MUMBAI, Nov 4: Gold and silver opened higher but lost some of the early gains towards close on the bullion market here today.

Standard gold opened Rs 35 higher at Rs 4,180 per 10 gm. on news of recovery in the world market. However, demand resistance and profit-taking pushed prices downward before concluding at Rs 4,170 with a net overnight gain of Rs 25 per 10 gm. Likewise gold .22 carat moved in both ways and settled Rs 25 higher at Rs 3,860 per 10 gm. in sympathy. Prices of gold biscuit (116.50 gm.) opened Rs 400 higher at Rs 48,900 but closed lower at Rs 48,800 with a net overnight gain of Rs 300 per piece. In Madras gold recovered to Rs 4,270/4,275 per 10 gm. In the international market gold ruled firm at $316 before settling at $314.50 per ounce.

Meanwhile silver .999 commenced Rs 70 higher at Rs 6700 per kg on smart rally in the world market but later on fresh supplies dragged prices lower at Rs 6,690 with a net gain of Rs 60 per kg. Silver .916 moved in both ways and placed Rs 50 higher at Rs 6,590 per kg.

In Delhi silver ready delivery was subdued at Rs 6635/6640 per kg. In the global market the white metal ruled firm at $4.85/4.86 per ounce.G'nut oil maintains

Groundnut oil maintained on the oil,oilseeds market here today. Castorseed and its oil held in a narrow price band amidst slow trading activity during the day.

Groundnut oil ruled quiet at Rs 345 per 10 kg on thin supplies due to closure of major markets in Gujarat region for extended divali holidays and these markets will reopen on Wednesday, dealers said. In Rajkot groundnut oil placed at Rs 510/515 per 15 kg.

Imported palm oil slid by a rupee at Rs 267 per 10 kg exclusive of tax as reports of losses in the world market prompted light profit-taking here.

Castor oil ruled static at Rs 269/281 per 10 kg on thin supplies while overseas enquiries were at a low ebb. Castorseed ready changed hands at Rs 1189/1195 per quintal on nominal trading.

In the futures section castorseed December delivery moved in a narrow range and finished steady at Rs 1162 per quintal. March delivery settled a rupee higher at Rs 1129 per quintal but volume was nominal. Ahmedabad and Hyderabad markets were closed today.

Sugar subdued

A dull-to-subdued trend was noticed on the sugar market following slack demand and arrival of imported goods.

M-30 at Rs 1525-1551 and S-30 at Rs 1505-1522 a quintal ex-godown, could hold the ground despite limited offtake as the arrivals were low at around 75 lorryloads. However, ex-octroi checkpost the price shed Rs 5 on increased offerings due to increased supply as the ship `Al Baki' carrying a 14,000 tonnes Brazilian cargo has arrived and the goods were expected to reach the market in a couple of days. M-30 were placed at Rs 1510-1520 and S-30 at Rs 1485-1500.

Imported sugar also lost Rs 5. Myanmar and Brazilian were placed at Rs 1371 while Dubai goods found sellers at Rs 1471.

In tenders, M-30 at Rs 1460-1465 and S-30 at Rs 1445-1450 in Kolhapur line were unchanged on scattered inquiries.

Tur turns weak

Green peas and tur price turned weak on the grains market. Elsewhere, also subdued trend pervailed on selling pressure in the wake of poor offtake.Sluggish offtake coupled with arrival of Canadian goods caused a dent of Rs 100 a quintal in the price of green peas Rumba USA at Rs 1700-1725. Canadian dipped by Rs 25 to 30 and were placed at Rs 1341-1351. White peas Canadian were on offer at Rs 1035-1051.

Tur Myanmar old at Rs 855 were down by Rs 25 while new lost Rs 50 and were placed at Rs 925-950. Rajma price reacted by Rs 50. Chitra deshi were placed at Rs 1950-2000 while red imported found sellers at Rs 1800-1850.

Urad Myanmar old and new continued to be traded at Rs 975-1000 and at Rs 1075-1100 respectively. Moong Myanmar were traded at Rs 1500-1525.

Australian gram at Rs 1400, kabuli gram A-2 Iranian at Rs 2000-2500, B-2 Turkish at Rs 1500, Iranian at Rs 1450 and C-2 at Rs 1375 were steady.

Among cereals, milling wheat moist were placed at Rs 585-590 and good quality at Rs 600-610 for Thane/Khopoli delivery. Other wheat and rice ruled unchanged.

Cotton easy

An easy trend continued in Punjab zone following steady pressure of arrivals.Arrivals in Punjab zone were expected to be around 17,000 bales. Price of J-34 saw-ginned Rajasthan and Haryana shed Rs 20 to 25 a maund. The former were quoted at Rs 1765-1795 and the latter at Rs 1805-1840 spot. Punjab quotations were static at Rs 1860-1920. Bengal Deshi were quietly steady at Rs 1110-1140.

Sanker were steady in the range of Rs 20,000-20,500 a candy. Guntur MCU-5 had changed hands at Rs 25,500. Karnataka DCH-32 kapas had reportedly changed hands at Rs 2850-3150 in the producing centre.

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