Market Update

Market Watch

Wednesday, 4 September 2013

Mcx Commodity Market Watch Live

US Gold rises above $1400 amid Syrian developments; MCX Gold bearish
Gold prices in the global market recorded a slight up-tick on Wednesday and was seen trading above $1400 and touched to their peak this week after US president Barack Obama won support for a limited military operation against Syria from key congress men on Tuesday.

Gold futures for December on Globex platform of Comex was seen up by 0.084% at $1413.2 per troy ounce as of 10.22 IST on Wednesday.

India gold futures opened on a negative note and were seen trading bearish. Appreciation of Indian Rupee (INR) against US Dollar (USD) may pressurize MCX gold prices further during intra-day trade.

Gold futures on India's Multi Commodity Exchange (MCX) for October delivery was seen trading down by 1.25% at Rs.34008 per 10 grams as of 10.14 IST on Wednesday.

Gold, silver prices fall further on weak demand, global cues

Extending losses for the third straight day in the national capital, gold prices fell further by Rs 275 to Rs 31,425 per ten gram on Saturday following decline in demand at higher levels amid weak global trend.

Gold fell by Rs 275 to Rs 31,425 per ten grams after losing Rs 2,200 in the last two sessions, while silver shed another Rs 70 at Rs 53,930 per kg after losing Rs 4,500 in last two days.

Traders said increased selling by stockists in view of falling demand at prevailing higher levels and a weakening global trend mainly kept pressure on gold and silver prices.

Gold in New York, which
normally set price trend on the domestic front, fell by 10.70 dollar to 1,396.50 and silver by 1.42 per cent to 23.53 dollar an ounce.

In addition, strengthening the rupee against the American currency and recovery in equity markets further influenced the sentiment in dollar-priced precious metals, they said.

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