Bullion mkt sees bullish undertones

Hyderabad : The yellow metal firmed up in the global markets during the week, thanks to the wait-and watch policy adopted by the Japan Central Bank, European Central Bank and Britain’s Central Bank, which also had reflection on the Fed Rate Reserve. This resulted in a mild uptrend in gold and silver too, in tandem.

Here at home, incessant rains dampened the mood of the market, though the undertone has been strong. The regular and potential festive buyers have just postponed to indulge in the buying spree and are waiting for the clouds to clear off. During the week, standard gold (24 carats) and pure silver (0.999) appreciated by Rs 370 (per 10 gms) and Rs 1,400 (per kg), respectively. While standard gold closed at Rs 31,900 (per 10 gms), pure silver closed at Rs 46,800 (per kg). Ornamental gold was quoted in the range of Rs 31,160-31,260 (per 10 gms).

The week witnessed heavy rains all through. The market operations were disrupted owing to the incessant rains. The sentiment in Risala Abdullah, Begum Bazar, Bowenpally, Mir Alam Mandi, General Bazar, Dilsukhnagar and Kukatpally wholesale markets continued to be from moderate to strong. Arrivals were affected but that did not pose any problem because of the whole trading activity coming to a standstill.

Meanwhile, the news of increased output of oil seeds and cereals and pulses has brought cheers on the hitherto sceptical consumers. Sugar, jeera, turmeric, coriander and chillies remained at higher levels while tamarind, wheat and rice were moderately low.

Onion, the most unpredictable common man’s vegetable this time has targeted its cultivators. In Mahbubnagar and Nashik, several thousands of onion cultivation has been washed out.Those who could salvage some crop have been forced to go for panic-selling. The same is the story of tomato. There are no takers for the product, which have rendered the farmers helpless.