Monday, February 3, 2014


Precious Metals
                                                           D A I L Y B U Z Z
Gold tumbled by Rs 310 to Rs 30,290 per ten grams in the national capital today on heavy selloff by stockists and a weak global trend.

Silver also declined by Rs 900 to Rs 43,600 per kg on poor offtake by industrial units and coin makers amid a steep fall in international markets.

A similar weakening trend was also witnessed in Mumbai, as gold of 99.9 and 99.5 per cent purity fell by Rs 160 each to Rs 30,100 and Rs 29,950 per ten grams, respectively. Also, silver plunged by Rs 600 to Rs 44,450 per kg.

Traders said heavy selling by stockists, sparked by a weak global trend as faster economic growth signals more monetary stimulus cuts in future, mainly pulled down metal prices.

Gold in New York, which normally sets price trend at the domestic front, plunged by 1.94 per cent to USD 1,243.10 an ounce and silver by 2.92 per cent to USD 19.14 an ounce.

Besides, strengthening of the rupee against the American currency, which makes the import of the dollar-priced precious metals cheaper, further dampened the sentiment, they said. 

Agro Outlook
                                                     D A I L Y B U Z Z
Cardamom prices plunged 3.90 per cent to Rs 757 per kg in futures trade today as speculators booked profits at prevailing higher levels amid subdued demand in the spot market.

At the Multi Commodity Exchange, cardamom for delivery in February declined by Rs 30.80, or 3.90 per cent, to Rs 757 per kg in a business turnover of 871 lots. 

Likewise, the spice for delivery in March shed Rs 29.80, or 3.64 per cent, to Rs 788 per kg with a 
trading volume of 813 lots.

Market analysts said speculators booking profits at prevailing higher levels and subdued demand in the spot market that kept pressure on cardamom prices at futures trade.

Sugar futures were steady on Friday near their lowest level in two-and-a-half years as expectations the government will provide incentives for raw sugar production next week offset bulging inventory.

The cabinet had been expected to decide on the incentives for raw sugar production for exports on Thursday, but it deferred a decision for a second time.