In the global market silver closed modestly lower from $4.86 to $4.84/4.85 per an ounce.

Standard gold eased by Rs 15 at Rs 4,550 per 10 gm. Gold 22 carat was down by Rs 10 at Rs 4,210 per 10 gm. Demand resistance by seasonal buyers after the recent upsurge was attributed to weak sentiment. However, local bankers and stockists were booking profit.

Prices of gold biscuit (116.50 gnm.) closed Rs 50 higher at Rs 53,300 per piece on tight supplies from Ahmedabad coupled with market talks that some of the leading jewellers in Ahmedabad were facing financial crisis. In the global market the yellow metal advanced from $269.75 to $272 per troy ounce.

OIL, OILSEEDS DOWN: Groundnut oil ruled weak at higher levels on the oil/oilseeds market here on Wednesday. Castorseed and its oil remained weak amidst slow overseas buying coupled with rising new crop arrivals in Andhra Pradesh. Groundnut oil edged down Rs 2 to Rs 395 per 10 kg on demand resistance and light profit taking. In Rajkot prices dropped from Rs 630 to Rs 620/625 per 15 kg.

Imported palmoil unchanged at Rs 194 per 10 kg. In the global market, prices fell by $5 at $242.50 a tonne for nearby delivery and at $247.50 for long delivery.

Castor oil was placed a rupee lower at Rs 295/307 per 10 kg. Castorseed ready was down by Rs 5 at Rs 1,325 per quintal in sympathy.

In the futures section castorseed December delivery closed Rs 8 lower at Rs 1,320 a quintal on renewed selling. Castorseed December delivery closed Rs 3 lower at Rs 315 per 10 kg. Palmolien November delivery moved up by Rs 3 at Rs 196 and December delivery by Rs 5 at Rs 205 per 10 kg on speculative buying amidst market talks that the government may soon hike import duty.

In Ahmedabad castorseed December delivery finished lower at Rs 1,236 and in Rajkot at R 1,316.50 per quintal respectively. Traders reported castorseed arrivals of 5,000 bags in Gujarat.