Precious Metals
Gold prices fell by 0.04 per cent on Wednesday at the domestic markets with investors looking ahead to comments from the Federal Reserve on the prospects for a rate hike this year.
Further, stronger dollar reduced the appeal of the bullion as an alternative asset. Stronger dollar makes the precious metal expensive for those holding other currencies, thus reducing demand. Gold futures for February 2015 contract, at MCX, were trading at Rs. 27,890 per 10 grams, down by 0.04 per cent after opening at Rs. 27,865 against the previous closing price of Rs. 27,902.
It touched the intra-day low of Rs. 27,852 till the trading. Amid a weakening trend overseas, silver prices fell 0.32 per cent to Rs 40,080 per kg in futures trade today as speculators trimmed positions. At the Multi Commodity Exchange, silver for delivery in far-month May traded lower by Rs 129, or 0.32 per cent, to Rs 40,080 per kg in business turnover of 35 lots.
Similarly, the white metal for delivery in March declined by Rs 120, or 0.30 per cent, to Rs 39,410 per kg in business volume of 828 lots.In the international market, silver traded 0.30 per cent lower at $18.01 an ounce in Singapore.
Market analysts said a weak trend in precious metals in the global markets weighed on silver futures here.
D A I L Y B U Z Z
GOLD/SILVERGold prices fell by 0.04 per cent on Wednesday at the domestic markets with investors looking ahead to comments from the Federal Reserve on the prospects for a rate hike this year.
Further, stronger dollar reduced the appeal of the bullion as an alternative asset. Stronger dollar makes the precious metal expensive for those holding other currencies, thus reducing demand. Gold futures for February 2015 contract, at MCX, were trading at Rs. 27,890 per 10 grams, down by 0.04 per cent after opening at Rs. 27,865 against the previous closing price of Rs. 27,902.
It touched the intra-day low of Rs. 27,852 till the trading. Amid a weakening trend overseas, silver prices fell 0.32 per cent to Rs 40,080 per kg in futures trade today as speculators trimmed positions. At the Multi Commodity Exchange, silver for delivery in far-month May traded lower by Rs 129, or 0.32 per cent, to Rs 40,080 per kg in business turnover of 35 lots.
Similarly, the white metal for delivery in March declined by Rs 120, or 0.30 per cent, to Rs 39,410 per kg in business volume of 828 lots.In the international market, silver traded 0.30 per cent lower at $18.01 an ounce in Singapore.Market analysts said a weak trend in precious metals in the global markets weighed on silver futures here.
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