Precious Metals
Gold futures were trading higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal amid a pickup in physical demand for the bullion due to the ongoing wedding season in India, the world’s second biggest bullion consumer, while a recent sharp drop in prices also offered good bargain buying opportunities. However, a strengthening dollar, falling oil prices which have dented bullion’s appeal as an inflation hedge, prospects for US interest hike and a slump in holdings in gold-backed exchange traded products (ETP) will continue to pressurise the precious metal. Gold futures for December 2014 contract, at MCX, is trading at Rs. 25,840 per 10 grams, up by 0.17 per cent, after opening at Rs. 25,818, against the previous closing price of Rs 25,796. It touched an intra- day high of Rs 25,850. (At 11:20 AM).
D A I L Y B U Z Z
GOLDGold futures were trading higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal amid a pickup in physical demand for the bullion due to the ongoing wedding season in India, the world’s second biggest bullion consumer, while a recent sharp drop in prices also offered good bargain buying opportunities. However, a strengthening dollar, falling oil prices which have dented bullion’s appeal as an inflation hedge, prospects for US interest hike and a slump in holdings in gold-backed exchange traded products (ETP) will continue to pressurise the precious metal. Gold futures for December 2014 contract, at MCX, is trading at Rs. 25,840 per 10 grams, up by 0.17 per cent, after opening at Rs. 25,818, against the previous closing price of Rs 25,796. It touched an intra- day high of Rs 25,850. (At 11:20 AM).
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