Bureau in Mumbai : Bullion
Gold and silver prices moved in a wide range but finally closed on a firm note on the bullion market here during last week, dealers said.Standard gold placed Rs 15 higher at Rs 4,325 per 10 gm. Gold .22 carat was up by same margin at Rs 4,000 in sympathy. Prices of gold biscuit (116.50 gm) initially hardened from Rs 50,400 to Rs 52,200 on the back of recovery in the overseas prices but later on nosedived to Rs 50,450 on panic selling among stockists and local bankers on news that finance minister had slashed import duty on gold from Rs 400 to Rs 250 per 10 gm. In the global market, however, gold improved from $259.50 to $267.50 per troy ounce. But dollar value slipped from Rs 46.62 to Rs 46.53 during the week.Silver prices moved in both ways but settled Rs 60 up at Rs 7,500 per kg. Silver .916 was gained by Rs 60 at Rs 7,390 per kg. Traders reported spurt in seasonal and industrial buying, while tight supplies and higher overseas advices kept offerings limited during the week. In the global market silver moved up from $4.45 to $4.53 per troy ounce amidst eased selling by China coupled with smart recovery in gold prices, dealers said.
OIL, OILSEEDS: Groundnut oil extended recovery on the oil, oilseeds market here during last week. Imported edible oil lead by palm oil also noticed fresh jump on the back of hike in the import duty on edible oil announced by finance minister in the Budget proposal.
Groundnut oil rose by Rs 10 at Rs 320 per 10 kg. In Rajkot it was maintained at Rs 520/525 per 15 kg amidst limited trading during the week. Imported palm oil climbed from Rs 205 to Rs 227 per 10 kg. In the overseas market palm oil moved in both ways before settling $5 up at $220 per tonne for nearby delivery while long deliveries were quoted at $222.50/230 per tonne.
Castor oil eased by Rs 3 at Rs 275/287 per 10 kg. Castorseed ready were down by Rs 15 at Rs 1,225 per quintal in sympathy.
In the futures section castorseed April delivery reacted from Rs 1,248 to Rs 1,228 per quintal on bull unloading. Castor oil April delivery placed Rs 4 lower at Rs 292 per 10 kg. And there was no trading in palm oil futures market during the week. In Ahmedabad castorseed April delivery finished lower at Rs 1,225 and in Rajkot it was placed at Rs 1,222 per quintal respectively. Traders reported daily average arrivals of castorseed in Gujarat at 35,000/40,000 bags during the week.
Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
