Market Update

Market Watch

Friday, 17 January 2014

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On Friday morning gold was maintaining stability but was moving towards its first weekly drop in four weeks as U.S. data bonding showed in the recovery of the world's largest economy, dimming the metal's safe-haven appeal. 

Spot gold was flat at $1,242.86 an ounce by 0349 GMT, and was heading for a 0.3 percent drop for the week. 

MCX SILVERMIC February contract was trading at Rs 44514 down Rs 308, or 0.69 percent. The SILVERMIC rate touched an intraday high of Rs 44963 and an intraday low of Rs 44466. So far 30358 contracts have been traded. SILVERMIC prices have moved up Rs 2514, or 5.99 percent in the February series so far.

Copper futures declined on Thursday
, as market players looked ahead to key U.S. economic data later in the day for further indications on the future course of monetary policy. Copper prices were likely to find support at USD3.308 a pound, the low from January 15 and resistance at USD3.375 a pound, the high from January 8.

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