Global slump in bullion

DOMESTIC REVIEW / BULLION

The domestic bullion market lost its sheen over the week as prices fell globally. There was some recovery in the middle of the week as the dollar fell to a two-month low against the euro.

During the week ended June 12, spot gold (99.50 purity) closed down from last week's Rs 5815 at Rs 5730 per 10 gram. It opened Monday at Rs 5825, peaked at Rs 5845/10g on Tuesday but fell thereafter. Spot gold (99.90 purity) fell from Rs 5860 to Rs 5775. One kilogram of spot silver (.999) closed at Rs 9255/kg from last week's Rs 9405/kg.

On the National Commodity Derivatives Exchange (NCDEX), the June contract fell to Rs 5722.60 from previous week's closing of Rs 5787.85 with open positions at 337300. Volumes fell to 26900 gram.

July gold contract fell to touch Rs 5745.35 from Rs 5808.45 with volumes at 11700 gram and open interest at 117900 gram.

The August contract fell to Rs 5763.95 from Rs 5819.10, with open positions worth 69900 gram and a volume of contract of 8700 gram.

The pure gold (kilo) June contract closed at Rs 5719.00 from Rs 5772.00, with an open interest of just 213 kg and a volume of 2 kg.

The July contract closed at Rs 5745.00, down from the previous week of Rs 5814.00, amid an open interest of 14 kg, and a volume of 2 kg.

NCDEX June silver futures volumes fell from 9225 kg to 4190 kg while open interest increased from 16905 kg to 21925 kg. The price fell from Rs 9264.50 to Rs 9044.65

July silver futures volumes stood at 2160 kg while open interest increased to 12925 kg. The price fell to Rs 9078.75 from Rs 9279.65. The August contract of silver futures closed at Rs 9071.25 with a volume of 975 kg and an open interest of 3555 kg, compared with last week's price of Rs 9264.45.

Multi Commodity Exchange of India (MCX) June gold delivery fell to Rs 5743 from Rs 5798. There were no open positions and the volume of contract was 8 gram. The August contract fell to Rs 5789 from last week's Rs 5838.

The August gold contract fell from Rs 5836 to Rs 5748, amid an open interest of 727 gram and a volume of contract of 700 gram. August mini gold on MCX fell to Rs 5761 as against previous week's close of Rs 5840. The volume of contracts rose from 12 gram to 16 gram, and open interest from to 23 gram from 33 gram.

The July silver contract closed up at Rs 9054.00 compared to the previous week's close of Rs 9288.00. The volume of contract rose to 17160 kg from 13140 kg, the open interest was 24750 kg.

The September silver contract closed lower at Rs 9128.00 on Friday from Rs 9332.00 last week. The open positions stood at 3120 kg and the volume of contract was 540 kg.

The July contract for mini-silver closed at Rs 9082 from Rs 9306 last week. The open interest closed at 1300 kg and the volume of contract stood at 230kg.