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Gold, silver shine on festive season buying
Due to strong economic parameters in the US market, both the precious metals, viz gold and silver, remained firm in the global markets during the week ended Saturday. The demand for gold and silver recorded an increase, resulting into higher prices in the international markets.
Hyderabad (NVS): Due to strong economic parameters in the US market, both the precious metals, viz gold and silver, remained firm in the global markets during the week ended Saturday. The demand for gold and silver recorded an increase, resulting into higher prices in the international markets.
At home, the festival season provided necessary fuel to the ever-willing market of jewellery. The strong sentiment in both the precious metals is likely to continue for about a month. Meanwhile, as a natural fall out of the higher prices, the age-old trade of smuggling has picked up. Smugglers, with the help of their networks, have been daring the authorities successfully. What is seized by the authorities at airports and sea ports is just a tip of the iceberg. Most of the smuggled gold is ‘refined’ at the uncontrolled so called refineries located in the cities, towns and even villages. Strong willpower on the part of the ruling clan alone can help curb if not totally eradicate this illegal activity.
During the week ended Saturday, standard gold (24 carats) appreciated by Rs 570 and closed at Rs 31,190 (per 10 gms). Ornamental gold followed suit and was quoted in the range of Rs 30,470 to Rs 30,480. Silver (0.999), too, zoomed up by Rs 1,100 and closed at Rs 44,000 (per kg).
The sentiment in the local wholesale commodity market was firm. Pulses like tuar, urad, moong and rajma recorded a decline of about 15 per cent. Experts opine that in the current harvesting season the output of cardamom, coffee and pepper would be lower from 20 per cent to 50 per cent.
During the week, jeera, garlic, chillies and tamarind recorded an increase in the range of three per cent to five per cent while turmeric and coriander remained unchanged. On the other hand, onions and maize declined following higher supplies.
The sentiment in the common vegetables was strong. There was no let up in the price-rise of common vegetables particularly the leafy vegetables. The NECC wholesale egg price in Hyderabad remained unchanged at Rs 391 (per 100). Varanasi recorded the highest price of Rs 440, while Hospet recorded the lowest of Rs 380.
Dr H C Upadhyay
