Standard gold closed Rs 10 higher at Rs 4,475 per 10 gm. Gold .22 carat was up by same margin at Rs 4,140 per 10 gm. Prices of gold biscuit (116.50 gm.) hardened by Rs 100 at Rs 52,200 per piece. Fresh physical buying was low but traders reported renewed speculative interest for gold amidst tight overseas supplies coupled with news of recovery in the global market. Firm trend in dollar value against rupee also kept offerings restricted. In the overseas market gold went up from $280.20 to $282.25 per ounce.

Meanwhile silver .999 placed Rs 15 higher at Rs 8,030 per kg. Silver .916 was moved up by Rs 10 at Rs 7,900 per kg. Stray industrial buying attributed to upsurge as traders reported volume of transaction of 140/150 kg of silver during the day in the local market. Tight supplies of imported silver, lower than expected inflow of raw silver from local sources and higher Delhi and global advices influenced the upsurge, dealers said. In the overseas market silver recovered from $5.09 to $5.11 per ounce.

G'nut oil up
Groundnut oil closed firm on the oil,oilseeds market here today. Castorseed and its oil however remained weak amidst thin overseas buying interest coupled with improved arrivals in the producing centers, particularly in Gujarat.

Groundnut oil rose by Rs 2 at Rs 370 per 10 kg amidst tight supplies and stray seasonal demand. In Rajkot it was quiet at Rs 620/625 per 15 kg.

Imported palm oil reacted from Rs 227 to Rs 225 per 10 kg. Continued arrivals at Mumbai Port and setback in overseas market attributed to the bearish trend. Palm oil prices in the international market fell by $5 at $357.50 per tonne for the nearby delivery and at $362.50 for the long delivery, it was learnt.

Castor oil slid by Rs 2 at Rs 412/424 per 10 kg. Castorseed ready were down by Rs 10 at Rs 1,910 per quintal in sympathy. In the futures section castorseed June delivery declined from Rs 1,967 to Rs 1,950 before concluding at Rs 1,956 per quintal as weak Gujarat advices prompted light bull liquidation, floor sources said. In Ahmedabad castorseed June delivery reacted from Rs 1,861 to Rs 1,842 and in Rajkot from Rs 1,882 to Rs 1,874 per quintal, it was learnt. Castorseed arrivals were picked up from 60000 to 65000 bags in Gujarat.

Sugar declines
An easy condition prevailed on the sugar market following improved supply, coupled with restricted demand.

Better availability of trucks has both improved the supply as also caused a reduction in the freight charges. This coupled with limited offtake pushed down the sugar quotations by Rs 8 to 10 a quintal ex-godown and by Rs 5 to 7 ex-octroi checkpost. M-30 ruled at Rs 1540-1600 and S-30 at Rs 1497-1550 ex-godown. Ex-octroi checkspost, the price ruled at Rs 1515-1540 and at Rs 1475-1495 respectively.

In tenders, M-30 were indicated at Rs 1455-1475 and S-30 at Rs 1410-1435 in Kolhapur line.

Cotton rallies
A steady-to-slightly better trend prevailed on the cotton market.

On arrivals dropping down further to 2500 bales, the price of Punjab cotton rallied by Rs 5 to 10 a maund after taking heavy beating during the last two days of the previous week. J-34 saw-ginned good average ruled at Rs 1620-1730, cart selected at Rs 1635-1770 and roller-ginned good average at Rs 1520-1540 spot. Bengal Deshi roller-ginned were placed at Rs 1065-1095.V-797 at Rs 12,500-12,800 and Sanker at Rs 16,500-19,800 a candy were static.

Wheat MP reacts
Wheat MP price reacted following resumption of operations in the markets there.

The agitation by the trade against the levy of tax has ended and the markets have reopened in MP. This has improved supply here and the price of MP 147 has softened up by Rs 50 a quintal at Rs 950-1050. Sarbati were static at Rs 1100-1600 but undertone was easy. Other wheat and rice were quietly steady. Rice Pakistan were on offer at Rs 875-925 ex-dock and at Rs 900-1100 ex-godown.

Among pulses, white peas Canada firmed up further by Rs 20 at Rs 941 on sustained buying support. Australian gram hardened by Rs 50 at Rs 1425-1450. Tur Myanmar old were up by Rs 25 at Rs 1475-1500. New at Rs 1675-1700, Malawi at Rs 1600-1650, Kenya at Rs 1750 and Tanzania at Rs 1800 held steady. Urad Myanmar were in demand at Rs 2300-2325.

Yarn steady
A steady condition was noticed on the yarn market. Activity was modest.Polyester yarn grey first quality of medium-sized units 80dn roto ruled at Rs 98-99, micro roto at Rs 102-103 and weft at Rs 94-95 a kg.

150dn weft and single roto were quoted at Rs 81-82 and at Rs 84-85 respectively.