GOLD
For February Gold delivery traded four-fifths of a percent downward at Rs 26,952 per 10 gm on MCX in early noon trades on January 8 while the stock markets posted some profit gains. Retail demand for gold has increase upward recently but most of the supply is being met through recycled metal. Many consumers are exchanging their old jewellery for new jewellery, adding that jewellers and bullions dealers have resorted to hedging to circumvent inventory losses since gold prices slide to as low-lying as Rs 25,000 per 10 gm in recent months.
SILVER
Prices of silver is decreased by Rs 397 to Rs 37,365 per kg in futures trade today after speculators decrease their exposures amid weak cues from global markets. At the MCX, silver for delivery in March slided by Rs 397, or 1.05 per cent, to Rs 37,365 per kg in a business turnover of 2,018 lots. In a similar fashion, the white metal for delivery in May traded downward by Rs 358, or 0.93 per cent, to Rs 38,025 per kg in 11 lots. Analysts said minimizing of positions by participants amidst a weak global trend mainly led to the slide in silver prices at futures trade here. Globally, silver lost 0.4 per cent to USD 16.47 an ounce in Singapore.
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