Precious Metals
D A I L Y B U Z Z
GOLD
Gold futures rose in the domestic market on Thursday as investors and speculators booked fresh positions in the precious metal tracking a firm global trend as investors assessed the US Federal Reserve’s decision to drop its pledge to keep borrowing costs at low levels for a “considerable time”. Fed Chair Janet Yellen said the world’s top central bank is unlikely to raise interest rates before April as the Fed replaced its considerable time pledge with a vow to be “patient” on rate hikes, providing some support to the bullion as a store of value. Gold futures for February 2015 contract, at MCX, is trading at Rs. 27,052 per 10 grams, up by 0.36 per cent, after opening at Rs. 26,999, against the previous closing price of Rs 26,955. It touched an intra- day high of Rs 27,070. (At 11:38 AM).
Base Metals
D A I L Y B U Z Z
COPPER
Copper prices fell by 0.68 per cent on Thursday at the domestic markets after Japan's exports grew for a third straight month in November from a year earlier, but much more slowly than expected and despite a sharp fall in the yen as slowing demand in Asia and Europe dampened trade. The 4.9 percent rise in exports was much weaker than a 7.0 percent gain seen by economists. At the MCX, copper futures for February 2015 contract were trading at Rs.404.40 per 1 kg, down by 0.68 per cent, after opening at Rs. 406.25 against the previous closing price of Rs. 407.15. It touched the intra-day low of Rs. 403.10 till the trading. (At 4.00 PM).However, losses were curbed due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 1300 metric tonnes to 170900 metric tonnes as on December 18, 2014.
