COMMODITY GOLD SILVER NEWS UPDATES AND RUPEES FELL DOWN A RECORD LOW ON FRIDAY

The Indian rupee opened weaker to close in on a record low on Friday, with traders expecting the Reserve Bank of India to step in to sell dollars should the currency approach 60 against the green back. The rupee was trading at 59.69/70 to the dollar at 9.03 am, not far from a record low of 59.9850 hit on Thursday.

Gold fell to a three-year low on Friday and was in danger of recording its biggest weekly drop in 30 years after the US Federal Reserve said it would wind down its bullion-friendly stimulus later this year. Spot gold - down nearly 9 percent this week - dropped for the fifth straight session, while Comex gold futures also declined over 1 percent to their lowest in three years.

Fed Chairman Ben Bernanke said on Wednesday the central bank would taper its USD 85 billion monthly bond buying programme as the US economy was recovering strongly, ending purchases around mid-2014 if economic growth held up.

At 11:02 hrs MCX GOLD August contract was trading at Rs 26871 up Rs 2, or 0.01 percent. The GOLD rate touched an intraday high of Rs 26957 and an intraday low of Rs 26834. So far 7313 contracts have been traded. GOLD prices have moved down Rs 5356, or 16.62 percent in the August series so far. 

MCX GOLD October contract was trading at Rs 27026 down Rs 5, or 0.02 percent. The GOLD rate touched an intraday high of Rs 27105 and an intraday low of Rs 27000. So far 379 contracts have been traded. GOLD prices have moved down Rs 4824, or 15.15 percent in the October series so far.

At 11:05 hrs MCX SILVER July contract was trading at Rs 41080 down Rs 225, or 0.54 percent. The SILVER rate touched an intraday high of Rs 41415 and an intraday low of Rs 40965. So far 8647 contracts have been traded. SILVER prices have moved down Rs 23930, or 36.81 percent in the July series so far.

MCX SILVER September contract was trading at Rs 41563 down Rs 211, or 0.51 percent. The SILVER rate touched an intraday high of Rs 41893 and an intraday low of Rs 41450. So far 763 contracts have been traded. SILVER prices have moved down Rs 15756, or 27.49 percent in the September series so far.

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SELL SILVER JUL BELOW 40970 TGT 40820/40700/40600 SL 41060

SELL GOLD AUG BELOW 26820 TGT 26750/26700/26650 SL 26880