Gold & silver thronged the counters on the Indian commodity
exchanges during the first half of the current month as the latest
data issued by the commodity markets regulator, Forward Markets
) revealed a staggering over 138% rise in the value of trades in
bullions during the first fortnight of July over last year.
The trade summery issued by FMC on Friday, showed that the
bullions trades for the fortnight ending 15th July 2010 stood at
Rs.191841.37 crore up 138.57% from Rs.80411.60 crore recorded in
the corresponding period last year.
The steep rise in the bullions trade has come at a time, when
gold prices are seen bottoming down to touch the recent lows, after
hitting Rs.19285 per 10 grams in the mid of June. Looking at the
data, traders seem to have renewed interest in bullion metals as
the prices have given some room to make fresh entry.
On the Multi-Commodity Exchange (
), 5th August 2010, 5th October 2010, 4th December 2010 and 5th Feb
2011 contracts were traded at the during the fortnight. The near
month contract (i.e. 5th August 2010) was quoted at its highest at
Rs.18875.00 per 10 gm on 01.07.2010 and at its lowest at
Rs.18225.00 on 08.07.2010 during the period.
The total value of trade in all varieties was Rs. 118093.665 Cr.
The net open position in the near month contract was at its highest
at 20782 Kg on 08.07.2010, the FMC data revealed.
Meanwhile, in Silver, 5th July 2010, 4th September 2010 , 4th
December 2010, 5th March 2011and 5th May 2010 contracts were traded
at the Exchange during the fortnight.
The near month contract (i.e. 4th September 2010) was quoted at
its highest at Rs.29611.00 per Kg. on 1.07.2010 and at its lowest
at Rs.28505.00/- on 06.07.2010 during the fortnight. During the
fortnight, the total value of trade in all varieties was Rs.
62383.170 Cr. The net open position in the near month contract was
at its highest at 562560 Kg on 02.07.2010, the FMC informed in a
statement issued today.