Unabated rally in the international market, coupled with the widened daily price band up to 22.5% from the existing 9% by the Forward Market Commission (FMC), saw the turnover of precious metals touch Rs 38,287.33 crore on the Multi Commodity Exchange of India (MCX) during the week ended April 28. The turnover accounted for approximately 90% of the total weekly MCX turnover of Rs 46,548.65 crore. Turnover for gold and silver during the week under review was recorded at Rs 19,453.77 crore and Rs 18,833.56 crore, respectively.The total turnover, however, slipped marginally from Rs 51,856.66 crore in the previous week in which silver and gold had contributed Rs 22,422.72 crore and Rs 21,515.97 crore, respectively.The decline in weekly turnover is mainly attribtued to the higher price and "stay away" sentiment by traders.With a total weekly trade of 2,08,382 kgs, June gold price surged Rs 313 to Rs 9,386 per 10 gms from Rs 9,073 per 10 gms. Similarly, August and October futures on MCX recorded a gain of Rs 314 and Rs 289 to Rs 9,519 per 10 gms and Rs 9,724 per 10 gms from Rs 9,205 per 10 gms and Rs 9,435 per 10 gms, respectively.Weekly silver trade was recorded at 97,94,230 kgs with an open interest of 3,21,350 kgs. Silver for May, July and September contracts recorded a gain of Rs 361, Rs 690 and Rs 929 per kg to Rs 18,950, Rs 19,495 and Rs 20,181, respectively.Gold prices on the MCX turned higher in line with the international market where traders were upbeat due to long holidays. Trading in the Chinese markets will resume only on May 8 after a week-long holiday on the occasion of Labour Day. Traders were booking positions for daily consumption for jewellery manufacturing. Traditionally, China's gold consumption peaks during week-long public holidays as local residents tend to increase buying.Shanghai's benchmark bullion of 99.95% purity inched up CNY0.25 per gram to close at CNY164.45/gram or $638.06 per troy ounce. Gold bullion of 99.99% purity slid CNY0.01/gram to end at CNY164.39/gram or $637.82/oz.Spot gold in London hit a new 25-year high of $646.70 per ounce on Friday after a further decline in dollar against the euro and continuing geopolitical tension. After overcoming the resistance at $645/oz, gold moved to break the previous 25-year high at $646.13 per ounce, and then continued to push to $648 per ounce, up $4/oz on the London PM fix.In London, gold fix price surged intermittently by $21.5 per ounce to close the week at $644 per ounce while silver price slumped marginally 23 cents per ounce to close at $12.55 per ounce.
