Precious Metals Subdued; Groundnut Oil Remains Weak

Silver, however, ruled easy on weaker overseas advises. In the absence of any decision regarding sale of gold by the International Monetary Fund, gold was better early part of the week abroad but reacted later.

This was reflected in the value fluctuations over the last week. At the same time the setting up of Shradha Paksha, adversely affected the demand.

Traders are awaiting the start of festival demand after a fortnight. Meanwhile, the price movements would-be in line with the trend overseas.

Standard mint gold commenced last week with on promising note but on quiet overseas advises coupled with the absence of demand during Shradha Paksha affected the sentiment and values drifted paring early gains.

 

On the whole, activity in Mumbai has been affected as official supplies had been diverted to other states.

Consequently, buyers too had been preferring to make purchases there. Only supplies had been of contraband gold in the city as buyers preferred to make purchases accordingly.

Even now the world gold market has been unsettled, awaiting the decision of the International Monetary Fund for the sale of gold which ultimately had adverse impact on both supplies and prices abroad.

Standard mint gold commenced last week higher at Rs 5,120 against the previous close of Rs 5,105 and with the encouraging overseas advises rose to the high of Rs 5,130. However, with the decline in gold prices abroad, it drifted to Rs 5105 to end the week at Rs 5110 per 10 gms.

Ready silver 999 fineness commenced last week at Rs 6,930, against the previous close of Rs 6,950 and on better overseas advises went up to the high of Rs 6,955 but suffered a mild set-back to drop to a low of Rs 6,900 to end the week at Rs 6,925 per Rs 2,000-2,050.