Standard gold eased from Rs 4,510 to Rs 4,460 per 10 gm. Gold .22 carat reacted from Rs 4,170 to Rs 4,125 per 10 gm in sympathy. Prices of gold biscuit (116.50gm.) crashed by Rs 600 to Rs 52,100 per piece during the week.

Physical buying for gold was more-or-less absent due to ongoing unauspicious period according to the Hindu calendar, and this period will end on 14th January with the conclusion of the kite festival, a broker said. Setback in dollar value against rupee, improved local supplies and news of loss in the global prices, triggered a fresh round of unloading among stockists and local bankers. Dollar prices fell to Rs 46.56 from Rs 46.73 during the week which in turn, brought down import cost of the precious metals. In the global market, gold closed lower at $263.90 ($268.45) per troy ounce. During the week on brisk auction of 25 tonne of gold by Bank of England, which is scheduled on January 23.

Meanwhile silver .999 moved in both ways and finished firm at Rs 7,655 per kg (Rs 7,625) on renewed industrial buying, while firm Delhi and overseas advices kept offerings limited. Inflow of imported silver was virtually absent. But traders reported daily average supplies of 200/250 kg of raw silver from local sources. In the global market the white metal hardened from $4.50 to $4.56 per troy ounce.

OIL, OILSEEDS: Groundnut oil, imported palmoil bounced back from the reduced level on the oil, oilseeds market here during last week. Castorseed and its oil recovered some of the recent losses on brisk covering by bears and shippers, in the wake of renewed overseas support coupled with nearby shipment.

Groundnut oil looked up from Rs 305 to Rs 315 per 10 kg on fresh physical demand ahead of the kite festival. In Rajkot prices rose smartly from Rs 520 to Rs 535 per 15 kg. Imported palmoil moved up from Rs 188 to Rs 197 per 10kg on brisk seasonal buying, while global prices were at a low ebb. In the overseas market palmoil climbed from $200/202.50 to $220 per tonne. Long deliveries were available at $227.50/235 per tonne. Renewed buying interest from China, Pakistan and European countries help global prices to bounce back, according to market sources. Castor oil recovered by Rs 9 at Rs 280/292 per 10 kg on continued short-covering by shippers ahead of a forthcoming shipment. Castorseed ready were up from Rs 1,205 to Rs 1,250 per quintal in sympathy.

In the futures section castorseed February delivery went up from Rs 1,227 to Rs 1,246 per quintal, on renewed bear buying. Castor oil February delivery rose from Rs 291 to Rs 295 per 110kg. Palmolien February delivery advanced from Rs 189 to Rs 200 per 10 kg.

In Ahmedabad castorseed February delivery climbed to Rs 1,243 and April delivery placed at Rs 1,270 per quintal respectively. In Gujarat castorseed spot prices looked up to Rs 240/245 per 20 kg and castor oil to Rs 265 per 10 kg. Arrivals of castorseed in Gujarat, during the week were placed at 25,000/30,000 bags.