Market Update

Market Watch

Monday, 28 October 2013

Mcx Commodity Market Updates

Today gold fluctuated near the highest level in five weeks before the U.S. Federal Reserve begins a meeting where policy makers may decide on the pace of monetary stimulus. Russia cut gold holdings for the first time in a year. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 4.50 tonnes to 872.02 tonnes on Friday.

Spot gold had eased 0.3 percent to USD 1,348.44 an ounce by 0010 GMT, after posting a near 3-percent gain the week before.

Gold prices may cross the Rs 33,000 level on 'Dhanteras', a day considered auspicious for buying the precious metal, on account of rising demand amid tight supplies, experts and bullion traders say. Currently, gold prices are ruling at Rs 32,570 in the national capital and around Rs 31,700 in Mumbai, trade data showed.

To contain gold demand, the government has raised import duty to 10 per cent and stipulated that 20 percent of imports should be used for exports. It has also banned import of coins, bars and medallions.

Spot silver traded at $22.5788 an ounce from $22.5435 on Oct. 25, when prices dropped 0.7 percent.

Platinum was little changed at $1,453.63 an ounce, while palladium slid 0.1 percent to $742.35 an ounce, Platinum gained as much as 0.7 percent on fears that strikes in South Africa could curb supply.

Copper fell to a two-week low as an unexpected drop in U.S durable-goods orders and concern that China is tightening monetary policy dimmed demand prospects.
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