Precious Metals
D A I L Y B U Z Z
GOLD
Gold futures closed lower in the domestic market on Wednesday as investors and speculators exited positions in the precious metal as a drop in bullion-backed holdings signaled weakening investment demand for the yellow metal. Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell to 795.60 tons on Wednesday from its previous close of 797.09 tons on Tuesday. However, a weaker dollar boosted the appeal of gold as an alternative asset, curbing losses in the precious metal. Weaker greenback makes the bullion cheaper for those holding other currencies, thus bolstering demand. However, caution ahead of US GDP data, jobless claims and pending home sales data which may influence the country’s monetary policy outlook weighed on sentiment. Gold futures may trade lower today amid caution ahead of key US data. Gold futures for October 2014 contract, at MCX, closed at Rs. 27,780 per 10 grams, down by 0.41 per cent, after opening at Rs. 27,863, against the previous closing price of Rs 27,895. It touched an intra-day low of Rs 27,765
Agro Outlook
D A I L Y B U Z Z
TURMERIC
Turmeric prices surged over 1 per cent to Rs 6,530 per quintal in futures trade today after speculators enlarged positions amidst rising exports demand.
At the National Commodity and Derivatives Exchange, turmeric for delivery in September rose by Rs 68, or 1.05 per cent, to Rs 6,530 per quintal with an open interest of 14,410 lots.
Similarly, the spice for delivery in October gained Rs 56, or 0.84 per cent, to Rs 6,690 per quintal in 4,780 lots.
Analysts said speculators enlarged positions, taking positive cues from the spot market on rising exports demand mainly led to the rise in turmeric prices at futures trade.
