MUMBAI, June 23: Gold and silver suffered fresh setback on the bullion market today.

Standard gold moved down from Rs 4,605 to Rs 4,600 per 10 gm. Gold .22 carat extended losses from Rs 4,260 to Rs 4,255 per 10 gm. in sympathy. Prices of gold biscuit (116.50 gm.) slipped by Rs 50 at Rs 53,800 per piece. During last week it was down by Rs 450 per piece.

Seasonal buying was at a low ebb as supplies improved and sliding overseas prices triggered renewed offerings here. Higher offerings of Special Import Licence by Union government also subdued the market sentiment, one broker said.

Today the Union government auctioned Special Import Licence valued at Rs 150/160 crore, it was reliably learnt. Licence premium dropped today to 10.50/10.60 per cent.

In the overseas market the yellow metal moved down to $337/337.50 per ounce

.Silver .999 softened from Rs 6,760 to Rs 6,735 per kg. Silver .916 receded by same margin at Rs 6,635 per kg in sympathy.Industrial buying was sluggish while weak Delhi and overseas advices prompted fresh unloading by local stockists.

In the global market the white metal slid to $4.72/4.73 per ounce.

G'nut oil reacts

Groundnut oil reacted on the oil,oilseeds market here today. Castorseed and its oil ruled static in the ready section while forward delivery witnessed weak.

Groundnut oil edged down by a rupee to Rs 355 per 10 kg amidst sluggish physical demand. Reports of widespread rains in the producing centres mainly prompted selling by stockists.

Imported palm oil edged up by a rupee to Rs 267 per 10 kg exclusive of tax on the back of recovery in the world market, it was said. Trading volume in the local markets remained slow.

Castor oil maintained at Rs 248/260 per 10 kg on scattered overseas enquiries. Castorseed remained steady at Rs 1088/1094 per quintal on nominal trading. European buyers were interested in Indian castor oil at the rate of $675 per tonne for long delivery. However there was no demand for nearby deliveries, one broker said.

Meanwhile in the futures section castorseed September delivery placed lower at Rs 1,130 as against Rs 1,135 per quintal on fresh bull liquidation following weak Ahmedabad advices.

Sugar better

A steady-to-better trend prevailed on the sugar market following improved offtake at lower levels.M-30 1450-1460 were up by Rs 5 and S-30 at Rs 1425-1440 by Rs 10 a quintal ex-octroi checkpost.

Ex-godown the price held steady at Rs 1475-1505 and at Rs 1455-1470 respectively.In tenders, price looked up by Rs 10 as S-30 were indicated at Rs 1395-1400 in Kolhapur line.

Cotton steady

A quietly steady condition was noticed on the cotton market. Activity was thin.

Punjab J-34 saw-ginned ruled at Rs 1850-2000 and F-414 at Rs 1085-2125 a maund spot. Bengal Deshi at Rs 1045-1075 shed Rs 5 to 10 on sluggish demand. V-797 at Rs 14,300-15,000, Morbi Wagad at Rs 13,500-13,600 and kalagin at Rs 12,800 a candy were static. Sanker average ruled at Rs 18,000-19,000 while superior were placed at Rs 20,000-21,500.

Meanwhile, there has been satisfactory rainfall in Saurashtra but the situation was said to be less than satisfactory in Maharashtra and Madhya Pradesh.

Yarn dull

A steady condition was noticed on the yarn market. Demand continued to be good in polyester yarn for shirting output.

Grey first quality goods of medium-sized units 80dn rotoset were in demand at Rs 105-106 and micro roto at Rs 117-118 a kg. 80 weft and warp were traded at Rs 92-93 and at Rs 97-98 respectively. 80/1000dn Surat goods found sellers at Rs 120-125 while 241 machine were transacted at Rs 130-135. 80/1400dn ruled at Rs 135-140.

Urad drops

A dull-to-weak condition was in evidence on the grains market following increased selling pressure triggered by persistant slack demand.

Urad price dropped down by Rs 50 a quintal. Myanmar old were on offer at Rs 850-875 and new at Rs 925-950. Moong Myanmar were traded in the range of Rs 850-1200. North Gujarat summer crop goods were quoted at Rs 1400-1500. Tur Myanmar lost Rs 25. Old material found sellers at Rs 950 while new were mentioned at Rs 1025.-1050.Cereals were static. Wheat milling were on offer at Rs 560 for Khopoli delivery and at Rs 555 for Thane delivery. Superior Punjab wheat were placed at Rs 600-611. Rice Permal FCI were traded at Rs 811-821 and AP Masoori at Rs 885-900.

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