic has been prevailing among the hoarders who have no other alternative than to offload their illegally held stock. Groundnut oil flared up for a while on speculative demand, but it settled soon thereafter to realistic levels.
The sentiment in perishables was moderate. Prices of most of the common vegetables came down considerably in the first half of the week but subsequently moved upward following the late arrivals of vegetables in the market from the growing areas. The NECC wholesale egg price moved up from Rs 318 (per 100) to Rs 324 in Hyderabad representing an appreciation of Rs 6 over previous week.
