Precious Metals
Gold prices rose by 0.63 per cent on Friday at the domestic markets as investors eyed demand from the upcoming Chinese New Year holidays next week. Further, weaker than expected U.S. retail sales and jobless claims data dampened optimism over the strength of the economic recovery. The U.S. Commerce Department said that retail sales declined by 0.8 per cent last month, worse than expectations for a drop of 0.5 per cent. The disappointing data scaled back expectations that the Federal Reserve will start raising rates from near zero levels as early as June. Gold futures for April 2015 contract, at MCX, were trading at Rs. 26,686 per 10 grams, up by 0.63 per cent after opening at Rs. 26,606 against the previous closing price of Rs. 26,519. It touched the intra-day high of Rs. 26,695 till the trading. (At 12.30 PM).
SILVER
Silver prices went up by a whopping Rs 285 to Rs 37,510 per kg in futures trade today after participants built-up speculative positions, largely driven by a firming trend overseas. At the Multi Commodity Exchange ( MCX), silver for delivery in March shot up by Rs 285, or 0.77 per cent, to Rs 37,510 per kg in a business turnover of 859 lots. Similarly, the white metal for delivery in May rose by Rs 281, or 0.75 per cent, to Rs 37,746 per kg in 27 lots. Market analysts attributed the rise in silver prices at futures trade to a firming trend in the global markets as falling retail sales in the US cast doubt on the pace of growth in the world's largest economy, boosting demand for a safe haven.
D A I L Y B U Z Z
GOLDGold prices rose by 0.63 per cent on Friday at the domestic markets as investors eyed demand from the upcoming Chinese New Year holidays next week. Further, weaker than expected U.S. retail sales and jobless claims data dampened optimism over the strength of the economic recovery. The U.S. Commerce Department said that retail sales declined by 0.8 per cent last month, worse than expectations for a drop of 0.5 per cent. The disappointing data scaled back expectations that the Federal Reserve will start raising rates from near zero levels as early as June. Gold futures for April 2015 contract, at MCX, were trading at Rs. 26,686 per 10 grams, up by 0.63 per cent after opening at Rs. 26,606 against the previous closing price of Rs. 26,519. It touched the intra-day high of Rs. 26,695 till the trading. (At 12.30 PM).
SILVER
Silver prices went up by a whopping Rs 285 to Rs 37,510 per kg in futures trade today after participants built-up speculative positions, largely driven by a firming trend overseas. At the Multi Commodity Exchange ( MCX), silver for delivery in March shot up by Rs 285, or 0.77 per cent, to Rs 37,510 per kg in a business turnover of 859 lots. Similarly, the white metal for delivery in May rose by Rs 281, or 0.75 per cent, to Rs 37,746 per kg in 27 lots. Market analysts attributed the rise in silver prices at futures trade to a firming trend in the global markets as falling retail sales in the US cast doubt on the pace of growth in the world's largest economy, boosting demand for a safe haven.
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