PRECIOUS METALS TIPS April 15, 2014

DAILY BUZZ

SILVER

• Silver futures ended higher in the domestic market on Monday as investors and speculators booked fresh positions in the precious metal as mounting tensions between Russia and Ukraine boosted safe haven demand for the bullion.

• However, the gains in the bullion were trimmed amid speculation that the US Federal Reserve may continue to pare stimulus in the coming months after retail sales data signaled a pickup in the world’s biggest economy, dimming the appeal of silver, a hedge against the inflationary risk of monetary stimulus.

• Silver futures for May 2014 contract, at MCX, closed at Rs. 43,229 per 10 grams, up by 0.12 per cent after opening at Rs. 43,040, against the previous closing price of Rs 43,177. It touched an intra-day high of Rs 43,365.

GOLD

• Gold futures closed higher in the domestic market on Monday as investors and speculators booked fresh positions in the precious metal tracking a firm trend in the overseas market as rising tensions between Ukraine and Russia boosted the safe haven demand for the yellow metal.

• Pro-Russian armed men remain massed in eastern Ukraine, ignoring calls by Kiev to disarm or face military action, heightening tensions between the two countries. Further, the US said that it is ready to increase sanctions on Russia. However, robust US retail sales data which showed the biggest rise in sales since 2012 last month, signaled a pickup in the world’s biggest economy, raising bets that the US Federal Reserve may continue to pare its QE plan, dimming the appeal of the bullion, a hedge against the inflationary risk of monetary stimulus, trimming gains in gold futures.

• Gold futures may fall today as an improving US economy reduces case for stimulus while investors stay cautious ahead of the New York manufacturing index. Gold futures for June 2014 contract, at MCX, closed at Rs. 28,959 per 10 grams, up by 0.71 per cent, after opening at Rs. 28,845, against the previous closing price of Rs 28,756. It touched an intraday high of Rs 28,986.

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