Sheen wears off

MARKET REVIEW/ DOMESTIC: BULLION

The domestic bullion market ended on a bearish note despite the weak dollar and gains in New York bullion trade, caused by an interest rate hike by 0.25 per cent by the Federal Reserve.

During the week ended July 3, spot gold (99.50 purity) closed lower from last week's close of Rs 6030 at Rs 6025 per 10 gram.

It opened on a bullish note last Monday at Rs 6040, and ended higher by Rs 10 but beginning to decline after Tuesday. Spot gold (99.90 purity) fell from Rs 6065.00 to Rs 6060.00.

Spot silver (.999) also closed lower at Rs 9670 from last week's Rs 9760 per kilogram.

On the National Commodity Derivatives Exchange (NCDEX), the July contract fell to Rs 5891.95 from previous week's close of Rs 5940.35 amid an open position of 366500 gram. Volumes stood at 16400 gram.

August gold contract witnessed a minor decline to 5901.40 from Rs 5945.50. The volumes were 5500 gram. Open interest stood at 199800 gram.

The September contract decreased to Rs 5959.70 from Rs 5962.35, with open positions worth 40200 gram and a volume of contract of 2000 gram.

The pure gold (kilo) July contract closed at Rs 5890 on Thursday, from Rs 5945.00 last week, with an open interest of just 78 kg and a volume of 1 kg.

The August contract closed at Rs 5914.00, from the previous week of Rs 5962.00, amid an open interest of 57 kg, and a volume of 1 kg. The September contract of pure gold, stood at Rs 5896 compared with the previous week's close of Rs 5960. The open interest and volume of contract both stood at 6 kg each.

The volumes of NCDEX July silver futures volumes fell to 2155 kg while open interest stood at 17685 kg. The price fell from Rs 9480.55 to Rs 9323.65.

August silver futures volumes stood at 815 kg while open interest increased to 11070 kg. The price fell to Rs 9329.25 from Rs 9487.75.

The September silver futures closed at Rs 9333.75 from Rs 9470.00, amid an open interest of 2260 kg and a volume of contract of 280 kg.

Pure silver contracts for July, closed at Rs 9325 from Rs 9500. The open interest stood at 90 kg, with a volume of contract at 60 kg. The August contract closed at Rs 9350 from Rs 9421 last week.

On the Multi Commodity Exchange of India (MCX) the August gold contract fell from Rs 5991 to Rs 5931, amid an open interest of 1247 kg and a volume of contract of 662 kg.

August 13 mini gold on MCX fell to Rs 5928 as against previous week's close of Rs 5977. The volume of contracts fell from 37 kg to 7 kg, and open interest moved from to 54 kg to 44 kg.

The July silver contract closed down at Rs 9346 compared to the previous week's close of Rs 9550.00. The volume of contract fell to 900 kg from 12780 kg, the open interest was 330 kg.

The September silver contract closed lower at Rs 9373.00 on Friday from Rs 9577.00 last week. The open positions stood at 24180 kg and the volume of contract was 21120 kg.

The July contract for mini-silver closed at Rs 9382 from Rs 9522 last week. The open interest closed at 60 kg and the volume of contract stood at 80 kg.

The September mini-silver contract closed at Rs 9382 compared to Rs 9565 the previous week. The open interest stood at 520 kg with a volume of 230 kg.