Precious Metals
D A I L Y B U Z Z
GOLD
Taking a cue from the international market, gold remained steady in the futures and spot
markets in India on Wednesday. The June contract on MCX was quoted 0.02% up at Rs 28,190
per 10 gm at midday. By then, the precious metal had touched an intraday high of Rs 28,277 per
10 gm and a low of Rs 28,171.
In the morning trade, gold went up to Rs 28,220 for a brief period but subsequently dropped to
Rs 28,190 and remained steady around that level, analysts said, adding, "This marginal change
in prices happened as rupee is volatile right now."
In the spot market, gold was hovering around Rs 28,500 per 10 gm. "Since there is no demand
in the market, premium on gold has come down from $110 per ounce to $85-$90 per ounce. In
June and July, there is hardly any demand in the market. Demand will now depend on the
monsoon. If there is good monsoon, gold demand will pick up. We are also waiting for some
relaxation from the new government which may spur gold demand," said Prithviraj Kothari,
vice president of India Bullion & Jewellers Association.
In the international market gold was steady below $1,300 per ounce, with investors waiting for
cues from minutes of the US Federal Reserve's April policy meeting due later in the day.
D A I L Y B U Z Z
GOLD
Taking a cue from the international market, gold remained steady in the futures and spot
markets in India on Wednesday. The June contract on MCX was quoted 0.02% up at Rs 28,190
per 10 gm at midday. By then, the precious metal had touched an intraday high of Rs 28,277 per
10 gm and a low of Rs 28,171.
In the morning trade, gold went up to Rs 28,220 for a brief period but subsequently dropped to
Rs 28,190 and remained steady around that level, analysts said, adding, "This marginal change
in prices happened as rupee is volatile right now."
In the spot market, gold was hovering around Rs 28,500 per 10 gm. "Since there is no demand
in the market, premium on gold has come down from $110 per ounce to $85-$90 per ounce. In
June and July, there is hardly any demand in the market. Demand will now depend on the
monsoon. If there is good monsoon, gold demand will pick up. We are also waiting for some
relaxation from the new government which may spur gold demand," said Prithviraj Kothari,
vice president of India Bullion & Jewellers Association.
In the international market gold was steady below $1,300 per ounce, with investors waiting for
cues from minutes of the US Federal Reserve's April policy meeting due later in the day.
Research
Via
is a leading financial advisory provides free
tips on Indian share market like equity
tips,
stock
tips,
stock
options tips,
bullions
tips,
agro
tips,
commodity
tips,
nifty
tips,
base
metals & energy tips,
comex
tips,
international
forex tips,
domestic
forex tips,
agri
tips,
commodity
(mcx& ncdex) tips.
No comments:
Post a Comment