COMMODITY WEEKLY NEWS FOR 2 FEBRUARY 2015

mcx commodity tips

Falling in gold continued for the second day, with prices collapse by Rs 200 to Rs 28,100 per ten grams at the bullion market today, mostly in tandem with a weakening trend overseas amid low desired from jewelers. In line with overall trends, silver also jumped by Rs 1,550 to Rs 37,550 per kg on poor offtake by industrial units and coin makers. Bullion traders said apart from inactive desired from jewelers at domestic markets at prevailing levels, a weak trend in global markets where gold slide the most in 13 months as signs of a durable US labor market cut desired for safe-haven, mostly pulled downward the precious metal prices. Gold in New York, which usually set the price trend on the domestic front, slide by 1.96 percent to USD 1,258.10 an ounce and silver by 5.82 % to USD 16.92 an ounce in yesterday's trade. In the national capital, gold of 99.9 and 99.5 % purity traded lower by Rs 200 each at Rs 28,100 and Rs 27,900 per ten grams respectively. Yesterday it had lost Rs 120. Sovereign reduced by Rs 100 - Rs 23,900 per piece of eight gram. In tandem with gold, silver ready prices slide sharply by Rs 1,550 - Rs 37,550 per kg and weekly-based delivery by Rs 1,885 to Rs 37,275 per kg. Silver coins also tumble by Rs 1,000 - Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.