Precious Metals
D A I L Y B U Z Z
GOLD
Gold prices fell by 0.01 per cent on Thursday at the domestic markets after trhe Federal Reserve signaled it remained on track to raise interest rates this year, though the timing remains uncertain. Federal Reserve said the U.S. economy was expanding "at a solid pace" as it largely looked through weakness overseas in a signal that it remains on track to raise interest rates later this year. 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. Gold futures for February 2015 contract, at MCX, were trading at Rs. 27,756 per 10 grams, down by 0.01 per cent after opening at Rs. 27,729 against the previous closing price of Rs. 27,759. It touched the intra-day low of Rs. 27,729 till the trading. (At 11.54 AM today).
Energy
D A I L Y B U Z Z
CRUDEOIL
Crude oil prices fell by 0.61 per cent on Thursday at the domestic markets after U.S. crude oil inventories rose more-than-expected last month indicating that the demand for the commodity in US, world’s largest consumer of crude oil is weak. In a report, Energy Information Administration said that U.S. Crude Oil Inventories rose to a seasonally adjusted annual rate of 8.874M, from 10.071M in the preceding month. At the MCX, crude oil futures for February 2015 contract were trading at Rs. 2,755 per barrel, down by 0.61 per cent, after opening at Rs. 2,759 against the previous closing price of Rs. 2,772. It touched the intra-day low of Rs. 2,749 till the trading. (At 11.53 AM).
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