Gold dips as Biden, Putin talks fail

Hyderabad: With the reportedly abortive telephonic talks between Biden and Putin regarding the Ukraine issue on February 12, tensions have increased not only in the war zone and between the main players but also the world over. Resultantly, global markets have been shivering with the threat of escalated war and possibly the third world war.

Consequently, New York gold closed at $1,859.00 (per Ounce) while silver closed at $23.57 (per Ounce). Platinum and palladium closed at $1,023 (per Ounce) and $2,255 (per Ounce) respectively.

In local markets, standard gold (24 carats) declined by Rs 1,850 and closed at Rs 51,050 (per 10 gm). Ornamental gold was quoted in the range of Rs 46,700 – 46,800 on the closing day. Silver (0.999) further appreciated by Rs 2,300 and closed at Rs 67,400 (per kg). Now with easing of Covid-19 restrictions and the marriage season around the corner, the demand for gold and silver jewellery is expected to go up in a near future.

Commodities

The sentiment in principal wholesale commodity markets in twin cities remained moderate. Rythu Bazars and the various commodity markets in Begum Bazar, Kishangunj, Mukthyargunj, Risala Abdullah, Mir AlamMandi, Dilsukhnagar, Kukatpally, Bowenpally, General Bazar recorded lackluster trading.

During the week, tuar dal, masoor dal, moong dal and urad dal and chillies and garlic remained unchanged at their respective last week's closing levels, while staple food-grains and common edible recorded a negligible decline.