Mcx Gold Silver Tips

Gold futures traded slightly higher during the initial hours of trading on Multi Commodity Exchange (MCX) Tuesday taking support from steady global prices. Prices of silver on the other hand continued to recede on selling, underpinned by weak demand in the spot markets. Depreciation in dollar against euro and some optimism in Greece debt-crisis aided the prices.

Overseas gold and silver in London spot respectively traded at USD 1,541.55/oz, up 2.53 and USD 35.90/oz, up 0.10.

MCX most active August contract at Rs 22,677, up Rs 29 and so far moved between Rs 22,682- 22,660/10gm. Contract volume was 834 lots.

MCX gold mini most active July contract traded at Rs 22,520/10 gm, up Rs 27 and fluctuated between Rs 22,522- 22,500/10gm. Volume was 822 lots.

Silver July contract shed Rs 106 at Rs 53,901/kg at 10:41 IST and so far made intra-day high and low of Rs 53,960- 53,751/kg so far. Volume so far was 2,823 lots.

MCX silver mini most traded June contract dropped Rs 113 at Rs 53,916/kg and traded between Rs 53,980- 53,754/kg. Volume recorded 5,549 lots.

Spot MCX gold traded slightly higher in major markets of Mumbai, Ahmedabad and New Delhi Tuesday on the back slightly decent demand. The white metal traded further down on selling and poor demand.

Demand has weakened in silver and it is likely to traded sluggish in coming days , said Madan Jain, a Mumbai based trader in silver. He said that global prices of the white metal will be under pressure due to ongoing Greece debt crisis and demand in major markets is also very weak. Spot silver prices in the near term will rule in the range of Rs 52,000- 55,000/kg.

In Mumbai, 995- standard gold traded at Rs 22,745 and 999- pure traded at Rs 22,846. In Delhi, 995 quoted at Rs 22,725 and 999 at Rs 22,845 and in Ahmedabad 995 traded at Rs 22,725 and 999 at Rs 22,801. (Prices in per 10 gm)

Silver in Mumbai traded at Rs 55,245, in Delhi at Rs 54,550 and in Ahmedabad at Rs 54,338. (Prices in per kg).

International markets continued to shine in the gold, but silver has seen a marginal decline. Euro gains against the dollar has recovered the gold.

August gold futures on Comaks price of $ 1547.2 per ounce of strength is trading above the level. In the business of the day at $ 1546.4 per ounce of gold, 0.3 per cent was closed at the level.

July MCX Silver futures on Comaks with a sense of the slight decline to $ 36.5 per ounce level has gone down.

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