Bullion, Groundnut Oil Firm Up, Metals Steady

Gold and silver prices at the local bullion markets firmed up towards the closing of the trading session yesterday following the devaluation of the rupee, as the dollar gained strength. The rupee had touched a record low of $41.19 during trading yesterday. Standard gold prices which were steady at Rs 4170 levels finally closed higher at Rs 4180 per 10 gm levels while silver .999 fineness was up smartly from an opening of Rs 7700 per kg to Rs 7750 per kg.

"The rupee devaluation was one of the factors which resulted in the prices of the gold firming up at the markets. Further with demand from the industry strong in the silver markets, prices remained firm yesterday,'' M L Damani, president, Bombay Bullion Association said.

Prices of raw silver were up from an opening of Rs 7590 per kg to Rs 7625.00 per kg while the tenderable silver prices were up from Rs 7705 to Rs 7755 per kg. The prices of 22 carat gold were also up at the markets in line with the standard gold prices from Rs 3860 per 10 gm to Rs 3865 per 10 gm. The prices of the 10 tola gold bar (.999 purity) were up from Rs 48900 to Rs 49100.

Dealers said that with the marriage season demand strong prices of gold would move in a narrow range at higher levels. The international gold prices were down sharply to $ 300.5 at the London markets from a level of $ 327 per troy ounce last week. Edible oils: Groundnut oil prices firmed up at the local oil exchange yesterday, with prices of Rs 425 per kg yesterday. The prices of the other varieties were as follows:

Groundnut oil solvent prices stood at Rs 410, castor oil comm Rs 286, linseed oil Rs 382, kardi oil

Rs 550, til oil Rs 410, neem oil Rs 210, palmoil Rs 382, cottonseed oil ref Rs 398, ricebran oil Rs 203 rapeseed oil ref Rs 390. The soybean oil ref prices stood at Rs 390, sunflower oil explr Rs 395, sunfloweroil explr ref Rs 428, sunflower oil solvent Rs 414 and sunflower imported oil Rs 395.

At the futures markets in castorseeds, the June contract prices stood as follows:

June: open Rs 1292, high Rs 1294, low Rs 1290 and closing of Rs 1291. The September contract witnessed prices which were marginally higher at an opening of Rs 1354, high of Rs 1357, low of Rs 1353 and a close of Rs 1353.

Metals: Prices of most non-ferrous metals stood steady at the Bombay Metals Exchange, dealers said. The prices of metals were as follows: Copper scrap heavy Rs 115 per kg, copper utensils Rs 99 per kg, brass scrap Rs 88.50, brass sheets cutting Rs 92.25, aluminium Rs 63 per kg, copper wire bar Rs 130, aluminium ingots Rs 82, zinc Rs 76.25, lead Rs 42, tin Rs 352 and nickel Rs 298 per kg.

Sugar: Sugar prices firmed up marginally at the Navi Mumbai markets yesterday on lower offloading by mills.