MUMBAI, November 29: Gold and silver bounced back trimming recent losses on the bullion market here today. Standard gold rose by Rs 10 at Rs 4,020 per 10 gm. Gold .22 carat hardened by same margin at Rs 3,720 per 10 gm. in sympathy. Prices of gold biscuit shot up by Rs 100 at Rs 47,000 per piece.

Demand improved ahead of wedding season while restricted supplies and higher overseas advices kept offerings at a low ebb. Bullish trend in dollar value against rupee also aided the recovery, according to dealers.

According to trade sources due to political uncertainty the supply position of imported precious metals would affect considerably in the coming days. In the global market gold moved down to $297.25/297.50 an ounce.

Silver .999 on the other hand spurted by Rs 90 at Rs 7,360 per kg. Silver .916 rose by same margin at Rs 7,260 per kg.

Industrial and seasonal buying improved at the lower level while eased supplies pushed prices upward. In the global market silver placed firm at $5.31/5.32 an ounce.

G'nut oil maintains

Groundnut oil ruled steady at the improved level on the oil and oilseeds market here today. Castorseed and its oil lost gained ground and trading in forward market remained suspended owing to continued strike by operators.

Groundnut oil maintained at Rs 338 per 10 kg amidst thin trading activity. However, undercurrent was firm due to fear of short supplies as local traders were decided not to bring edible from the producing centres to the city market after 30th November to protest against service tax imposed by the Central Government, it was learnt.

In Rajkot prices fell by Rs 5 at Rs 505 per 15 kg. Imported palm oil ruled static at Rs 276 per 10 kg exclusive of tax but undercurrent was firm due to rise in the landing cost after recent upsurge in dollar prices against Indian rupee. Castor oil settled 50 paise lower at Rs 279/291 per 10 kg. Castorseed ready quoted Rs 3 higher at Rs 1237/1243 per quintal ahead of new crop supplies.

Trading in the futures section remained suspended due to ongoing protest. In Ahmedabad December delivery quoted at Rs 1177.50 while March delivery closed at Rs.1133.50 per quintal. Cotton subdued A dull-to-subdued trend prevailed on the cotton market following slack activity. Arrivals in Punjab zone were placed around 20,000 bales. The price eased by Rs 5 to 10 a maund. J-34 saw-ginned Rajasthan were placed at Rs 1725-1750, Bhatinda line at Rs 1790-1820 and Main line at Rs 1850-1920 spot. Sanker Botad were placed at Rs 19,000. Kadi at Rs 19,300-19,400.

Grains,Sugar

Trading in sugar remained at a standstill while business passing in grains was nominal as the trade has decided to go for an indefinite bandh from 1st December.

Yarn lacklustre

In lacklustre trading prices ruled more or less unchanged on the yarn market. Viscose filament yarn bright cones first quality Century Rayon 150dn ruled at Rs 223, 120dn at Rs 243, 100dn at Rs 265 and 75dn at Rs 267 a kg. In the case of nylons, JK 15/1/0dn were edged up by Rs 5 a kgat Rs 265 on tight supply. But Nirlon 20/1/0dn lost Rs 10 at Rs 240.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.