Silver futures weakened by Rs 162 to trade at Rs 53,701 per kg today

At the Multi Commodity Exchange, silver for delivery in May declined by Rs 162, or 0.30 per cent, to Rs 53,701 per kg, with businessturnover of 91 lots.

Similarly, the metal for delivery in March moved down by Rs 111, or 0.21 per cent, to Rs 52,629 per kg, with trade volume 3,427lots.

Traders said besides speculators off-loading their positions, weak trend in Asian region as recent gains spurred selling in preciousmetal, pulling down silver futures prices.

Meanwhile, silver lost 0.7 per cent to USD 29.14 an ounce in Singapore in early trade on Friday.

Gold futures rose by Rs 93, or 0.33%, to Rs 27,914 per 10 grams today, as speculators created fresh positions on the back of a firming trend overseas and rising demand in the domestic spot market.

Gold may advance for a sixth day, heading for the biggest weekly climb since October, as Europe’s sovereign-debt crisis and geopolitical tension in the West Asia boosted haven demand.

At the Multi Commodity Exchange, February gold rose by Rs 93, or 0.33%, to Rs 27,914 per 10 grams, with a business turnover of 5,393 lots.

The April delivery gained Rs 83, or 0.29%, to Rs 28,245 per 10 grams, with a trading volume of 392 lots.

Market analysts attributed the rise in gold futures to a firming trend overseas as Europe’s sovereign-debt troubles and geopolitical tension in the West Asia boosted demand for the precious metal as an investment.

In addition, a pick-up in demand in the domestic spot market also supported the upside in gold prices, they said.

Meanwhile, gold rose by 0.30% to $1,627.75 an ounce in Singapore, the highest level since December 21.- PTI

Posted by Silver Guru on Jan 6 2012. 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