Gold, silver prices not hit by US inflation

Hyderabad: Despite strong rumours of increasing inflation in the USA and dollar's recovery, the precious metals, namely, gold and silver remained divergent in the global markets.

Consequently, New York gold closed at $1,757.35 (per Ounce) while silver closed at $22.519 (per Ounce). Platinum and Palladium closed at $976 (per Ounce) and $1,897 (per Ounce) respectively.

In local markets, standard gold (24 carats) recovered by Rs 220 and closed at Rs 47,350 (per 10 gm). Ornamental gold too, followed the suit and was quoted in the range of Rs 43,200 – 43,300 on the closing day. Silver (0.999) on the other hand, declined by Rs 400 and closed at Rs 63,700 (per kg). Platinum and palladium were quoted at Rs 71,715.69 (per ounce) and Rs 1,41,399 respectively.

Commodities

The sentiment in principal wholesale commodity markets in twin cities remained moderate. With the onset of Navaratri festival the markets are expected to zoom in with new vigour. Rythu Bazars and the various commodity markets located in Begum Bazar, Kishangunj, Mukthyargunj, Risala Abdullah, Mir Alam Mandi, Dilsukhnagar, Kukatpally, Bowenpally, General Bazar recorded moderate trading. (NVS)