Precious metals fall; oils recover smartly

Our Commodities Bureau

BULLION: Gold prices reacted downwards by Rs 60 to close at Rs 4,600 on the bullion market here on Tuesday due to profit-booking by players in the wake of reversal of the recent firm price trends in the global markets. The 22-carat gold variety also fell by Rs 55 to Rs 4,255. "After a spurt in the last two sessions, everyone was busy booking profits forcing long-position-holders to liquidate part of their holdings, thus leading to erosion in prices," a dealer said. Silver prices also dipped in sympathy on lower overseas advices.

Standard gold opened steady at Rs 4,660. Later, it dropped to end at Rs 4,600, netting a sharp fall of Rs 60 over previous close of Rs 4,660. 22-Carat gold also declined by Rs 55 to close at Rs 4,255 from the last close of Rs 4,310 and 10-tola gold bar dipped by Rs 700 to conclude at Rs 54,000.

OIL, OILSEEDS: Groundnut oil and imported RBD palmolein regained all of the overnight losses on the oils and oilseeds market here on Tuesday on fresh demand from consumers. In the edible sector, groundnut oil rose by Rs 5 to 385 from Rs 380 previously. Imported RBD palmolein also recovered smartly by Rs 2 to Rs 231.