The average daily turnover (ADT) volume in silver so far in the current quarter has risen past Rs 15,000 crore from below Rs 4,000 crore a year ago. Similarly, ADT volume of gold has also topped Rs 10,000 crore in the period between July 1 to August 6 compared with Rs 7,980 crore in the same period last year.
The rally in gold and silver continued on Thursday for the seventh consecutive session with the yellow metal scaling a peak of Rs 56,191 per 10 gm and silver at a record Rs 77,949 rupees per 1 kg in futures market.
However, there was some profit booking in the market with the most-active September silver on MCX trading at Rs 76,000 a kg and October gold at Rs 55,825 per 10 gm.
“We continue to remain bullish on gold. However, it is in the overbought zone currently and a decent correction is likely any time. On MCX, we expect prices to correct towards Rs 52,000-53,000 per 10 gm in the near term before heading back to Rs 58,000-60,000 per 10 gm during peak festival season of Dusserah and Diwali,” said said Kunal Shah, research head of Nirmal Bang.
On COMEX also, gold futures have hit a record high of $2,072 an ounce before profit booking dragged the it down to $2,055. per ounce.
“We expect to adopt cautious approach in gold as a reasonable correction is likely in prices before it hits the near term target of $2,100 an ounce,” said Anuj Gupta of Angel Broking.