Gold, on the overseas markets fell from $282.50 to $279 an ounce, consequently, gold biscuit and standard mint gold here fell sharply by Rs 40 at Rs 4490 and Rs 4500 per 10 gram, respectively. Demand in gold from jewellers remained sluggish due to rainy weather conditions. Gold sovereign ruled firm at Rs 3800-825 per 8 gram.

Demand in silver from jewellers as well as utensils manufacturers was reported good yet spot silver .999 fineness fell by Rs 30 at Rs 7805 a kg as New York silver future slipped from 501 cents to 498 cents an ounce coupled with inflow of more than 3000 kg imported silver on Wednesday. Silver weekly delivery fell from Rs 7850 to Rs 7830 a kg on unloadingby the bulls.

Offtake in silver coins at Rs 10,700-10,800 per 100 pieces remained sluggish.

Mumbai: Gold and silver prices extended losses on the bullion market here today. Standard gold closed Rs 30 lower at Rs 4,500 per 10 gm. so was gold .22 carat at Rs 4,160 per 10 gm. in sympathy. Prices of gold biscuit (116.50 gm.) fell by Rs 600 at Rs 52,600 per piece. Demand was at a low ebb in the falling market while bearish global market prompted panic selling here. Upsurge in dollar value against rupee had failed to cheer up the market sentiment on account of sluggish volume of trading, according to dealers. In the global market gold slipped to $278.90 ($281) per ounce.

Meanwhile silver .999 fell by Rs 30 at Rs 7,995 per kg. Silver .916 was down by Rs 25 at Rs 7,865 per kg in sympathy. Industrial buyers stayed away in the falling market while brisk inflow - 400/500 kg of silver coupled with weak Delhi and overseas advices pulled down prices in the local market. In the international market silver edged down a cent to $4.98 per ounce.

Wheat dara improves
A mixed trend prevailed at the Delhi grains and pulses market on Thursday.Steamers from Myanmar containing urad-moong, etc pulses have hit the Mumbai port coupled with favourable monsoon in the south western region and on selling pressure from the stockists as well as importers, urad Rangoon tumbled down by Rs 100 at Rs 2400 and Maharashtra urad fell sharply by Rs 75-100 at Rs 2100-2400 a quintal. Arrival of new urad crop is expected by September.

Demand in moong, arhar, etc pulses was also reported good due to firm green vegetables prices. Gram Rajasthani, however, slipped by Rs 10 at Rs 1645 a quintal due to lack of support from speculators.

Among cereals, wheat dara improved from Rs 612-620 to Rs 615-625 a quintal on enquiries from flour millers.

Mustard oil expeller falls
On reported mixing of rice bran oil into mustard oil in Haryana and local colonies, mustard oil expeller fell by Rs 20 at Rs 2680 a quintal and ricebran oil was quoted at Rs 2250 a quintal.

Demand in other edible oils from vanaspati millers remained subdued. Sowing of soyabean, this year, is likely to be lower by 2-3 lakh hectares. Soya DOC prices crashed by Rs 500 at Rs 9100 a tonne due to sluggish demand fromexporters.

Groundnut DOC also tumbled down by Rs 500 at Rs 8500 a tonne due to slack demand from exporters while rice bran DOC recovered by Rs 100 at Rs 3100-3200 a tonne on better demand. Palmfatty acid tumbled down by Rs 100 at Rs 1700-1900 a quintal on easy supply from Kandla. Mahuwa, linseed, castor and rice bran oils, in non-edible section, slided down by Rs 50-100 a quintal on selling pressure from the producing mandies.

Mumbai: Groundnut oil ruled quiet on the oil,oilseeds market here today. Castorseed and its oil on the other hand dipped further as stockists were unloading old stocks following expectation of higher new crop prospects.Groundnut oil maintained at Rs 410 per 10 kg amidst tight supplies while demand was at a low ebb. In Rajkot prices placed Rs 10 lower at Rs 670/675 per 15 kg on fear that Gujarat government may ban inter-state supplies of oil and oilseeds, it was learnt.

Imported palm oil closed a rupee higher at Rs 219 per 10 kg. Upsurge in dollar value and firm global advices influenced the recovery. In the overseas market palm oil shot up by $5 at $310 per tonne for nearby delivery and forward deliveries were quoted at $312.50/317.50 per tonne.

Castor oil declined by Rs 4 at Rs 352/364 per 10 kg. Castorseed ready were down by Rs 20 at Rs 1,610 per quintal in sympathy. In the future section castorseed September delivery dropped from Rs 1,597 to Rs 1,576 per quintal on fresh bull unloading. In the international castor oil future market August delivery closed a rupee lower at Rs 368 per 10 kg.

In Ahmedabad castorseed September delivery placed lower at R 1,578.50 and in Rajkot at Rs 1,546 while spot prices eased to Rs 299/305 per 20 kg. and castor oil quoted at Rs 336 per 10 kg. in Gujarat.

Business in sugar remains sluggish
Business in mill delivery sugar remained sluggish on Thursday. In a limited activity, Mawana sugar was quoted at Rs 1580, Modi Rs 1492, Simbhauli Rs 1476, Pilibhit Rs 1440 and tax-paid Dhampur Rs 1535 a quintal.