Indian MCX Commodity Updates
New Delhi. India won't ban futures trading in chickpea, rapeseed and some other agricultural commodities despite a price surge, but will tighten controls to check speculative trading, two government officials said Friday.
"The government has asked Forward Markets Commission [the regulator] to set up an advisory panel to better align prices of agricultural commodities in futures and spot markets," one of the officials, who didn't want to be named, told Dow Jones Newswires.
Futures prices of some commodities have exceeded spot prices in the last few months, triggering worries about excessive speculation.
Gold pn Loss side
Gold edged down on Monday, extending losses made in the previous session, as the dollar firmed on worries about Spanish debt yields and the pace of Chinese economic growth, while platinum also sank to its lowest level in more than two months.
Spot gold lost nearly 1% in the previous session, as a selloff in riskier assets spilled over, although bullion still managed to post a 1.7% weekly rise -- its biggest one-week gains since late February. Weaker-than-expected economic growth in China in the first quarter weighed on financial markets, at a time that the US recovery momentum seems to be slowing and fear about the euro zone debt crisis resurfaced.
Gold Today's Trend - Selling Pressure
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