WEEKLY MARKET REVIEW 11-11-2023

Hyderabad (NVS): Amidst hectic diplomatic activity undertaken by the Defence and Foreign Secretaries of the US and the Iranian Premier to avert the possible World War III, the principal global markets remained uncertain during the week ended Saturday. However, precious metals including Gold and Silver being the evergreen object of investment remained upbeat both at home as well as abroad.

The New York gold closed at US $ 1,938.70 (per Ounce) while silver closed at $ 22.26 (per Ounce). Platinum and Palladium closed at $ 843 (per Ounce) and $ 950 (per Ounce) respectively.

Other economic parameters remained from moderate to strong. Brent closed at US $ 81.43 (per barrel) while Crude MCX oil was quoted at Rs.6,451 (per barrel). While Gold MCX stood at Rs.59,654 (per 10 gms), MCX Silver closed at Rs.70,025 (per kg), Copper MCX closed at Rs.697.80 (per kg). Sensex and Nifty 50 closed at 64,904.68 and 19,425.35 points. Leading foreign currencies’ exchange rates were, US $: Rs.83.30, British Pound: Rs.101.82, Euro: Rs.89.26, Singapore $: Rs.61.21, Swiss Franc: Rs.92.26, Australian $: Rs.52.99, Saudi Riyal: Rs.22.21, New Zealand Dollar: Rs.49.04, Kuwaiti Dinar: Rs.271.03, Omani Rial: Rs.217.43, and UAE Dirham: Rs.22.68, Japanese Yen: Rs.0.55, Canadian $ Rs.60.36 and Hong Kong Dollar: Rs.10.67.

The local market remained moderate. Standard gold (24 carats) decreased by Rs.1,010 and closed at Rs.60,630 (per 10 gms). Ornamental gold too, followed suit and was quoted in the range of Rs.55,450 – 55,550 on the closing day. Silver (0.999) declined by Rs.2,000 and closed at Rs.76,000 (per kg).

COMMODITIES

With the lull in rains, Rythu Bazars and the various commodity markets located in Begum Bazar, Kishangunj, Mukthyargunj, Risala Abdullah, Mir AlamMandi, Dilsukhnagar, Kukatpally, Bowenpally, General Bazar recoded moderate trade volumes.

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 recorded brisk trading.

The NECC wholesale egg-price in Hyderabad appreciated by Rs.35 and closed at Rs.535 (per 100). The lowest price of Rs. 523 was recorded at Ludhiana while the highest price of Rs.610 was recorded at Chennai.