Market Update News 16 April 2013

Silver prices fell by 0.76 per cent to Rs 51,280 per kg in futures trade today as speculators off loaded their positions in tandem with a weak global trend.At the Multi Commodity Exchange, silver for delivery in May month fell by Rs 394, or 0.76 per cent to Rs 51,280 per kg in business turnover of 18,304 lots. Similarly, the white metal for delivery in July declined by Rs 397, or 0.75 per cent to Rs 52,285 per kg in 1,256 lots.
Gold futures in India, the world's biggest buyer of the metal, hovered around their lowest level in a week,though prices were on track for a 2-per cent fall this week.At 0808 GMT, the actively traded gold for June delivery on the Multi Commodity Exchange (MCX) was down Rs 21 at Rs 29,163 per 10 grams. 
It had touched a low of Rs 29,055 in the previous session, a level last seen on April 5.
A stronger rupee weighed on sentiment. The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal.


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