Budget 2001: A Primer

Standard gold shot up from Rs 4,400 to Rs 4,470 before settling at Rs 4,450per 10 gm. Gold .22 carat was closed Rs 45 higher at Rs 4,115 per 10 gm insympathy. Prices of gold biscuit (116.50 gm) jumped up from Rs 51,600 andcrossed Rs 52,000-mark to scale high at Rs 52,300 before settling at Rs52,200 with a net overnight gain of Rs 600 per piece.

Brisk seasonal buying coupled with renewed speculative interest on the backof smart recovery in the global prices prompted buoyancy in the localmarket, dealers said. Adding with lack of supplies, the offerings becamerestricted throughout the day. Gold biscuit prices were up by Rs 800 onMonday. Meanwhile in the global market gold prices shot up by $6 at $268.60per troy ounce.

Silver .999 placed Rs 10 higher at Rs 7,470 per kg on stray industrialbuying. Silver .916 was steady at Rs 7,350 per kg amidst nominal activity.In the overseas market the white metal placed firm at $4.47 ($4.45) per troyounce.

OIL, OILSEEDS: Groundnut oil looked up modestly while imported palm oilreacted on profit taking at higher level ahead of Union Budget on the oil,oilseeds market here on Tuesday. Castorseed and its oil fell further both inready and futures section amidst sluggish overseas interest and renewedinflow at producing centres.

Groundnut oil looked up by Rs 2 at Rs 310 per 10 kg on tight supplies. InRajkot prices placed lower by Rs 5 at Rs 520 per 15 kg.

Imported palm oil eased by a rupee to Rs 209 per 10 kg following lightprofit taking by Indian importers, it was learnt. In the global market palmoil fell to $212.50 ($215) per tonne. Forward deliveries were quoted at$217.50/220 per tonne. Castor oil edged down a rupee to Rs 275/287 per 10kg. Castorseed ready were down by Rs 5 at Rs 1,225 per quintal in sympathy.In futures section castorseed April delivery closed lower at Rs 1,226 perquintal on renewed bear unloading.