Standard gold spurted from Rs 4,490 to Rs 4,560 and gold .22 carat from Rs 4,155 to Rs 4,220 per 10 gm. respectively. Prices of gold biscuit (116.50 gm.) hardened from Rs 52,550 to Rs 53,400 per piece. Traders reported brisk physical buying for gold during the week ahead of wedding season while tight supplies and encouraging global advices, kept offerings remain limited.

Setback in dollar value against rupee had little impact on the bullion market owing to restricted supplies coupled with hectic seasonal buying, according to a broker. Besides frequent seizures of contraband metals by customs officials also kept supplies slow during the week. In the overseas market gold moved up sharply from $267.35 to $273.50 per troy ounce. Silver .999 recovered from Rs 7,815 and crossed Rs 7,900-mark at Rs 7,910 per kg. Silver .916 was hardened from Rs 7,705 to Rs 7,800 per kg. Industrial buying for silver was at a low ebb but traders reported physical support for upcoming wedding season. Restricted supplies of raw silver from local sources as well as scattered import also attributed to recovery, dealers said. Delhi remain firm and in the global market silver went up from $4.63 to $4.76 before settling at $4.72/4.73 per troy ounce.

OIL, OILSEEDS: Groundnut oil moved in a narrow range and finished on a quiet note on the oil, oilseeds market here during last week. Castorseed and its oil ruled easy following rising new crop arrivals in Andhra Pradesh and Gujarat as overseas buyers stayed away in the falling market, dealers said. Groundnut oil ruled steady at Rs 320 per 10 kg amidst sluggish demand. New crop supplies remain lower than expected on account of severe cold weather in the producing centres, it was learnt. In Rajkot prices dropped to Rs 530/535 (Rs 550) per 15 kg. Imported palm oil opened higher at Rs 217 (Rs 212) but later on reacted sharply to Rs 207 per 10 kg on news of hectic selling by producing countries. Palm oil prices in the global market opened higher from $240 to $255 per tonne on expectation that European countries may ban use of animal fat which in turn would likely to enhance demand for palmoil. However, later on European countries denied any such move which in turn prices nosedived to $235 per tonne.

Forward deliveries were quoted at $240/250 per tonne. Castor oil depressed further by Rs 6 at Rs 293/305 per 10 kg. Castorseed ready were down by Rs 30 at Rs 1,315 per quintal nominally in sympathy. In the futures section castorseed February delivery eased further from Rs 1,330 to Rs 1,305 per quintal on fresh bear selling. Castor oil February delivery placed lower at Rs 313 per 10 kg. Palmolien forward deliveries remain more-or-less untraded throughout the week. In Ahmedabad castorseed February delivery placed lower at Rs 1,331 to Rs 1,287 and in Rajkot from Rs 1,330.50 to Rs 1,291 per quintal. In Gujarat castorseed spot prices fell by Rs 5 at Rs 250/255 per 20 kg and castor oil at Rs 292 per 10 kg as daily average inflow of castorseed picked up to 18,000/20,000 bags in Gujarat.