Precious Metals
D A I L Y B U Z Z
GOLD
Gold futures fell in the domestic market on Friday as investors and speculators exited positionsin the precious metal tracking a weak trend in the overseas market as faster than expected USeconomic growth last quarter vindicated the US Federal Reserve’s decision to end bond buyingwhile dampening
safe haven demand for the bullion, and denting bullion’s appeal as aninflation hedge.
The US economy grew by an annualized 3.5 per cent in the July-September 2014 quarter,beating estimates of a 3 per cent gain. Holdings in the SPDR Gold Trust, the biggest bullion-backed exchange traded product fell to a six year low, signaling weak investment demand forthe precious metal. Gold futures for December 2014 contract, at MCX, is trading at Rs. 26,345per 10 grams, down by 0.97 per cent, after opening at Rs. 26,563, against the previous closing price of Rs 26,603. It touched an intra-day low of Rs 26,335.
Agro Outlook
D A I L Y B U Z Z
CASTOR SEED
Castorseed prices rose by 0.73 per cent on Friday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the rise in demand from consuming industries against restricted arrivals in domestic markets which in turn encouraged the investors to enlarge their holdings. At the NCDEX, castor seed futures for November 2014 contract were trading at Rs. 4,853 per quintal tonnes, up by 0.73 per cent, after opening at Rs. 4,810 against the previous closing price of Rs. 4,818. It touched the intra-day high of Rs. 4,874 till the trading.
CORIANDER
Coriander prices rose by 0.31 per cent on Friday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the limited stocks on account of restricted arrivals from the major growing belts. At the NCDEX, coriander futures for November 2014 contract was trading at Rs. 12,005 per quintal, up by 0.31 per cent after opening at Rs. 11,930 against the previous closing price of Rs. 11,968. It touched the intra-day high of Rs. 12,030 till the trading.
