This is rare scene when it comes to the Indian markets.
Both the precious metals gold and silver have dipped on the stock indices of India while taking cues from the volatile global markets and weakening demand.
Investors flocked to buy the falling stocks at the low prices, ignoring high flying gold and silver. Gold’s ever-increasing prices and silver’s recent rally influenced investor sentiment negatively.
Gold was down to Rs.20, 685, Rs. 10 less per 10 grams while silver fell by Rs. 225 to Rs 45,250 per Kg. On the global front, gold was trading low by US $4.60 to US$ 1,383.40 per ounce.
A dealer with a state-owned bullion importing bank said, “Today, demand is poor, yesterday though there were a few deals at $1,380 (an ounce) keeping in mind Lohri (festival) celebrations in the north.”
MCEI is surprisingly up!
However, the Multi Commodity Exchange Index (MCEI) was trading higher-than-expected. MCEI was 0.18% up at 20,247 rupees per 10 grams. The recovery was significant as the last week figure was negative with 2,013 rupees.
Another dealer said, "We are unable to get supplies, so premiums have moved up on week to $1.40/1.80 (an ounce)."
It seems that the overseas refineries were not able to execute the operations properly, affecting the supply premiums.
Both the precious metals gold and silver have dipped on the stock indices of India while taking cues from the volatile global markets and weakening demand.
Investors flocked to buy the falling stocks at the low prices, ignoring high flying gold and silver. Gold’s ever-increasing prices and silver’s recent rally influenced investor sentiment negatively.
Gold was down to Rs.20, 685, Rs. 10 less per 10 grams while silver fell by Rs. 225 to Rs 45,250 per Kg. On the global front, gold was trading low by US $4.60 to US$ 1,383.40 per ounce.
A dealer with a state-owned bullion importing bank said, “Today, demand is poor, yesterday though there were a few deals at $1,380 (an ounce) keeping in mind Lohri (festival) celebrations in the north.”
MCEI is surprisingly up!
However, the Multi Commodity Exchange Index (MCEI) was trading higher-than-expected. MCEI was 0.18% up at 20,247 rupees per 10 grams. The recovery was significant as the last week figure was negative with 2,013 rupees.
Another dealer said, "We are unable to get supplies, so premiums have moved up on week to $1.40/1.80 (an ounce)."
It seems that the overseas refineries were not able to execute the operations properly, affecting the supply premiums.
