Precious Metals
GOLD
Gold prices continued to soften on Friday after slipping the most in a single session in nearly 10 months on the previous day following the Reserve Bank of India's decision to ease curbs and allow star and premium trading houses to import the precious metal.
At midday, gold had slipped to Rs 27,585 per 10 gm. Some recovery was seen in the futures market in the morning trade and the June contract on the MCX was trading at Rs 27,295 per 10 gm. However, by midday prices had declined to Rs 27,220. Gold touched an intraday high of Rs 27,349 per 10 gm and a low of Rs 27,191.
In the international market, gold traded below $1,300 an ounce, little changed this week, as investors assessed the health of the US economy and the impact on monetary stimulus.
Gold for immediate delivery traded at $1,294.13 an ounce in Singapore, according to Bloomberg generic pricing. The metal climbed 0.2% to $1,294.10 on Thursday after data showed that the jobless claims in the US rose more than forecast.
Gold has advanced 7.7% this year owing to the unrest in Ukraine and concern that the US economic recovery may be fragile. Applications for unemployment benefits increased to 326,000 in the US in the week ended May 17.
D A I L Y B U Z Z
GOLD
Gold prices continued to soften on Friday after slipping the most in a single session in nearly 10 months on the previous day following the Reserve Bank of India's decision to ease curbs and allow star and premium trading houses to import the precious metal.
At midday, gold had slipped to Rs 27,585 per 10 gm. Some recovery was seen in the futures market in the morning trade and the June contract on the MCX was trading at Rs 27,295 per 10 gm. However, by midday prices had declined to Rs 27,220. Gold touched an intraday high of Rs 27,349 per 10 gm and a low of Rs 27,191.
In the international market, gold traded below $1,300 an ounce, little changed this week, as investors assessed the health of the US economy and the impact on monetary stimulus.
Gold for immediate delivery traded at $1,294.13 an ounce in Singapore, according to Bloomberg generic pricing. The metal climbed 0.2% to $1,294.10 on Thursday after data showed that the jobless claims in the US rose more than forecast.
Gold has advanced 7.7% this year owing to the unrest in Ukraine and concern that the US economic recovery may be fragile. Applications for unemployment benefits increased to 326,000 in the US in the week ended May 17.
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