Precious Metals
Gold futures ended higher in the domestic market on Tuesday as market players awaited updates from a meeting between Russian President Vladimir Putin and Ukrainian counterpart Petro Poroshenko later in the day. Russian President Vladimir Putin will meet his Ukrainian counterpart Petro Poroshenko for the first time in months in Belarus's capital of Minsk, in hopes of reaching a ceasefire or a political solution to the four-month old conflict in eastern Ukraine. However, a stronger dollar also curbed the appetite for the precious metal as an alternative investment. Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand. Gold futures may fall today ahead of US economic data which may show a pickup in the world’s biggest economy, boosting the case for early monetary tightening. Gold futures for October 2014 contract, at MCX, closed at Rs. 27,895 per 10 grams, up by 0.45 per cent, after opening at Rs. 27,813, against the previous closing price of Rs 27,771. It touched an intra-day high of Rs 28,040.
D A I L Y B U Z Z
GOLDGold futures ended higher in the domestic market on Tuesday as market players awaited updates from a meeting between Russian President Vladimir Putin and Ukrainian counterpart Petro Poroshenko later in the day. Russian President Vladimir Putin will meet his Ukrainian counterpart Petro Poroshenko for the first time in months in Belarus's capital of Minsk, in hopes of reaching a ceasefire or a political solution to the four-month old conflict in eastern Ukraine. However, a stronger dollar also curbed the appetite for the precious metal as an alternative investment. Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand. Gold futures may fall today ahead of US economic data which may show a pickup in the world’s biggest economy, boosting the case for early monetary tightening. Gold futures for October 2014 contract, at MCX, closed at Rs. 27,895 per 10 grams, up by 0.45 per cent, after opening at Rs. 27,813, against the previous closing price of Rs 27,771. It touched an intra-day high of Rs 28,040.
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