On MCX, August gold futures climbed 1.13 per cent to Rs 53,187 per 10 gram. Silver September futures jumped to Rs 65,354 per kilogram. MCX
has decided to accept gold and silver bars refined at domestic refineries for deliveries, subject to final regulatory approval.
received the approval of Sebi for the launch of Gold Mini options with Gold Mini (100 grams) bar as underlying, MCX
said in a statement.
Analysts are now expecting high volatility in gold, saying the near-term risk of profit-booking is high, even as fundamentals remain strong. Gold, on Tuesday, too, had witnessed massive swings in the international market — it first surged as high as $1,974 an ounce, then declined as low as $1,900 before closing at $1,944.
Metal Focus report stated: “While the price outlook remains constructive for gold, we caution that positioning feels stretched. This is evidenced by a significant rise in trading volumes across key commodity exchanges in recent days. The wild volatility witnessed on Wednesday also supports our view. Should the dollar slide show a temporary pause or even reverses, further profit-taking (in precious metals) appears likely.”
In the international market, gold was trading flat at USD 1,958.30 per ounce, while silver also depicted muted trend and was quoting at USD 24.27 per ounce.