Snapping a four-day rising streak, gold prices drifted by R200 to R31,300 per ten gram here on profit-selling by stockists at existing higher levels against sluggish demand amid weak global trend. Silver also halted a five-day rally, tumbling by R1,740 to R46,560 per kg on poor offtake by industrial units and coin makers. Traders said stockists booking profits at prevailing higher levels following a rise of R350 against sluggish demand mainly kept pressure on gold prices. They said a weakening trend in overseas markets also influenced the trading sentiment.
Commexes turnover drops by 39%
Turnover of commodity exchanges fell by 39% to R92.05 lakh crore till February 15 of the current fiscal due to poor volumes, according to the FMC.
There are 17 commodity exchanges in the country including MCX, NCDEX and NMCE offering futures trading. Their business stood at Rs 151 lakh crore in the same period of the last financial year.
According to FMC's latest data, there was a drop in turnover of all major commodities from bullion to agriculture. The turnover from bullion fell by over 43% to R39.72 lakh crore this fiscal, from R70 lakh crore year ago.