Precious Metals
D A I L Y B U Z Z
GOLD/SILVER
Gold futures fell by 0.24 per cent on Thursday at the domestic markets with investors focused on an upcoming European Central Bank meeting expected to further ease policy. Further, a stronger dollar reduced the appeal of the bullion as an alternative asset. Stronger dollar makes the precious metal
expensive for those holding other currencies, thus reducing demand. At the MCX, Gold futures for February 2015 contract was trading at Rs 27,911 per 10 gram, down by 0.24 per cent after opening at Rs 27,941, against the previous closing price of Rs 27,977. It touched the intra-day low of Rs 27,886 till the trading. Silver prices spurted by Rs 517 to trade above the Rs 40,000 per kg after a gap of four months in futures trade today as traders created speculative positions, largely driven by a firming trend overseas. At the Multi Commodity Exchange, silver for delivery in far-month May moved up by Rs 517, or 1.29 per cent, to Rs 40,650 per kg in business turnover of 91 lots. On the similar lines, the white metal for delivery in March contracts rose by Rs 490, or 1.24 per cent, to Rs 40,012 per kg in 3,148 lots. Market analysts attributed the rise in silver prices at futures trade to a firming trend in the precious metals overseas before a meeting of European Central Bank policy makers. Globally, silver rose as much as 0.6 per cent to USD 18.11 an ounce in Singapore today, the highest since September.
