Modest recovery for bullion; oils steady

Our Commodities Bureau

BULLION: Both the precious metals recovered modestly on the bullion market here. Standard gold edged up by Rs 5 at Rs 4,355 per 10 gm so was gold .22 carat at Rs 4,030 in sympathy. Prices of gold biscuit (116.50 gm.) rose by Rs 50 at Rs 51,050 per piece. It was down by Rs 150 on Tuesday. Fresh physical buying was slow but tight supplies, firm trend in dollar value against rupee and bullish overseas advices kept offerings limited. In the global market gold placed at $267 (266.80) per troy ounce.

Meanwhile silver .999 looked up by Rs 5 at Rs 7,400 while silver .916 was closed Rs 10 lower at Rs 7,270 per kg respectively. Traders reported fresh inflow of 350/400 kg of raw silver from local sources during the day. However arrivals of imported contraband silver remain restricted while poor industrial buying kept volume of trading at a low ebb, a bullion broker said. In overseas market silver recovered modestly at $4.37 ($4.36) per troy ounce.,

OIL. OILSEEDS: Groundnut oil ruled steady on the oil, oilseeds market here. Castorseed and its oil on the other hand suffered fresh losses amidst thin overseas buying and weak upcountry advices, dealers said.
Groundnut oil closed at Rs 412 per 10 kg on scattered supplies and sluggish buying interest. In Rajkot, groundnut oil placed firm at Rs 680 (Rs 670) per 15 kg.
Imported palm oil edged up a rupee to Rs 242 per 10 kg on encouraging global advices. In the overseas market, palm oil hardened by $2.50 at $240 per tonne following reports of renewed Chinese enquiry. u