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Gold firm, silver easy
Mumbai, Oct. 23: Gold ruled firm while silver eased on the bullion market on Monday. Standard gold moved up by Rs 10 at Rs 4,560 per 10 gms. Gold .22 carat was up by same range at Rs 4,220. Prices of gold biscuit (116.50 gm.) hardened by Rs 100 at Rs 53,300 per piece. Steady physical buying ahead of Diwali festival pushed gold upward, dealers said. Encouraging overseas advices coupled with tight supplies kept offerings remain limited during the day. In the global market, gold recovered modestly to $271.50 per troy ounce. Higher dollar value against rupee also kept the undercurrent firm at the close of the session.Silver .999 reacted by Rs 10 to Rs 8,090 while silver .916 was down by Rs 20 to Rs 7,980. Industrial buying was slow as continued local supplies of raw silver promoted light profit-taking. In the overseas market silver was placed at $4.84 per troy ounce. Oil,oilseeds: Groundnut oil slipped further on the oil, oilseeds market. Castorseed and its oil on the other hand moved in a narrow band and closed on a quiet note.Groundnut oil declined by Rs 5 at Rs 375 per 10 kg as weak Gujarat advices and renewed new crop supplies promoted fresh round of selling by stockists and millers. Seasonal buyers stayed away in the falling market. In Rajkot, groundnut oil closed lower at Rs 575/580 (Rs.600) per 15 kg.Imported palm oil looked up Rs.199.50 (Rs.198) per 10 kg on festival buying coupled with uptrend in dollar value. In the global market it was quoted at $250 per tonne for nearby delivery and at $255/270 for long delivery. Castor oil was quiet at Rs 296/308 per 10 kg. So was castorseed ready at Rs 1,330 per quintal.In the future section, castorseed December delivery closed steady at Rs 1,326 and castorseed December delivery placed a rupee lower at Rs 313 per 10 kg. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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