Prices up on spot market

MARKET REVIEW/ Domestic: BULLION

Gold prices fell globally as the dollar strengt- hened against the euro and other currencies and attracted investors, but the marriage season fuelled spot gold buying in India.

On the New York Mercantile Exchange's Comex, the rising dollar eroded gold prices. The benchmark February gold declined to $426.90 per troy ounce. The spot London gold fix closed the week at $423.30 (PM) on Friday.

In the week ended January 22, the Indian market saw spot gold (99.50 purity) in Mumbai rising to Rs 6165 per 10 gram from Rs 6115 last week. Spot gold (99.90 purity) closed at Rs 6205 from last week's Rs 6150. Spot silver (.999) rose during the week to Rs 10570 from last week's Rs 10490 per kilogram.

Futures trading volumes rose for near month contracts. Rising open interest for the coming months indicated a long term bullishness especially in gold.

National Commodity Derivatives Exchange (NCDEX) January gold declined to Rs 6076 from Rs 6111, with open positions worth 138200 gram and contract volume of 283500 gram.

February gold eased to Rs 6147 from last week's close of Rs 6170, with open interest and volume at 706200 gram and 75300 gram respectively.

March gold contract closed at Rs 6176 from Rs 6198 with an open interest and volume of 255700 gram and 24700 gram respectively.

January silver contracts on NCDEX closed at Rs 9994 compared with Rs 10074 last week with open interest at 14775 kilogram and volume of contract at 42780.

The February contract closed at Rs 10125 from Rs 10226 last week, with open interest of 143595 and volume of 42150.

The Multi Commodity Exchange of India (MCX) February contract closed at Rs 6102 from Rs 6112 with open interest at 5889 kg and volumes at 767 kg.

The April contract settled from last week's Rs 6139 at Rs 6136 with open interest of 706 kg and a volume of 140 kg.

The June contract closed at Rs 6174 compared with last week's Rs 6176 along with an open interest of 21 kg.

The February Gold HNI (High Net Worth Individuals) contract closed at Rs 6118 from last week's Rs 6120 with an open interest and volume of 15 kg and 72 kg each.

HNI silver March closed at Rs 9639 from Rs 9700 last week, with open interest of 3750 kg and no trades.

March 4 silver contract rose to close at Rs 10137 from Rs 10209 last week with open positions at 333750 kg and volume of contract at 128700 kg.

The May contract was at Rs 10177 from the previous week's close Rs 10276, with 5070 kg positions open, and a volume of 150 kg.The July silver contract closed at Rs 10250 up from Rs 10327 last week with an open interest of 630 kg.