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Gold shies in Mumbai while it shines in Asia

Dec '05
Gold showed a positive trend in Mumbai on fund buying after a steep rise in Asian prices. The trading volume, however, remained thin on lack of interest from physical buyers. The closure of London market also dampened market sentiment.

In Asian market, the yellow metal rose $2.7 to $505.5 an ounce. Prices had crossed the psychological barrier of $500 on November 29 and touched a 24-year high of $541.9 on December 12, a level not reached since 1983.

Domestic market also took a cue from the firm international trend and gold prices touched an all-time high on the same date at Rs8,100 per 10gms in Mumbai. Thereafter, market saw a gradual decline in prices and recovered partially over the last week on stockists' buying.

In Mumbai, standard variety (99.5) opened on a promising note as stockists enlarged their positions in the wake of spurt in Asian prices.

The metal rose Rs20 at Rs7,440 from last Saturday's closing level of Rs7,420 per 10gms. Pure variety (99.9) also did so and closed higher with a similar margin of Rs20 at Rs7,480.

In Kolkata, it edged up by Rs30 to settle at Rs7,560 on brisk buying. In the Asian market, spot gold improved by $2.7 to $505.5 an ounce on fresh bout of demand from jewellery makers on the eve of Lunar New Year in China, sources said.

In futures, gold rose marginally on brisk buying, but volumes remained thin. February gold was up Rs11 at Rs7,459 per 10gms at the MCX. April gold rose Rs10 to Rs7,496.

Silver meantime, lost support on sustained selling from stockists. in Mumbai, ready silver (.999), crashed by Rs170 at Rs12,430 from Rs12,600 per kg on Saturday.

In Delhi, silver for immediate delivery surrendered by Rs50 to settle at Rs12,600 per kg.

In Kolkata, however, white metal recorded some gains on brisk buying and finished Rs100 higher at Rs12,350.

The Economics Times

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