Precious Metals
D A I L Y B U Z Z
GOLD
Gold futures rose in the domestic market on Friday as investors and speculators booked fresh positions
in the precious metal tracking a firm trend in the overseas market as rising tensions in the Middle East
and Ukraine boosted the safe haven demand for the bullion. Russia banned food imports from the EU
and US, countries that had imposed sanctions against Moscow for its role in the Ukraine crisis while US President Barack Obama authorised air strikes in Iraq to contain militancy. Gold futures for October 2014 contract, at MCX, is trading at Rs. 28,988 per 10 grams, up by 0.76 per cent, after opening at Rs.
28,845, against the previous closing price of Rs 28,770. It touched an intra-day high of Rs 29,044. (At
10:53 AM).
SILVER
Silver futures closed lower in the domestic market on Thursday as investors and speculators booked
profits in the precious metal after a stellar rally in the previous session when rising geopolitical tensions
amid the deepening crisis in Ukraine boosted the safe haven demand for the bullion. A stronger dollar
dimmed the appeal of the bullion as an alternative asset. Stronger greenback makes silver more
expensive for holding other currencies. Silver futures for September 2014 contract, at MCX, closed at Rs. 43,814 per 10 grams, down by 0.24 per cent, after opening at Rs. 43,966, against the previous closing price of Rs 43,920. It touched an intra-day low of Rs 43,628.
Base Metals & Energy
D A I L Y B U Z Z
NATURAL GAS
Natural Gas futures ended lower in the domestic market on Thursday as investors and speculators exited positions in the energy commodity after a rise in gas stockpiles in the US signaled weakening demand for the fuel in the world’s biggest fuel consumer. US gas stockpiles rose 82 billion cubic feet in the week ended August 1, 2014, compared to a five-year average build of 49 billion cubic feet, the EIA said. At the MCX, Natural gas futures for August 2014 contract closed at Rs. 238.80 per mmBtu, down by 1.44 per cent, after opening at Rs 243, against the previous closing price of Rs 242.30. It touched an intra-day low of Rs 238.10.
CRUDE OIL
Crude oil futures surged in the domestic market on Friday as investors and speculators booked fresh
positions in the energy commodity tracking a firm trend in the overseas market as US President Barack
Obama authorised air strikes in Iraq, the OPEC’s second biggest oil producer, raising supply concerns
over the fuel. China’s exports grew by a whopping 14.5 per cent, year on year in July 2014 as sales to the US and EU surged, signaling a pickup in the world’s second biggest economy, lifting the demand outlook for the fuel. At the MCX, Crude Oil futures, for the August 2014 contract, is trading at Rs 6,056 per barrel, up by 1.15 per cent, after opening at Rs 5,995, against a previous close of Rs 5,987. It touched an intra-day high of Rs 6,065. (At 10:49 AM).
