All the top-traded commodities such as gold, silver, crude oil and copper on the two major national bourses, MCX and NCDEX, eased by nearly 3% for the last two days following a sharp fall in Indian equities market, after a heavy meltdown in the global equities markets on concerns that US, the world?s largest economy, is heading for a slowdown.

On the MCX platform, gold February 2008 contracts dipped by Rs144 or 2% to trade at Rs 10,944 per 10 gram, while silver March 2008 contracts slipped by Rs 747 or 3% to trade around Rs 19,853 per kg. Crude oil February 2008 contracts also fell by Rs 98 or 3% to trade at Rs 3,432 per barrel. Copper February 2008 contracts too witnessed a 3.2% fall and ended at Rs 270.30 per kg.

However, the agricultural commodities mainly soya oil, pepper and maize on NCDEX on Tuesday hit lower circuit and futures contracts moved downward due to their own domestic demand-supply situations.

?Majority of globally trade commodities such as gold, silver crude oil and copper as well select agri-commodities like sugar and soya oil on the domestic futures bourses should see a downtrend. Spillover effect is bound to be seen on the global commodities following a sharp fall in the stocks,? an analyst said.

The rupee depreciated against the Dollar on Tuesday which prevented gold from further falling and normally, a weaker rupee against the Dollar raises gold?s value.

Gold and silver spot prices in Ahmedabad on Tuesday fell by nearly 2% to trade around Rs 10,961 per 10 gram and Rs 19,957 per kg, respectively, on lack of fresh buying interest. Gold and diamond studded jewellery, base metal, energy and agri-business companies? hedge considerable part of their risk portfolio in related commodities.

A clutch of gems and jewellery stocks, led by Shrenuj, Rajesh Exports and Classic Diamonds, have led the list of losers in the gems and jewellery segment and declined by about 15-19% over the past two days. Sugar stocks were among the worst hit on Tuesday?s market meltdown, with stocks of select large manufacturers such as Balarampur Chini, Andhra Sugar and Upper Ganges Sugar shedding as much as 15-20% for the past two days.

Hindustan Zinc, Jindal Stainless Steel and Ispat industries stocks also slipped by 12% and 23%, respectively, past two days as a likely US recession exerted pressure on the metals complex.