Precious Metals Firm, Oils Weak

Precious metals ruled firm on strong overseas advices and modest off-loadings at improved levels last week.

Silver .999 opened weak at Rs 7,860 per kg on Monday, but improved to end at Rs 7,880 a kg on Saturday on firm overseas advices, modest out-of-state demand and limited selling pressure locally. Industrial offtake remained better.

Silver .916 also ruled strong and gained Rs 30 to end at Rs 7,760 a kg during the week.

Standard gold opened on an easy note at Rs 4,370 per 10 gm on Monday, but improved to close at Rs 4,380 on Saturday on firm international advices.

Gold 22-carat ruled better and gained Rs 10 to close at Rs 4,050 per 10 gm during the week.

Gold biscuit (116.50 gm a piece) prices also ruled firm and improved by Rs 100 and quoted at Rs 51,300 per piece on modest movements.

Oils & oilseeds: The local oils and oilseeds market last week displayed a weak tendency owing to dull offtake against limited arrivals of imported oils.

Demand for most of the edible varieties stayed weak-to-steady during the week under review. The Bombay Oilseeds and Oils Exchange remained officially closed on Friday on account of the sudden demise of a director of the exchange.

Groundnut oil commenced on a steady note at Rs 345 per 10 kg on Monday and firmed up to end at Rs 355 on Saturday on firm overseas advices coupled with limited arrivals. Demand remained modest.