India’s forex trades on Wednesday showed low gold futures at the Multi Commodity Exchange of India. This happened even despite the fact that the foreign markets improved after the decrease that lasted for almost one year.
Due to experts there could be even more decreases that would cause the metal almost at the point of 11,000 rupees per 10 grams. According to the analyst at Karvy Comtrade Ltd gold and silver both are going down.
Furthermore, foreign gold decreased losses and has improved from its last autumn numbers as soon as crude oil started to grow. Actually gold and crude oil are moving close to each other while oil indicates inflation and the metal negates it.
The next point to be singled out is that due to Somnath Dey an incharge, metals and energy research at Religare Commodities Ltd in the October the gold was somewhere between 11,180 rupees and 11,500 rupees. In October open interest for gold was at the point of 10,996 lots and this was higher than the previous number – 10,419. As for the volume, on Tuesday it was at 76.6 kg.
Concerning the silver, Somnath Dey has said that MSVZ8 silver in December was between the points of 17,700 rupees per kg and 18,700 rupees and the contract was traded at the level of 18,514 rupees.