Precious Metals
D A I L Y B U Z Z
GOLD
Gold prices fell for the third- straight day by dropping Rs 255 to Rs 30,425 per 10 grams in the national capital today on sustained selling by stockists in tandem with weakening global trend.
Silver followed suit and lost Rs 540 at Rs 45,700 per kg on poor offtake by industrial units and coin makers. Traders said the sentiment remained bearish on stockists selling and weakening global trend as Federal Reserve signalled a rise in interest rates while further reducing monetary stimulus, boosting the dollar and curbing demand for the metal.
Gold in Singapore, which normally sets the price trend on the domestic front, fell by 0.3 per cent to $1,325.66 an ounce and silver traded tad lower at $20.59 an ounce from 20.61 yesterday. On the domestic front, gold of 99.9 and 99.5 per cent purity plunged by Rs 255 each to Rs 30,425 and Rs 30,225 per 10 grams, respectively. It had lost Rs 150 in last two trade.
Sovereigns also declined by Rs 100 at Rs 25,200 per piece of eight grams.
Similarly, silver ready dropped by Rs 540 to Rs 45,700 and weekly-based delivery by Rs 340 to Rs 45,500 per kg. The white metal had lost Rs 960 in the previous two days.
Base Metals & Energy
D A I L Y B U Z Z
CRUDE OIL
Crude oil futures prices rose over 1 per cent to Rs 6,125 per barrel today as speculators created fresh positions amid a firm trend in Asia.
At the Multi Commodity Exchange, crude oil for delivery in April gained Rs 62, or 1.02 per cent, to Rs 6,125 per barrel, with a business turnover of 3,199 lots.
The oil for May delivery moved up by Rs 55, or 0.91 per cent, to Rs 6,106 per barrel, with a business volume of 206 lots. Market participants said the rise in crude oil futures was attributed to a firming trend in Asian trade after stockpiles declined at a key US trading hub, indicating stronger demand, and on news of a major pipeline expansion in the US.
Meanwhile, West Texas Intermediate crude oil for April delivery advanced by 13 cents to $100.50 a barrel in mid- morning trade on the New York Mercantile Exchange.
