Gold, silver shine on marriage demand

FESTIVAL and marriage season demand ahead kept both the precious metals on the rise past week. Remaining volatile throughout the week, Gold made good gains over its previous week’s close, while Silver glittered by Rs 300 a kg over its previous close. Silver which opened weak by Rs 50 at Rs 19,650 per kg in the beginning of the week rose to Rs 20,000 close following London Silver which went up from 1,375 cents to 1,400 cents and then eased to 1386 cents. Increased demand from stockists’ and jewellery fabricators also kept silver on the rise. Silver coins also maintained an upward trend with prices firming up by Rs 200 to Rs 24900 per hundred coins on upcountry support. Daily arrivals of silver stood at around 5,000-6,000 kg.
Gold standard (.999) mirrored similar trends with prices dipping from Rs 9,545 to Rs 9,500 per 10 gm as London Gold slipped to a low of US $671 on selling pressure. However, speculative support pushed up international prices to US $ 679.50 per ounce, though prices later calmed down to US $ 677.50 consequently, Gold standard here after being traded at Rs 9,570, settled Rs 45 higher at Rs 9,590 per 10 gm. Gold one kg bar closed at Rs 9,540. Gold jewellery 22 carat also showed improvement with prices moving up from Rs 8,749 to Rs 8,790 per 10 gm. Gold Sovereign was seen steady at Rs 7,350/7,850 per 8 gm amid limited enquiries.

NON-FERROUS METAL
Closely following the LME (London Metal Exchange) trends, Delhi non-ferrous metals market witnessed intense volatility past week. Copper on LME surged from $7,464 to $7,975 per tonne amid heavy speculative buying pushing up copper wire scrap here from Rs 349 to Rs 360 per kg, though prices closed lower by Rs 5 at Rs 355 on slakening of demand end week. Copper sheet cutting, Rod and Ingot also towed the line and ended lower after a brief spell of firmness. Brass scrap jumped from Rs 247 to Rs 261 per kg as arrivals stood lower at 17-18 tonne, while demand remained on the upside at 25-26 tonne. Prices, however, eased to Rs 258 on profit taking end of the week.

CHEMICAL
The Delhi wholesale chemicals market observed mixed trends past week. Citric Acid Bold went up by Rs 100 to Rs 2,700 per 50 kg amid increased offtake by consuming industries and bareek goods, however, remained steady at Rs 2,400. Increased up Zinc oxide by Rs 10 per kg to Rs 155. Copper sulphate also witnessed similar trend with prices being quoted upward by Rs 3 per kg to Rs 100/118 on soaring copper prices. Tight stocks coupled with heavy industrial demand appreciated Hexamine at Rs 92 per kg. Caustic Soda Flake moved up by Rs 40 per 50 kg to Rs 1,320 on weak supply. Boric Acid Technical was also traded upward from Rs 2,750/2,900 to Rs 2,800/3,000 per bag, while Borax settled higher by Rs 50 at Rs 1,350/1,450 per 50 kg.

Courtesy: EconomicTimes