Precious Metals
D A I L Y B U Z Z
GOLD SILVER
Snapping a three-day rising trend, gold prices today declined by Rs 180 to Rs 27,200 per ten grams at the bullion market owing to slackened demand at prevailing higher levels amid a weak global trend. Silver also dropped by Rs 1,150 to Rs 37,050 per kg on poor offtake by industrial units and coin makers. Traders said besides easing demand at current levels a weak global trend -- on concern that the Federal Reserve is moving closer to raising US interest rates -- reduced demand for the precious metal as an alternative investment, pulling down gold and silver prices. Gold in New York, which normally sets price trend on the domestic front, fell 1.2 per cent to USD 1,207.70 an ounce silver by 2.9 per cent to USD 16.56 an ounce in yesterday's trade. In Delhi, gold of 99.9 and 99.5 per cent purity tumbled by Rs 180 each to Rs 27,200 and Rs 27,000 per ten gram respectively. It had gained Rs 80 in the previous three days. Sovereign declined by Rs 100 to Rs 23,700 per piece of eight gram.
Base Metals & Energy
D A I L Y B U Z Z
ZINC
Zinc futures prices today edged up by 0.55 per cent to Rs 138.10 per kg as participants enlarged positions amid a firming trend at the London Metal Exchange. At the Multi Commodity Exchange, zinc for delivery in January moved up by 75 paise, or 0.55 per cent, to Rs 138.10 per kg, with a business turnover of eight lots. The metal for delivery in current month also rose marginally by 20 paise, or 0.15 per cent, to Rs 137 per kg in a business volume of 121 lots. Market participants said fresh positions created on firming trend in the base metals pack overseas on speculation that China will further stimulate the economy of the world's biggest metals consumer, supported the rise in zinc futures.
