Fresh rally on markets

DOMESTIC REVIEW / BULLION

Precious white metal silver peaked to its new all time high of Rs 12,270 in the domestic market as it jumped to its 16 year high of $ 8.50 an ounce in the overseas market.

Gold lost steam during the week in the domestic market as internationally gold price witnessed biggest drop in the month on strong US labour data that sent the dollar up against the euro.

Gold for June delivery fell $ 6 , or 1.4 per cent, to $ 422.80 an ounce on the COMEX division of the New York Mercantile Exchange, the biggest drop for a most-active contract since March 2. The metal had hit $ 433 on Thursday , the highest since December 6, 1988.

Spot gold (99.90 purity) in the domestic market declined to Rs 6050 from on Friday, a sharp fall from previous week's close of Rs 6120. Standard gold (99.50 purity) closed at Rs 6095.

Precious white metal silver continued its week over week gains and closed at Rs 12,115 after hitting its new high of Rs 12,270. This was higher compared with previous week's closing of Rs 11,825 per kilogram.

On the National Commodities and Derivatives Exchange (NCDEX), the April contract closed at Rs 6117.65 as against previous week's Rs 6126.10. The May contract closed at Rs 6134 and June contract closed at Rs 6150 as against its close of Rs 6155 on Friday.

Gold futures on the Comex division of the New York Mercantile Exchange ended Friday over $5 higher above $422 per ounce on the back of fund and bullion bank buying. The most-active April contract settled $5.30 higher at $422.20 per ounce.

On the Multi Commodities Exchange (MCX) the April contract of gold futures closed at Rs 6047.00 on Friday as against the previous week's close of Rs 6089. The most active June contract closed at 6140 as against previous week's close of Rs 6128.

Silver continued its upward swing in the domestic futures market. May futures on MCX closed at Rs 11930 as against its previous close of Rs 11283. On the NCDEX, April futures closed at Rs 11611.30 as against previous week's close of Rs 11375.55. NCDEX May future closed at Rs 12010 as against Rs 11,470.