US rate hike cools market
DOMESTIC REVIEW/ BULLION
| The ongoing G-7 meeting in London will now set the direction for gold. |
| The New York Mercantile Exchange's Comex gold dipped as benchmark April fell to $415.80 per ounce. |
| The spot London gold fix closed at $415.90 from $426.80 (PM) last week. |
| Analysts predict a further drop in gold coinciding with the upcoming Chinese new year where the yellow metal traditionally slips. |
| Prices will stay weak for the next quarter before rising. |
| In Indian markets, the week ending February 5 saw prices falling further from last week. |
| Spot gold (99.50 purity) in Mumbai closed at Rs 5975 per 10 gram from Rs 6125. |
| Spot gold (99.90 purity) closed at Rs 6010 after last week's Rs 6165. Spot silver (.999) closed lower as well at Rs 10320 from last week's Rs 10485 per kilogram. |
| Futures trading saw higher volumes with open interest indicating that investors are long on both gold and silver. |
| National Commodity Derivatives Exchange (NCDEX) February gold eased to Rs 5986 from last week's Rs 6166. Open interest and volume were at 799800 gram and 103500 gram respectively. |
| March gold closed at Rs 6030 from Rs 6195 with open interest and volume of 395400 gram and 65800 gram respectively. |
| NCDEX February silver closed at Rs 10062 from Rs 10273 last week. Open interest was 125295kg and volume of contract 23135. |
| March contract closed at Rs 10157 from Rs 10329 last week, with open interest of 55150 and a volume of 8305. |
| Multi Commodity Exchange of India (MCX) February contract expired on February 4 at Rs 5963 from Rs 6120 with an open interest of 201 kg, and a volume of 95 kg. |
| April closed at Rs 6012 from last week's Rs 6164 with open interest of 3779 kg and a volume of 3779 kg. June closed at Rs 6035 compared with last week's Rs 6181 along with an open interest of 42 kg. |
| March gold HNI (High Net Worth Individuals) contract closed at Rs 6075 from last week's Rs 6117 with open interest and volume of 9 kg each. |
| HNI silver March closed at Rs 9670 from Rs 9834 last week, with an open interest of 3300kg and 3600kg of volumes traded. |
| March 4 silver contract rose to Rs 10094 from Rs 10279 last week. The open positions stood at 315720kg and the volume of contract was 54540 kg. |
| The May contract traded at Rs 10153 from the previous week's close Rs 10327, with 11160 kg positions open and volume of 1110 kg. |
| The July silver contract closed at Rs 10145 up from Rs 10352 last week with open interest of 360kg and a volume of 60kg. |