Mumbai : Bullion:
Gold and silver prices remain weak on the bullion market here during last week. Standard gold fell from Rs 4,970 to Rs 4,510 and gold .22 carat was down from Rs 4,225 to Rs 4,170 per 10 gm respectively. Prices of gold biscuit (116.50 gm.) nosedived to Rs 52,700 (Rs 53,500) per piece during the week. Physical demand for gold petered out during the due to commencement of unauspicious period, to buy precious metals, one broker said. Improved supplies of local gold coupled with weak global advices also triggered brisk unloading among stockists and local bankers here during last week. Subdued trend in dollar value against rupee also weakened the market sentiment for both the precious metals. In the overseas market gold closed lower at $268.50 ($275) per troy ounce ahead of auction of 25 tonne of gold by Bank of England, it was learnt.Silver .999 softened from Rs 7,745 to Rs 7,620 and closed the week at Rs 7,640 per kg. Silver .916 moved down from Rs 7,645 to Rs 7,515 per kg. Industrial and seasonal demand for silver was sluggish during the week, while continued supplies of raw silver from local sources followed by weak Delhi and global advices depressed the market sentiments considerably, according to market sources. Traders reported daily average arrivals of 250/300 kg of raw silver during the week. In the overseas market silver slide from $4.61 to $4.50 and settled down at $4.53 per troy ounce.OIL, OILSEEDS:
Groundnut oil suffered fresh losses on the oil, oilseeds market here during last week. Castorseed and its oil recovered early losses on cover by bears and shippers on the back of fresh overseas enquiries, dealers said.
Groundnut oil slide further to Rs 305 per 10 kg amidst thin buying interest, coupled with continued new crop arrivals. In Rajkot it was quoted lower at Rs 520 (Rs 535/540)per 15 kg.
Imported palmoil fell to Rs 188 (Rs 194/195) per 10 kg on fresh arrivals at Indian ports followed by setback in the global market. In the overseas market palmoil slipped to $200 per tonne at one stage, but later on looked up to $207.50 for nearby delivery and at $212.50/220 for long delivery, it was learnt.
Castor oil opened lower but later recovered to Rs 270/282 per 10 kg. Castorseed ready placed at Rs 1,200 per quintal after early losses in sympathy.
In the futures section castorseed February delivery at one stage fell below Rs 1,200 mark but recovered to Rs 1,228 on covering by bears and shippers. Castor oil February delivery dropped from Rs 294/295 to Rs 288 per 10 kg. Palmolien futures market remain more-or-less untraded during the week due lto lack of interest among local operators following bearish global prices, it was said.
In Ahmedabad castorseed February delivery opened lower, but later on looked firm at Rs 1,198 and in Rajkot it was placed at Rs 1,187 per quintal respectively. Daily arrivals of castorseed in Gujarat which was earlier picked up to 30,000/32,000 bags were fell to 24,000/25,000 bags, it was learnt.
Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
