WEEKLY MARKET REVIEW 05-11-2023
Hyderabad (NVS) : With the middle east war theatre assuming dangerous proportions day after day the principal global markets remained panicky. The evergreen yellow metal seems to be the unanimous choice of investors, as a result of which its price remained upbeat amidst global upheavals.
The New York gold closed higher at US $ 1,992.20 (per Ounce) while silver closed at $ 23.21 (per Ounce). Platinum and Palladium closed at $ 932 (per Ounce) and $ 1,102 (per Ounce) respectively.
Other economic parameters remained moderate. Brent closed at US $ 84.89 (per barrel) while Crude MCX oil was quoted at Rs.6,699 (per barrel). While Gold MCX stood at Rs.61,015 (per 10 gms), MCX Silver closed at Rs.72,270 (per kg), Copper MCX closed at Rs.710.10 (per kg). Sensex and Nifty 50 closed at 64,363.78 and 19,230.60 points. Leading foreign currencies’ exchange rates were, US $: Rs.83.16, British Pound: Rs.102.91, Euro: Rs.87.28, Singapore $: Rs.60.62, Swiss Franc: Rs.62.50, Australian $: Rs.54.15, Saudi Riyal: Rs.22.17, New Zealand Dollar: Rs.49.87, Kuwaiti Dinar: Rs.271.89, Omani Rial: Rs.218.04, UAE Dirham: Rs.22.64, Japanese Yen: Rs.0.56, and Hong Kong Dollar: Rs.10.63.
In local markets, standard gold (24 carats) declined marginally by Rs.980 and closed at Rs.61,640 (per 10 gms). Ornamental gold too, followed the suit and was quoted in the range of Rs.56,400 – 56,500 on the closing day. Silver (0.999) appreciated by Rs.500 and closed at Rs.78,000 (per kg).
COMMODITIES
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.
During the week, common pulses such as tuar dal, masoor dal, moong dal and urad dal and commodities like chillies and garlic remained unchanged at their respective last week’s closing levels, while staple food-grains and common edible oil remained steady.
Common vegetables such as cabbage, cauliflower, ribbed guard, snake guard, lady fingers, cucumber, potatoes, , tomatoes and French beans along with other leafy vegetables declined marginally. However, due to the short supply, onions crossed Rs.50 (per kg) mark in Hyderabad retail market.
The NECC wholesale egg-price in Hyderabad declined by Rs.18 and closed at Rs.500 (per 100) which was also the country ‘s lowest price of the week, while the highest price of Rs.600 was recorded at Lucknow. EOM.