Saturday, 29 September 2012

Follow the Commodity News for 29th sept.

Gold importers in India, the world's biggest consumer, stepped up purchases in small quantities ahead of major festivals as prices hovered near their lowest in three weeks, weighed by a stronger rupee.
           At 0842 GMT, the most-active gold for October delivery on the Multi Commodity Exchange (MCX) was 0.36 percent down at 31,236 rupees per 10 grams, after hitting a low of 31,218 rupees, nearing a level last seen in early September.
          Gold prices have fallen due to the sharp appreciation in the rupee, which was near a five-month high. The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal.
Falling for the third day in a row, gold shed Rs 50 to Rs 31,800 per 10 grams in the bullion market here today on sluggish demand at existing high levels.

Silver, on the other hand, found fresh buying support from industrial units and rose by Rs 650 to Rs 61,250 per kg.

 Oil prices were firmer above $113 on Friday as plans for economic reform in Spain temporarily eased investor concerns about Europe's debt crisis, while heightened tensions between Israel and Iran also provided support.

Improved market sentiment helped lift Asian and European stock markets, base metals and gold after Spain announced a crisis budget for 2013 based mostly on spending cuts.


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