Palviya expects the market to trade in an 8,200-9,200 range for the short term.
The exchanges will not run the evening session from 5:30 pm-11:30 pm during this period.
India is the world’s second largest jewellery consumer after Greater China. Prices of 99.5% purity gold have declined from over Rs 44000 per 10 gm (ex GST) on March 6 to around Rs 40,556 on March 23 as per trade body IBJA . Early March demand slipped by 30-40% because of the rate hike .
The circuits in crude are 4%, 6%, 9% and after a 15 minute cooling off at 12% and then 15%.
Experienced traders here are either buying or selling crude spreads on the local bourse, said Kishore Narne, associate director at Motilal Oswal Financial Services .
WGC believes the deceleration in economic growth will impact gold consumer demand and gold’s volatility may remain high.
The closure would apply only to fruits and vegetables markets and that it would not result in any supply shortage as the stockists would pile enough inventory on the previous days to serve Mumbai.
The Bourse has also instructed the Mumbai Diamond Association to reduce the number of people on its trading floor to 200 from 600 , Anoop Mehta , BDB’s president told ET. The food courts in the sprawling complex housing 4000 offices have already been shut .
MCX raised the initial margin on silver active contract from 14.61% to 26.57% intraday on Monday
The concept is in line with the global practice where particular commodities are offered on a single exchange.
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