Precious Metals
D A I L Y B U Z Z
GOLD
Gold prices rose by 0.49 per cent on Tuesday at the domestic markets as a result of a decline in stocks. However, a stronger dollar reduced the appeal of the bullion as an alternative asset after a Greek vote triggered the dissolution of the country's parliament. Stronger dollar makes the precious metal expensive for those holding other currencies, thus reducing demand. Gold futures for February 2015 contract, at MCX, were trading at Rs. 26,896 per 10 grams, up by 0.49 per cent after opening at Rs. 26,845 against the previous closing price of Rs. 26,764. It touched the intra-day high of Rs. 26,918 till the trading. (At 11.25 AM today).
SILVER
Silver prices rose by Rs 169 to Rs 36,653 per kg in futures trading today as speculators indulged in creating fresh positions amid a firming trend in the precious metals overseas. At the Multi Commodity Exchange, silver for delivery in March traded higher by Rs 169, or 0.46 per cent, at Rs 36,653 per kg in business turnover of 432 lots. Likewise, the white metal for delivery in May traded higher by Rs 158, or 0.43 per cent, to Rs 37,312 per kg in 9 lots. Market analysts said fresh positions built-up by speculators largely in tandem with a firming trend in the precious metals overseas as a retreat in stocks revived demand for an alternative investment, supported the upside in silver prices at futures trade. Meanwhile, silver was up 0.70 per cent at 15.91 an ounce in Singapore.
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