Gold futures prices soared to a record high on the MCX platform, following firm overseas markets, as gold hit a historic $936.92 per ounce on Friday, boosted by strains in the US economy and weakness of the dollar. The record-breaking run on the London Bullion Market beat the previous high of $933.33 set on Tuesday. Copper futures prices also moved up smartly on Friday on local buying support, mainly driven by firm London and Shanghai markets on supply concerns, after the closure of major smelters in China.
The active February 2008 gold contract was up nearly 3% at Rs 11,484 per 10 gram. Total volume was 1,504 kgs, down from 15,167 kgs over the previous week. Total open interest was lower at 2,080 kgs from the previous week?s 9,840 kgs. Gold firmed up further by $10 at $933.34 an ounce on Friday.
The active March 2008 silver contract was up 3.3% to trade at Rs. 21,909 per kg. The volume was 555 tonne. The open interest was 447 tonne. Silver was traded higher at $17.18 an ounce over the previous week. Silver in London was traded at $17.18 an ounce from the previous week?s level of $16.49 an ounce.
The active February 2008 copper contract moved up further by 5.6% and quoted at Rs 289.15 per kg. The volume was 16,977 tonne, up from 13,395 tonne. Open interest was 10,746 tonne, down from 14,123 tonne. Copper in LME may decline on speculation that wire and pipe manufacturers in China have completed the bulk of their purchases before a weeklong holiday starting February 6.
The active February 2008 crude oil contract was quoted higher by 2% to trade at Rs 3,588 per barrel. Total volume was lower at 6.28 lakh barrels from 8.27 lakh barrels, while total open interest was up from 7.34 lakh barrels to 7.53 lakh barrels.