Monday, 28 April 2014

PRECIOUS METALS TIPS FOR THE WEEK AS ON April 28, 2014

GOLD
Gold futures were trading higher in the domestic market on Friday as investors and speculators booked fresh positions in the precious metal tracking gains in the overseas market as concerns over Ukraine deepened after US Secretary of State John Kerry warned Russia that the country is making a huge mistake if doesn’t pull out its military troops from the Ukrainian border, boosting the safe haven demand for the bullion. US jobless claims rose 24,000 to 329,000 last week. Gold futures for June 2014 contract, at MCX, is trading at Rs. 28,955 per 10 grams, up by 0.57 per cent, after opening at Rs. 28,845, against the previous closing price of Rs 28,790. It touched an intraday high of Rs 28,965.
SILVER
Silver futures closed higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal as rising tensions in Ukraine boosted the safe haven demand for the bullion. Ukraine’s President asked security forces to step up an offensive against militants as the weekend’s pact with Russia to ease tensions nearly collapsed. Silver futures for May 2014 contract, at MCX, closed at Rs. 42,482 per 10 grams, up by 0.58 per cent after opening at Rs. 42,335, against the previous closing price of Rs 42,236. It touched an intraday high of Rs 42,660.

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