Thursday, 14 July 2016

Indian Commodity Market Trading Ideas by MarketMagnify

Gold, silver turn weak on global cues, muted demand :- 
Gold fell by Rs 110 per 10 grams at the bullion market here today on weak global trend amid subdued jewellers buying interest at the higher levels. Elsewhere, silver too declined owing to lower industrial offtake. For more Daily Live ‪‎Commodity‬ Market, Gold/Silver Mcx, Crude News Updates Just Visit Us at or Get Free Trials Just Give Missed Call @78-79-88-11-22

Standard gold (99.5 purity) declined by Rs 110 to finish at Rs 31,205 per 10 grams compared to yesterday's closing level of Rs 31,315.
Pure gold (99.9 purity) also fell by a similar margin to settle at Rs 31,355 per 10 grams from Rs 31,465.
Silver (.999 fineness) dropped by Rs 655 to conclude at Rs 46,515 per kg against Rs 47,170 earlier.
Silver also halted its four-day upward trend by falling Rs 400 to Rs 46,500 per kg on reduced offtake by industrial units and coin makers. Snapping its three-day rising streak, gold plunged by Rs 285 to Rs 30,650 per 10 grams at the bullion market today. 

Globally, Gold lost 0.4 percent to USD 1,337.54 an ounce in Singapore. An appreciating rupee against the dollar, which made import of precious metals cheaper, also weighed on the sentiment. The rupee strengthened by 16 paise to 66.89 against the dollar (intra-day) at the forex market today.

In a relief to jewellers, the government yesterday increased excise duty exemption limit for small scale industry to Rs 10 crore from Rs 6 crore, waived the levy on sale of traded goods and relaxed various procedural norms. 

In the national capital, gold of 99.9 percent and 99.5 percent purity drifted lower by Rs 285 each to Rs 30,650 and Rs 30,500 per 10 grams, respectively. The precious metal had gained Rs 235 in the previous three days.


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