Sharp losses in bullion, oil markets

Our Commodities Bureau

Mumbai, April 26 : BULLION: Gold and silver prices suffered sharp losses at the higher level on the bullion market here on Thursday.

Standard gold went down from Rs 4,310 to Rs 4,290 before settling at Rs 4,295 per 10 gm. Gold .22 carat closed Rs 10 lower at Rs 3,975 per 10 gm. Prices of gold biscuit (116.50 gm) dropped by Rs 250 at Rs 50,200 per piece. It was up by Rs 300 on Tuesday. Market was closed on Wednesday.

Demand resistance by seasonal buyers arrested the rally while improved local supplies prompted profit booking by stockists. Slide in dollar value and weak overseas advices also took heat out of the market, according to dealers. In the overseas market gold eased from $264.70 to $263.10 per troy ounce.

Meanwhile, silver .999 softened by Rs 65 at Rs 7,410 per kg. Silver .916 was down by Rs 70 at Rs 7,300 per kg. Industrial buying was slow while continued arrivals - 400/425 kg of raw silver pulled down prices downward in the local market, it was said.

OIL, OILSEEDS: Groundnut oil closed lower on the oil, oilseeds market here on Thursday. Castorseed and its oil also lost some of recent gains in absence overseas support, dealers said.

Groundnut oil slid by Rs 2 at Rs 313 per 10 kg in absence of fresh buying interest followed by steady summer crop supplies. In Rajkot it was quoted Rs 5 higher at Rs 530 per 15 kg.

Imported palm oil fell from Rs 233 to Rs 231 per 10 kg on reports of fresh arrivals at ports coupled with weak dollar value.

In the global market palm oil however looked up by $2.50 at $249/261 per 10 kg. Castorseed ready were down by Rs 10 at Rs 1,095 per quintal in sympathy.

In the futures section castorseed June delivery reacted from Rs 1,155 to Rs 1,135 per quintal.