Market Update

Market Watch

Tuesday, 22 October 2013

Recent Updates of MCX Market

Gold importers in India, the world's biggest physical buyer of the metal, struggled to get supplies on Monday, paying record premiums just ahead of the peak festival season next month.
Indian sellers have struggled to source supplies for domestic use for almost three months, since the central bank introduced a rule that required 20 percent of all imports be re-exported.
In the bazaar, jewelers wander around trying to get hold of a dealer who can find them gold right away, and wholesalers ask the same of banks. Retailers in half-empty showrooms try to dissuade customers from asking for immediate delivery.

Gold hovered in a tight range on Tuesday as traders awaited the release of U.S. jobs data to gauge the strength of an economic recovery, while the market was also on edge as holdings in the biggest gold exchange-traded fund dropped the most in 15 weeks.

Spot gold slipped 0.07 percent to $1,314.19 an ounce by 0013 GMT, after ending flat in the previous session. Silver futures for December delivery rose 1.7 percent to $22.278 an ounce. Earlier, the price reached $22.335, the highest for a most-active contract since Oct. 9.

Copper rose for a second day in London after imports of refined metal climbed in China, the world’s biggest user. Zinc and lead reached the highest prices since August in London. Aluminum and tin advanced.

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