Gold futures hit 2-week high; silver down

Gold futures rose by more than half a percent on Wednesday to hit their highest level in two weeks On firm global leads fanned by a weaker rupee at home.

* Silver traded down following sharp declines in copper, the other industrial metal.

* The most-traded gold for December delivery on the Multi Commodity Exchange ( MCX) was 0.56 percent higher at 28,824 rupees per 10 grams, after hitting a high of 28,905 rupees, a level last seen on Nov. 17.

* The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.

* Silver for December delivery was down 0.17 percent at 54,874 rupees per kg.

* Rising prices of the yellow metal by as much as 0.8 percent pushed physical traders to the sidelines, who sought to stock for the wedding season in India, the world’s biggest consumer of bullion. Wedddings will last through December.

* “The rupee weakness has increased gold costs… If prices fall to 28,500 (rupees) there could be good buying,” said Harshad Ajmera, proprietor of JJ Gold House in Kolkata.

* Silver imports to India would be marginally lower in 2011 from last year’s 3,030 tonnes as traders are uncomfortable with prices ruling above 50,000 rupees per kg, a senior official at ScotiaMocatta said. – Reuters

Tags: price of silver, Silver, silver analysis, silver news, silver price, silver prices, silver spot, spot silver

Posted by Silver Guru on Nov 30 2011. Filed under Silver prices. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry