Demand fails to prop up prices

DOMESTIC REVIEW/BULLION

Spot silver continued to ride on a wave of rising demand in the domestic bullion during the week's trading. Gold prices however declined following the trend in international markets, as the dollar gained against the euro.

The spot price of silver closed up at Rs 10, 330 per kilogram on Saturday as against Rs 10,185 last week. It hit a new high of Rs 10, 415 on February 20, 2004 before falling on Saturday.

Ten grams standard gold declined to Rs 5950 on Saturday from the previous week's close of Rs 6080. Pure gold closed at Rs 5995 as against Rs 6135.

On the National Commodities and Derivatives Exchange (NCDEX) the February contract of gold futures closed at Rs 6041 on Friday as against Rs 6,135.50 the previous week with an open interest of 95,100 grams. The volume of contract stood at 84,900 grams with 260 trades.

The March contract closed at Rs 6118.35 from Rs 6,155 the previous Friday. The open interest stood at 1,31,900 grams, and a volume of 68,700 grams in 311 trades.

The April contract closed at Rs 6135.35 on Friday, up from Rs 6,158 amid an open interest of 34,600 grams with a volume of 21,000 grams in 78 trades.

The February contract of silver futures closed on Friday at Rs 10,223.75 compared with Rs 9916.55 last week. The open interest stood at 1890 kilograms with the volume of contract at 1395 kilograms. There were 150 trades.

The March contract closed at Rs 10,182 up from Rs 9883.05 the previous Friday. The volume of contract stood at 1080 kgs amid an open interest of 4560 kgs with 132 trades.

The April contract closed at Rs 10,184.10 from Rs 9869. The volume of contract was 430 kgs, with an open interest of 2345 kgs and 54 trades.

On the Multi Commodities Exchange (MCX) the April contract of gold futures closed up at Rs 6132 on Friday as against the previous week's close of Rs 6157. The total volume of contract stood at 3, 62,000 grams with 348 trades. Open positions stood at 4,75,000.

The June contract closed at Rs 6200 on Wednesday when compared with last week's price of Rs 6162. The open interest stood at 6,000 grams with 6 trades and a volume of 14,000 grams traded.

The August contract closed at Rs 6201 compared to last Friday's close of Rs 6175. The open interest stood at 7000 grams with 2 trades and a volume of contract at 2000 grams.

The April contract of mini gold closed trade at Rs 6134 on Friday compared with the previous week's Rs 6132. The volume of contract stood at 29,000 grams, with 178 trades. The open positions stood at 24,600 grams.

Silver futures closed for the March contract at Rs 10.063 on Friday up from Rs 9920. The open interest stood at 2790 kilograms, with a volume of 960 kilograms in 32 trades.

The May 14 contract closed trade at Rs 10,047 compared to last Friday's Rs 9913. The volume of contract stood at 660 grams with 22 trades, and 1470 open positions.

On the National Multi Commodities Exchange (NMCE) today the March contract of gold futures closed at Rs 6121 on Thursday as against Rs 6146 the previous week.

The volume of contracts stood at 2 lots (two sided) with an open interest of 131 kilograms and 1 trade.

The April contract closed at Rs 6149 from Rs 6174 the previous Friday. The volume of contract was 2 lots with 1 trade. The open interest was 83 kgs.