Marginal rise in gold, silver dips; oils mixed

Our Commodities Bureau

Mumbai, May 16: BULLION: FIRM global and upcountry advices in gold failed to influence prices in the local bullion market here on Wednesday as the yellow metal moved in a narrow range on small bouts of buying and closed with marginal gains.

Silver on the other hand showed fresh fall on lack of industrial demand in the face of good supply of raw silver. Standard gold opened steady at Rs 4370, but looked up marginally towards the fag end and settled at Rs 4375, showing a small rise of Rs 5 over the last close of Rs 4370. Ten-tola gold bar, however, showed a smart rise of Rs 150 at Rs 51,450 from Tuesday’s close of Rs 51,300. 22-carat gold was quoted steady at Rs 4040.

Gold closed firm in the global market as it ended higher at $269.60 an ounce in Hong Kong from the last close of $267.50.

OILS, OILSEEDS: Barring a fresh rise in groundnut oil, prices continued to lean down on the oils and oilseeds market today due to poor demand. In the edible section, groundnut oil recovered smartly by Rs 5 to Rs 350 from the last close of Rs 345 on fresh local demand in the face of restricted supply. Imported RBD palmolein, on the other hand, showed a fresh fall of Rs 3 at Rs 227 from Tuesday’s close of Rs 230 due to weak Malaysian advices.

Turning to the non-edible section, castor oil commercial eased further by Rs 2 to Rs 234 from the previous close of Rs 236 on lack of soap manufacturers’ demand and castorseed bold Madras fell to Rs 1020 from Rs 1030 on reduced offtake from stockists. However, linseed oil continued to move in a narrow range and closed steady at Rs 285.