India gold, crude oil futures was seen trading sideways while copper prices recorded an up-tick on Tuesday. Bearish global cues were seen pressuring the yellow metal prices while copper rose tracking a slight up-tick in the global market.
Oilmeal exports are likely to be around 2 million tons in the next four months. Last year in the corresponding period of December to March, oilmeal exports were 2.45 million tonnes.
Silver market surplus, continuing mine supply are likely to continue to weigh on silver prices and cap an upside movement in the prices despite an improvement in industrial demand, said London based Barclays in its recent market analysis.
Indian gold imports may fall 70 percent in the final quarter of 2013 from 255 tons in the year-ago period and are expected to be half usual levels at 500-550 tones next year if new import rules are maintained, a top trade body official said on Friday.
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At 15:52 hrs MCX SILVERMIC November contract was trading at Rs 44356 up Rs 205, or 0.46 percent. The SILVERMIC rate touched an intraday high of Rs 44515 and an intraday low of Rs 44002.
At 15:46 hrs MCX GOLDM December contract was trading at Rs 30536 down Rs 116, or 0.38 percent. The GOLDM rate touched an intraday high of Rs 30655 and an intraday low of Rs 30460. So far 7581 contracts have been traded.
At 15:45 hrs MCX GOLDM December contract was trading at Rs 31078 up Rs 177, or 0.57 percent. The GOLDM rate touched an intraday high of Rs 31117 and an intraday low of Rs 30880. So far 8345 contracts have been traded.
At 15:31 hrs MCX GOLDM December contract was trading at Rs 30775 down Rs 136, or 0.44 percent. The GOLDM rate touched an intraday high of Rs 30909 and an intraday low of Rs 30700. So far 9215 contracts have been traded.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,286.50 during U.S.
afternoon hours, up 1.43%.
Gold demand in India remained sluggish on Tuesday as jewelers were not interested in placing orders due to a depreciating rupee and as retail demand tapered after the peak festive season earlier this month.
The soybean crop, a kharif one, has benefited from a good monsoon this year, and the 1st advance estimates for 2013-14 have pegged output at a record 156.81 lac tones, 6.8% higher than last year.
MCX GOLDPETAL December contract was trading at Rs 3005 down Rs 18, or 0.60 percent. The GOLDPETAL rate touched an intraday high of Rs 3022 and an intraday low of Rs 3000.
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Gold was trading close its lowest in nearly two weeks on Friday, hurt by sharp losses in the previous session from month-end profit taking, strong US economic data and a higher dollar.