DELHI, November 22: Silver recorded a hefty rise and gold also revealed a firm tendency on the local bullion market on Saturday.New York silver futures shot up to 544 cents from 526 cents an ounce, consequently, silver weekly delivery, on speculative buying, flared up to Rs 7205 from Rs 7080 a kg.

There was no seller in spot silver till noon on Saturday and arrival of imported silver on Friday was reported about 5000 kgs. Nominal rates for spot silver .999 were quoted at Rs 7255 against Rs 7110 a kg. In sympathy with silver, silver coins went up by Rs 100 at Rs 10800-10900 per 100 pieces.Gold in London firmed up by $1.5 to $ 305 an ounce, consequently, gold biscuit and standard mint gold edged up by Rs 15 at Rs 4175 and Rs 4180 per 10 gram respectively. It was reported that, official agencies and banks sold 350-400 kgs gold on Friday. General Secretary of the Delhi Bullion Merchants Association, Shrikrishan Goyal said, that overseas Central banks would not sell gold below $300 an ounce. Gold sovereign also recorded gain of Rs 25 at Rs 3625-3650 per 8 gram.

New York: Silver prices rose to the highest levels in eight months on Friday as speculators bought on the belief that strong physical demand and tight stocks would push values higher.

At the Comex in New York, silver for December delivery closed 19 cents an ounce higher at $5.418 an ounce after posting the highest price since March 14 during the session.

Gold, which has been hovering just above 12-year lows around $300 an ounce amid abundant supplies available from miners and central banks, basked in silver's glow on Friday. Gold for December delivery ended $2.10 an ounce higher at $305.90.

Mumbai: Silver hardened while gold maintained in a narrow-band on the bullion market here today.

Silver .999 shot up by Rs 250 at Rs 7,290 per kg. In the ready section silver .916 jumped up by same margin at Rs 7,190 per kg in sympathy. Industrial buying improved at lower level while eased supplies and reports of upsurge in the international market triggered buoyancy in the local markets here. Sharp rise in the dollar currency against rupee further boosted the sentiment of the market. Delhi advices were encouraging. Standard gold moved in a narrow range and finished steady at Rs 4,090 per 10 gm. so was gold 22 carat at Rs 3,780 per 10 gm. Prices of gold biscuit (116.50 gm.) ruled steady at Rs 47,900 per piece. Physical demand was sluggish. However limited supplies and firm overseas advices kept offerings at a low ebb.

Grains, pulses mixed

The local grains and pulses market displayed a mixed tendency on Saturday.Moong, on the local market flared upto Rs 1350-1720 from Rs 1300-1700 a quintal as offerings from Maharashtra and Rajasthan remained restricted and moong dal also revealed a firm tendency. Moong crop was reported to have been damaged because of untimely rains in the producing areas. Soaring tendency in moth and gram prices was, however, arrested on improved supply. Arhar ruled firm due to short supply of new crop arhar.

Arrival of new lobia in Bihar has since commenced. Delhi traders procured lobia at Rs 2251 a quintal. Wheat prices remained subdued due to slack demand while roller flour mill atta and maida dipped by Rs 5-8 per bag. The bakers requested the Government to ban export of wheat products. Arrival of basmati and non-basmati rice from Northern Indian mandies was reported about 24,000 bags. Demand in rice from exporters remained poor because of uncertain political situation. Demand in rice from Maharashtra and Eastern India was reported good. Maize looked up by Rs 5-10 a quintal on good demand from poultry feed units.

Gur slips

Though demand in mill delivery sugar was reported good from Rajasthan and MP operators, yet prices remained subdued on selling pressure due to tight money market conditions. About 6000 tonnes imported sugar was reported to have touched Cochin port. On increased arrivals of new gur in Muzaffarnagar mandi, gur dipped by Rs 25 a quintal.

Coconut oil dips

On firm Indore advices coupled with good wedding demand in vanaspati, soyabean oil marked up by Rs 20 a quintal. Import of oil will be costly because of firm dollar. On weak Cochin advices, coconut oil dipped by Rs 20 at Rs 980 a tin.

Kishmish flares up

Grape crop in Maharashtra suffered a setback of 20-25 per cent because of recent rains, consequently, Indian kishmish flared up by Rs 200-300 at Rs 2400-4000 per 40 kgs. Almond California and its kernel revealed a firm tendency on strong wedding demand while on selling pressure of new crop goods from J&K, walnut slipped by Rs 10 a kg and its kernel slumped by Rs 35-40 at Rs 130-175 a kg.

Twines slump

A.Twill was priced lower by Rs 25 at Rs 2225 per 100 bags on poor buying by the sugar mills. Twines (3x28lbs) slumped by Rs 25 at Rs 1175 per quintal on continuous arrivals from Calcutta and Nepal coupled with slack demand from Haryana, Punjab and UP Hessians, Harapatta and B. Twill were seen at the previous prices on lack of demand.

Cotton yarn declines

Mostly counts in hank and cone yarn lacked support from handloom and powerloom units and were seen subdued at the previous prices. In hosiery yarn also, buying interest was lacking. However, waste yarn was more in demand as against the arrivals in the market and the prices were held firm. Cotton prices were unchanged in Rajasthan, Haryana and Punjab mandies.

Menthol improves

Ammonia bicarb edged up by Rs 5 per bag on demand from bakers coupled with lack of arrivals from Mangla. Menthol flake, bold and oil improved by Rs 5-10 at Rs 415, Rs 450 and Rs 300 per kg. respectively as the arrivals declined on steady prices in producing markets of Rampur, Chandousi etc. Trading was further hampered as the traders were on dharna to oppose the service charges.

Zinc slab higher

Tin ingot and zinc slab edged up further by Re 1 per kg at Rs 315 and Rs 77-83 per kg on declined import. Nickel plate was seen firm whereas on sluggish industrial demand, copper utensils, mixed and accessories, eased by 50 paise to Re 1 per kg.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.