Precious Metals
Gold futures rose in the domestic market on Friday as a weaker rupee more than offset the losses in the precious metal in the overseas market.
Depreciation in the rupee against the US dollar exerted upward pressure on domestic bullion prices. Easing concerns over Iraq where the military regained control of the country’s biggest oil refinery dimmed the safe haven appeal of the bullion, curbing gains in Gold futures.
All eyes are on the US consumer sentiment data which may show further improvement in the US economy.
Gold futures for August 2014 contract, at MCX, is trading at Rs. 27,756 per 10 grams, up by 0.32 per cent, after opening at Rs. 27,705, against the previous closing price of Rs 27,667.
It touched an intra-day low of Rs 27,799.
SILVER
Silver futures ended tad lower in the domestic market on Thursday as investors and speculators exited positions in the precious metal as robust US economic data dimmed the safe haven demand for the
shiny metal. US jobless claims fell last week while consumer spending rose in May, signaling strength in the US economy, raising bets that the Federal Reserve may continue the rollback of its monthly bond
buying program, dimming the appeal of the precious metal, a hedge against the inflationary risk of monetary stimulus.
At the MCX, Silver futures for July 2014 contract closed at Rs. 44,636 per 1 kg, down by 0.04 per cent, after opening at Rs. 44,565, against the previous closing price of Rs. 44,653.
It touched an intra-day low of Rs 44,173.
D A I L Y B U Z Z
GOLDGold futures rose in the domestic market on Friday as a weaker rupee more than offset the losses in the precious metal in the overseas market.
Depreciation in the rupee against the US dollar exerted upward pressure on domestic bullion prices. Easing concerns over Iraq where the military regained control of the country’s biggest oil refinery dimmed the safe haven appeal of the bullion, curbing gains in Gold futures.
All eyes are on the US consumer sentiment data which may show further improvement in the US economy.
Gold futures for August 2014 contract, at MCX, is trading at Rs. 27,756 per 10 grams, up by 0.32 per cent, after opening at Rs. 27,705, against the previous closing price of Rs 27,667.
It touched an intra-day low of Rs 27,799.
SILVER
Silver futures ended tad lower in the domestic market on Thursday as investors and speculators exited positions in the precious metal as robust US economic data dimmed the safe haven demand for the
shiny metal. US jobless claims fell last week while consumer spending rose in May, signaling strength in the US economy, raising bets that the Federal Reserve may continue the rollback of its monthly bond
buying program, dimming the appeal of the precious metal, a hedge against the inflationary risk of monetary stimulus.
At the MCX, Silver futures for July 2014 contract closed at Rs. 44,636 per 1 kg, down by 0.04 per cent, after opening at Rs. 44,565, against the previous closing price of Rs. 44,653.
It touched an intra-day low of Rs 44,173.
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