Gold futures decline a tad for the week while Silver futures end sharply lower.
Precious metals ended the week in red after scoring robust gains last week, mainly pressured by renewed worries over the credit markets, a sharp fall in the US stock markets and a strengthening US dollar. For the week, October ?07 delivery gold futures contract on DGCX ended lower by $2.50/troy oz while silver prices witnessed a sharp retreat of 30 cents/troy oz or 2.28%. In the currency markets, the US dollar added gains against major currencies. During the week, the Exchange recorded a total volume of 15,426 contracts valued at $624.96 million (based on closing prices) in the futures segment.
Following strong gains last week, DGCX October 2007 delivery gold futures contract opened on Monday at $677.90/troy oz ? showing a large downward gap of $2.10 from its weekend close. Prices subsequently soared to an intraweek high of $681.50 before retreating sharply to a weekly low of $663. However, the contract recovered towards the close and settled for the week at $677.50 - logging in a loss of $2.50/troy oz or 0.37%. The DGCX Sept?07 maturity silver contract witnessed a huge setback of 30 cents/troy oz or 2.28% thereby concluding the week at $12.86/troy oz.
In the currency market, the DGCX Sept?07 maturity Euro contract started trading on Monday at $1.3840/Euro and inched to a weekly high of $1.3851 before plummeting to a low of $1.3669. The contract depreciated by 0.83% over last week?s close and settled at 1.3717/Euro. DGCX GBP contract dated Sept?07 opened at $2.0426/GBP and slumped to a low of $2.0146 before settling for the week at $2.0204/GBP ? marking a substantial loss of 1.15%. DGCX Yen futures contract maturing in September churned in a loss of 0.16% and settled at an exchange rate of $0.8491 for 100 yen. DGCX Indian Rupee futures for August edged lower by 0.69% and concluded the week at $2.4604 for 100 rupees. Source
Following strong gains last week, DGCX October 2007 delivery gold futures contract opened on Monday at $677.90/troy oz ? showing a large downward gap of $2.10 from its weekend close. Prices subsequently soared to an intraweek high of $681.50 before retreating sharply to a weekly low of $663. However, the contract recovered towards the close and settled for the week at $677.50 - logging in a loss of $2.50/troy oz or 0.37%. The DGCX Sept?07 maturity silver contract witnessed a huge setback of 30 cents/troy oz or 2.28% thereby concluding the week at $12.86/troy oz.
In the currency market, the DGCX Sept?07 maturity Euro contract started trading on Monday at $1.3840/Euro and inched to a weekly high of $1.3851 before plummeting to a low of $1.3669. The contract depreciated by 0.83% over last week?s close and settled at 1.3717/Euro. DGCX GBP contract dated Sept?07 opened at $2.0426/GBP and slumped to a low of $2.0146 before settling for the week at $2.0204/GBP ? marking a substantial loss of 1.15%. DGCX Yen futures contract maturing in September churned in a loss of 0.16% and settled at an exchange rate of $0.8491 for 100 yen. DGCX Indian Rupee futures for August edged lower by 0.69% and concluded the week at $2.4604 for 100 rupees. Source
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