Gold & silver thronged the counters on the Indian commodity exchanges during the first half of the current month as the latest data issued by the commodity markets regulator, Forward Markets Commission (FMC) revealed a staggering over 138% rise in the value of trades in bullions during the first fortnight of July over last year.

The trade summery issued by FMC on Friday, showed that the bullions trades for the fortnight ending 15th July 2010 stood at Rs.191841.37 crore up 138.57% from Rs.80411.60 crore recorded in the corresponding period last year.

The steep rise in the bullions trade has come at a time, when gold prices are seen bottoming down to touch the recent lows, after hitting Rs.19285 per 10 grams in the mid of June. Looking at the data, traders seem to have renewed interest in bullion metals as the prices have given some room to make fresh entry.

On the Multi-Commodity Exchange (MCX), 5th August 2010, 5th October 2010, 4th December 2010 and 5th Feb 2011 contracts were traded at the during the fortnight. The near month contract (i.e. 5th August 2010) was quoted at its highest at Rs.18875.00 per 10 gm on 01.07.2010 and at its lowest at Rs.18225.00 on 08.07.2010 during the period.

The total value of trade in all varieties was Rs. 118093.665 Cr. The net open position in the near month contract was at its highest at 20782 Kg on 08.07.2010, the FMC data revealed.

Meanwhile, in Silver, 5th July 2010, 4th September 2010 , 4th December 2010, 5th March 2011and 5th May 2010 contracts were traded at the Exchange during the fortnight.

The near month contract (i.e. 4th September 2010) was quoted at its highest at Rs.29611.00 per Kg. on 1.07.2010 and at its lowest at Rs.28505.00/- on 06.07.2010 during the fortnight. During the fortnight, the total value of trade in all varieties was Rs. 62383.170 Cr. The net open position in the near month contract was at its highest at 562560 Kg on 02.07.2010, the FMC informed in a statement issued today.