Thursday, March 6, 2014


Precious Metals
                                                         D A I L Y B U Z Z
Extending losses for the second day, gold prices declined by another Rs 140 to Rs 31,100 per ten gram in the national capital today on sluggish demand amid a lower global trend. However, silver recovered by Rs 70 to Rs 47,400 per kg on scattered buying by industrial units.

Traders said besides sluggish demand at prevailing higher levels, a weak global trend where gold declined from a 17-week high following easing tensions between Russia and Ukraine mainly reduced demand for the precious metals as a safe haven.

On the other hand, some buying by industrial units helped silver to trade higher, they said. Gold in New York, which sets price trend on the domestic front, fell by 1.18 per cent to US $ 1334.40 an ounce. On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 140 each to Rs 31,100 and Rs 30,900 per ten gram respectively. It had shed Rs 60 yesterday. Sovereign declined by Rs 50 to Rs 25,450 per piece of eight gram.

Agro Outlook
                                                      D A I L Y B U Z Z
Chana prices rose by 1.26 per cent to Rs 3,209 per quintal in futures trade today as traders enlarged their holdings on account of good demand in spot markets amid reports of damage to its crop due to recent rains.

At the National Commodity and Derivatives Exchange, chana for April delivery rose by Rs 40, or 1.26 per cent, to Rs 3,209 per quintal, with an open interest for 87,800 lotsSimilarly, chana for delivery in May increased by Rs 37, or 1.15 per cent, to Rs 3,247 per quintal, with an open interest of 36,070 lots. Market analysts said besides good demand, reports of damage to crop due to recent rains in growing regions, particularly Madhya Pradesh, influenced chana prices in futures trade.