After hitting over 21-month low, gold prices
rose over 1 per cent to Rs 25,906 per ten grams in futures trade today
as speculators covered their short positions after it recovered
partially in the global market. At the Multi Commodity Exchange, the
most-active delivery in June contracts traded Rs 272, or 1.06 per cent
higher at Rs 25,906 per ten gram after touching a low of Rs 25,270 in
early trade, a level last seen in August 2011. It clocked a turnover of
42,553 lots. On similar lines, the metal for delivery in far-month
August reversed initial losses to trade Rs 229, or 0.88 per cent, to Rs
26,330 per 10 gm in 1,245 lots. Market analysts said recovery in the
global markets, as investors feel the fall was overdone and covering-up
of short positions by speculators at prevailing levels, helped gold
recover from 21-month low at futures trade here. Globally, gold
recovered by USD 29.80, or 2.20 per cent to USD 1,382.40 per ounce in
early trade in London. Meanwhile, the metal had lost 14 per cent in the
previous two days.
SILVER GOLD PRICES @ 8 MONTHS LOW
In the International Market Silver today fell to an eight-month low on concern that industrial consumption is not strong enough at a time when demand is waning for a protection of wealth. Silver slid 1.3 per cent to USD 26.91 an ounce, the lowest since July 25. Prices are down 11 per cent this year. Gold lost 0.5 per cent to USD 1,568.45 an ounce, after reaching USD 1,563.68, the lowest since March 8. The metal is down 6.4 per cent this year after rallying the past 12 years in the longest run in at least nine decades. Gold declined this year on confidence that the US economy is strengthening and as some Federal Reserve policy makers debated the pace of asset purchases. While the International Monetary Fund is predicting global growth of 3.5 per cent in 2013, from 3.2 per cent in 2012, it expects a second year of contraction in the euro area. About 53 per cent of silver is used in industrial applications from televisions to batteries, the Washington-based Silver Institute estimates. Global government stimulus has cut the likelihood of further banking and liquidity crises and reduced the need for a protection of wealth, Credit Suisse said today. The bank cut its 2013 gold forecast by 9.2 per cent to USD 1,580 and lowered its silver estimate by 11 per cent to USD 28.50. Investors own 19,691.8 metric tonnes of silver through exchange-traded products, about 0.2 per cent below the March 18 record. Holdings in the SPDR Gold Trust, the biggest gold-backed ETP dropped to 1,208.9 tonnes, the lowest level since July 2011.
APRIL 15
Gold prices today tumbled by Rs 750 to Rs 27,600 per 10 grams to hit an over 15-month low in the national capital due to persistent selling by stockists triggered by a heavy sell-off in global markets. The precious metal, which had suffered the most ever in the previous session by losing Rs 1,250, today fell further to touch its lowest level since December 31, 2011. Silver followed suit and plunged by Rs 2,100 to Rs 48,000 per kg in continuation to a drop of Rs 2,500 on Saturday on poor offtake by industrial units and coin makers. Selling further gathered momentum as gold on the global front plunged to the lowest level since April 2011 on speculation that some central banks selling and expectations of some economic recovery. In London, gold dropped by USD 90.70, or 6.14 per cent, to USD 1,386.30 an ounce. Silver also fell by 10.52 per cent to USD 23.13 an ounce. Besides on the domestic front, weak trend at the futures market, where both the precious metals, silver and gold, hit their daily lower limits, further fuelled the downtrend. Also in the spot market, gold of 99.9 and 99.5 per cent purity tumbled by Rs 750 each to Rs 27,600 and Rs 27,400 per 10 grams, respectively. Sovereigns declined by Rs 100 to Rs 24,700 per piece of eight grams. In line with a general weak trend, silver ready dropped further by Rs 2,100 to Rs 48,000 per kg and weekly-based delivery by Rs 2,880 to Rs 45,900 per kg. Silver coins plummeted by Rs 3,000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.
No comments:
Post a Comment