Gold, silver rise in domestic market, while futures steady

Published: Sunday, October 9, 2011, 8:04 [IST]

Despite volatility in global markets, the price of gold in India rose with 24 carat gold was at Rs 26,570 per 10 grams and 22 carat gold was at Rs 24,840 per 10 grams, higher than Friday.

Price of silver also rose in domestic market to Rs 54,200 per kg as against Rs 50,500 per kg.

While on Futures, the most actively traded gold contract, for December delivery opened low at Rs 26,275 per 10 grams and was trading in the range of Rs 26,325 – Rs 26,329 per 10 grams around 12:50 pm.

And, the metal for February contract delivery opened at Rs 26,545 per 10 grams was trading in the range of Rs 26,592 – Rs 26,603 per 10 grams same time.

Commodity gold traders are cautious over the prices of gold tracking US as US gold ended weak.

Gold fell 1% in US on Friday after US stocks fell as investors cashed out from gold to cover their losses in equities. US December gold futures settled down $17.40 at $1,635.80. Silver also lost with December silver ended weak by $1.012, or 3.16 percent, to close at $30.993.

Silver seen little higher on MCX with the Silver for December delivery contract opened at Rs 52,001 per kg and was seen trading in the range of Rs 52,287 – Rs 52,294 per kg.

Spirit of domestic commodity traders seems to be placid tracking US commodity markets.

However, gold will remain under the favourite zone for physical buyers due to its festive and wedding demand.

GoodReturns.in

Story first published: Sunday, October 9, 2011, 8:04 [IST]