The Hindu Business Line : Gold futures subdued

Mumbai, Oct. 16 Domestic gold futures were subdued till late on Tuesday evening with the yellow metal rising by Rs 37 per 10 gm from the previous day’s close, a gain of less than four basis points.

On MCX, gold futures for December delivery closed at Rs 9,663 per 10 gm on Monday and quoted at Rs 9,700 late on Tuesday evening.

In contrast, on COMEX, gold for December delivery opened on a strong note on Tuesday morning at $763.7 per troy ounce against $754. It touched a peak of $772 per troy ounce intra-day trade on October 15.

Divergent movement

Domestic spot gold closed at Rs 9,715 up Rs 65 from Monday.

Silver was quoted at $13.68 per troy ounce in the international spot market in London in early afternoon down from $13.74 per troy ounce.

The divergent price movement in the two precious metals evident for some time now continued on Tuesday’s trade as well.

The “gold-silver” ratio, a reference a phenomenon of fund houses taking positions in gold and silver in a particular format, is no longer in evidence feel anlysts.

SILVER ETF

In the after immediate aftermath of the launch of the Barclays Silver ETF, there was greater momentum in silver as other fund houses began to stock up on silver positions.

But with their unwinding of positions in silver it is the other way around, he added.

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