Precious Metals
Gold prices remained steady in the spot and futures markets on Wednesday. At midday, the August contract for gold was trading with a marginal rise of 0.10% at Rs 26,163 per 10 gm on MCX, and 1,566 contracts had been traded since morning. The metal touched an intraday high of Rs 26,199 and a low of Rs 26,165.
Analysts say the outlook remains negative for the yellow metal. "Gold is likely to remain rangebound for the time being if rupee does not weaken," an analyst said.
In the global markets, gold for immediate delivery became dearer by 0.2% at $1,262.69 an ounce before trading at $1,261.09 by 2:07 pm in Singapore. The metal prices on Tuesday rose to $1,263.66, the highest level since May 28, according to Bloomberg generic pricing.
In China, the world's biggest bullion consumer, volumes for the benchmark spot contract in Shanghai rose for the second day on Tuesday to a two-week high of 12,914 kg, climbing from a two-month low of 8,568 kg on June 6. Data this week may show retail sales in the United States rose in May. US employment exceeded its pre-recession peak, according to a June 7 report. Gold for August delivery traded at $1,260.90 an ounce on the Comex in New York from $1,260.10 on Tuesday, according to agency reports.
DAILY BUZZ
GOLDGold prices remained steady in the spot and futures markets on Wednesday. At midday, the August contract for gold was trading with a marginal rise of 0.10% at Rs 26,163 per 10 gm on MCX, and 1,566 contracts had been traded since morning. The metal touched an intraday high of Rs 26,199 and a low of Rs 26,165.
Analysts say the outlook remains negative for the yellow metal. "Gold is likely to remain rangebound for the time being if rupee does not weaken," an analyst said.
In the global markets, gold for immediate delivery became dearer by 0.2% at $1,262.69 an ounce before trading at $1,261.09 by 2:07 pm in Singapore. The metal prices on Tuesday rose to $1,263.66, the highest level since May 28, according to Bloomberg generic pricing.
In China, the world's biggest bullion consumer, volumes for the benchmark spot contract in Shanghai rose for the second day on Tuesday to a two-week high of 12,914 kg, climbing from a two-month low of 8,568 kg on June 6. Data this week may show retail sales in the United States rose in May. US employment exceeded its pre-recession peak, according to a June 7 report. Gold for August delivery traded at $1,260.90 an ounce on the Comex in New York from $1,260.10 on Tuesday, according to agency reports.
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