Thursday, April 3, 2014

DAILY MCX COMMODITY REPORT FOR 03 APRIL 2014

Precious Metals
D A I L Y B U Z Z
GOLD
Gold steadied on Wednesday after two days of losses but the precious metal remained near its lowest in seven weeks as strong U.S. factory data boosted optimism about economic growth, diminishing bullion's safe-haven appeal. 

Physical demand from top consumer China rose slightly, with local prices trading at a premium to spot London prices for the first time since early March. Spot gold edged up 0.4 per cent to $1,284.20 an ounce by 0702 GMT, not far from its seven-week low of $1,277.29. 

Prices fell 0.4 per cent in the previous session after data showed U.S. factory activity accelerated for a second straight month in March and auto sales surged, the latest signs the economy was regaining footing after a brutal winter. Holdings in SPDR Gold Trust, the world's largest goldbacked exchange-traded fund, fell 2.10 tonnes to 810.98 tonnes on Tuesday - the lowest since early March. 

Among other precious metals, platinum rose nearly 1 per cent on worries over supply constraints. Anglo American Platinum has sent force majeure notices to some of the suppliers to its South African mines, the world's top platinum producer said, underscoring the widening economic impact of an almost 10-week-old strike. 

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