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Silver turnover surges at MCX

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

The common day by day turnover (ADT) quantity in silver to this point within the present quarter has risen previous Rs 15,000 crore from beneath 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 metallic scaling a peak of Rs 56,191 per 10 gm and silver at a document Rs 77,949 rupees per 1 kg in futures market.

Nonetheless, there was some revenue reserving within the market with the most-active September silver on MCX trading 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 a good correction is probably going any time. On MCX, we count on costs to right in 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 document excessive of $2,072 an oz. earlier than revenue reserving dragged the it all the way down to $2,055. per ounce.

“We count on to undertake cautious strategy 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.

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