Market Update

Market Watch

Tuesday, 12 November 2013

Gold Silver Market India


India is the largest importer of gold, which is mainly utilized to meet the demand of the jewellery industry. Import of the precious metal stood at 845 tonnes in 2012-13.

Gold prices jumped past Rs 30,000 levels in a flash on Monday. The session proved fruitful for MCX Gold with prices settling at Rs 30,143 per 10 grams, up 1.5 percent. The metal is expected to further try and test Rs 30,500 and 30,600 per 10 grams as the initial resistance.

Gold futures extended losses in the Asia electronic hours today on the fears QE wind up continued to hurt the metal after the data last week showed surprisingly strong US jobs report.

Gold and Silver imports jumped by 62.5 per cent to $1.3 billion in October. In September the imports fell by over 80 per cent year-on-year to $0.8 billion.Spot silver lost 0.2 percent to $21.382 an ounce, dropping for a fourth day. Prices declined to $21.2503 yesterday, the lowest level since Oct. 17.
 
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