Precious Metals
D A I L Y B U Z Z
GOLD /SILVER
Gold for February delivery traded four-fifths of a per cent down at Rs 26,952 per 10 gm on MCX in early noon trades on January 8 while the stock markets posted some gains. Retail demand for gold has picked up recently but most of the supply is being met through recycled metal, said Ketan Shroff, spokesman of industry body Indian Bullion & Jewellers Association. "Many consumers are exchanging their old jewellery for new jewellery," said Shroff, adding that jewellers and bullions dealers have resorted to hedging to avoid inventory losses since gold prices fell to as low as Rs 25,000 per 10 gm in recent months. Silver prices declined by Rs 397 to Rs 37,365 per kg in futures trade today after speculators reduced their exposures amid weak cues from global markets. At the Multi Commodity
Exchange, silver for delivery in March fell 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 lower by Rs 358, or 0.93 per cent, to Rs 38,025 per kg in 11 lots. Analysts said reducing of positions by participants amidst a weak global trend mainly led to the fall in silver prices at futures trade here. Globally, silver lost 0.4 per cent to USD 16.47 an ounce in Singapore.
