| Globally gold is expected to touch the $450 mark in the coming week, and in the local market gold maintained its momentum for the fifth day in a row, witnessing an ascent in prices surpassing all records. |
| Local dealers indicate that physical buying seems to have hit a speed-breaker, with more recycled gold coming in and also investors liquidating their physical holdings with the good prices. |
| Buying by jewellers declined as the festival season had ended. |
| Besides, jewellers had higher carry-over stock as soaring prices had hit sales. |
| Internationally, the massive current account deficit in the US indicated a shift by foreign investors away from dollar-denominated assets. |
| Also, the first exchange traded fund (ETF) in bullion, the StreetTracks Gold Trust exchange traded fund, was launched on Friday in the US, leading to immense interest build-up in gold there. |
| Analysts said prices, both globally and locally, looked poised for correction once the December options on the New York Mercantile Exchange's Comex expired the coming Tuesday. |
| Taking all this into consideration, Krishna Nathani, head of research, indiabullion.com, said, "This would be a ripe time for investors to book profits and new investors to stay away from the market, rather than buying at these high prices." |
| Internationally, December gold on the New York Mercantile Exchange's Comex inched towards the $450 mark, to close at a new high $447.10 on Friday from $438.20 last week. |
| The spot London gold fix closed too closed the week higher at $445.60 (PM) from last Friday's $436.05. |
| The local market outdid itself during the week ended November 20. Profit taking by investors was expected. |
| Spot gold (99.50 purity) in Mumbai closed higher on Saturday from last week's close of Rs 6470 at Rs 6650 per 10 gram. Spot gold (99.90 purity) closed at Rs 6690 from last week's Rs 6505. |
| Silver, remained volatile in spot trading, with prices maintained at a high level. |
| Spot silver (.999) closed sharply higher from last week's close of Rs 12005 per kg, at Rs 12160. In the local futures trading, the prices saw an uptrend as well with record volumes. However, open interest has declined over the last few days indicating liquidation by investors. |
| On the National Commodity Derivatives Exchange (NCDEX), the November contract increased to Rs 6554 from Rs 6392, with open positions worth 193300 gram and a volume of contract of 272600 gram. |
| The December contract closed higher at Rs 6488 compared with last week's close of Rs 6361, with an open interest and volume of 585000 gram and 222400 gram respectively. |
| The January contract closed at Rs 6466 from Rs 6349 with an open interest and volume of 149600 and 34300 each. The December 7 contract of Sona (.995) traded at Rs 6405.00 higher than Rs 6162.00 last week. |
| The open interest was 20 with no trades. The December 7 Chandi contract closed at Rs 11439 from Rs 11160 with a lower open interest of 1680 from 2070 last week. |
| NCDEX silver's November contract closed at Rs 11552.00 from Rs 11286.00 last week, with an open interest of 20480 and a volume of 44340. |
| December contract closed at Rs 11397 compared with Rs 11224 last week. The open interest closed at 102605 kilogram while the volume of contract stood at 56080. |
| On the Multi Commodity Exchange of India (MCX) the December gold closed at Rs 6468 from Rs 6343 with an open interest of 4998 kg and a volume of 1962 kg. |
| The February contract closed at Rs 6442.00 from Rs 6334.00 with an open interest of 578 kg, and a volume of 198 kg.The December Gold HNI (High Net Worth Individuals) contract closed at Rs 6473 on Friday from last week's Rs 6420. The open interest stood at 24 kg. HNI Silver closed at Rs 11072 from Rs 11100 last week, with an open interest of 6750 kg and a volume of 450 kg traded. |
| The December 3 silver contract dipped to close at Rs 11402 on Friday from Rs 11239 last week. The open positions stood at 182490 kg and the volume of contract was 129930 kg. |
| The March 2005 contract traded at Rs 11362 from Rs 11225 the previous week, with 53520 kg positions open, and a volume of 16020 kg. |
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