January 17, 2021

Silver ADT: Silver turnover surges at MCX

Kolkata: Multi Commodity Trade of India (MCX) has posted a file quantity in silver choices of over 93 tonnes value Rs 652 crore and an open curiosity of 146 tonne as of Wednesday, in response to numbers obtained from the trade’s web site.

The typical every day turnover (ADT) quantity in silver to date within the present quarter has risen previous Rs 15,000 crore from under Rs 4,000 crore a yr in the past. Equally, ADT quantity of gold has additionally topped Rs 10,000 crore within the interval between July 1 to August 6 in contrast with Rs 7,980 crore in the identical interval final yr.

The rally in gold and silver continued on Thursday for the seventh consecutive session with the yellow steel scaling a peak of Rs 56,191 per 10 gm and silver at a file Rs 77,949 rupees per 1 kg in futures market.

Nonetheless, there was some revenue reserving available in the market with the most-active September silver on MCX buying and selling at Rs 76,000 a kg and October gold at Rs 55,825 per 10 gm.

“We proceed to stay bullish on gold. Nonetheless, it’s within the overbought zone presently and an honest correction is probably going any time. On MCX, we anticipate costs to right in the direction of Rs 52,000-53,000 per 10 gm within the close to time period earlier than heading again to Rs 58,000-60,000 per 10 gm throughout peak pageant season of Dusserah and Diwali,” mentioned mentioned Kunal Shah, analysis head of Nirmal Bang.

On COMEX additionally, gold futures have hit a file excessive of $2,072 an oz. earlier than revenue reserving dragged the it all the way down to $2,055. per ounce.

“We anticipate to undertake cautious method in gold as an inexpensive correction is probably going in costs earlier than it hits the close to time period goal of $2,100 an oz.,” mentioned Anuj Gupta of Angel Broking.