Precious Metals
GOLD
Gold prices fell by 0.24 per cent on Friday at the domestic markets as a result of profit-booking after a sharp rise yesterday. However, losses were curbed as it is being supported by a wave of risk aversion after a Malaysian airliner was downed in eastern Ukraine, killing nearly 300 people. Gold is seen as an alternative investment during times of geopolitical uncertainty. Gold futures for August 2014 contract, at MCX, were trading at Rs. 28,130 per 10 grams, down by 0.24 per cent after opening at Rs. 28,158 against the previous closing price of Rs. 28,199. It touched the intra-day low of Rs. 28,090 till the trading.
Base Metals
ZINC
Zinc prices fell by 0.18 per cent on Friday at the domestic markets after U.S. housing starts and building permits unexpectedly fell in June signaling weak sentiment in the region which reduced the demand outlook for the metal. Groundbreaking declined 9.3 percent to a seasonally adjusted annual 893,000 million unit-pace, the lowest since September, the Commerce Department said. Zinc futures for July 2014 contract, at MCX, were trading at Rs 138.60 per kg, down by 0.18 per cent after opening at Rs. 138.65 against the previous closing price of Rs. 138.85. It touched the intra-day low of Rs. 137.60 till the trading. (At 3.53 PM today). However, losses were curbed due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity.
