Gold, Silver Zoom; Smart Rise In Gnut, Palm Oil

Prices zoomed up on the bullion market during the week under review on higher overseas advices and silver prices shot up by Rs 285 to Rs 8590 and gold rallied by Rs 110 to close at Rs 4050.

The market remained closed on Saturday on account of 'Gudi padwa'.

Ready silver of 999 fineness started firm at Rs 8430 and rose further steeply to end at Rs 8590, showing an impressive rally of Rs 285 over the last week's close of Rs 8305 on restricted arrivals due to firm overseas advices and resulted in steep fall in ready stocks, traders said.

 

Similarly raw silver of 916 fineness at Rs 8470 and tenderable silver at Rs 8595 also displayed remarkable rise from the previous week's level of Rs 8200 and Rs 8310 respectively.

Standard gold commenced better at Rs 3950 and rallied further to close at Rs 4050, showing a sharp rise of Rs 110 over the last week's close of Rs 3940.

22-carat gold was quoted notably higher at Rs 3750 from Rs 3640.

Ten-tola gold bar of .999 purity skyrocketed by Rs 1,300 to finish at Rs 47,600 from last week's level of Rs 46,300.

Marketmen attributed the steep hike in gold prices to heavy seasonal demand, poor supply, higher overseas advices and the brisk buying of gold at the Dubai jewellery show.

Oils & oilseeds: Sharp rise in groundnut oil and castorseed June contract prices marked trading on the oils and oilseeds market during the week under review.

Elsewhere, palm oil, linseed oil and castor oil also rose smartly on good demand.

The market remained closed on Saturday, on account of 'Gudi padwa'.

Groundnut oil opened better at Rs 382 and rose steeply to close at Rs 396, showing a sharp rise of Rs 15 over the last week's close of Rs 381 following firm Gujarat advices coupled with thin supply from producing centres. Groundnut bold rose by Rs 10 to Rs 1970 from Rs 1960 on poor supply.

Imported palm oil, after a firm start at Rs 341, jumped up to settle at Rs 256, displaying a remarkable rise of Rs 19 over the previous week's mark of Rs 337 on good demand coupled with better overseas advices and thin supplies.

In the features market, castorseed June contract started higher at Rs 1253.50 and shot up further to end at Rs 1282.50, showing a sharp rally of Rs 36.50 over the last week's mark of Rs 1246 on heavy speculative buying by exporters.

In the non-edible section, linseed oil, started better at Rs 345 and rose further to end at Rs 360, displaying a gain of Rs 10 over the last week's close of Rs 340 on brisk paint industries' offtake. However, linseed bold held steady at Rs 1300 on restricted activity.

Castor oil commercial also opened higher at Rs 272 and improved further to end at Rs 277, revealing a rise of Rs 7 from the previous week's mark of Rs 270 on good soap manufacturers' demand.

Castorseed madras resumed firm at Rs 1210 and shot up to settle at Rs 1234, displaying a remarkable gain of Rs 34 over the last week's mark of Rs 1200 on firm export support.

The rising tendency continued unabated on the oils and oilseeds market during the week under review with oil prices soaring to recent highs on stockists and vanaspati manufacturers demand.

Marketmen said reports of damage to crops coupled with higher Malaysian market trends also contributed to the sharp rise in oil prices.

Paucity of stocks in the wake of increased demand gave further push to soaring prices.

The volume of business also improved to some extent. Vanaspati ghee 15 kg tin spurted from Rs 500-580 to Rs 600-683 per tin following a persistent increase in edible oil prices.

Groundnut mill delivery oil continued to rise on sizeable purchases by stockists and vanaspati makers and shot up to close at Rs 3900-4000 per quintal from Rs 3900 per quintal.

Mustard expeller oil after opening on a unchanged note at Rs 3420 per quintal, made gradual improvement on stockist buying and spurted to close at Rs 3600 per quintal, showing a gain of Rs 180.

Soyabean mill delivery oil also found some support and gained Rs 20 to close at Rs 3220 per quintal while cottonseed mill delivery oil shot up to Rs 3650-3700 per quintal from Rs 3480-3520 per quintal on local industrial demand.

Among industrial oils, linseed oil rallied by Rs 130 to close at Rs 3380 per quintal on local industries demand.

Mahuwa in thin trading gained Rs 50/75 at Rs 3300-2550 per quintal while neem oil posted Rs 50 higher at Rs 1950 per quintal.

Castor, rice bran and palm fatty were unaltered at Rs 2760, Rs 1670 and Rs 2200-2350 per quintal respectively .