Precious Metals
D A I L Y B U Z Z
GOLD/SILVER
Continued its rising streak for the third consecutive day, gold prices shot up by Rs 200 to Rs 27,500 per ten gram at the bullion market in the national capital today. This was on sustained buying by jewellers and retailers to meet rising wedding season demand amid a firming global trend. Silver also advanced by Rs 550 to Rs 37,300 per kg on increased offtake by industrial units and coin makers. Traders said apart from sustained buying by jewellers and retailers to meet rising wedding season demand, a firming global trend as slumping equity markets and concern that Greece may quit the euro area spurred demand for a safe-haven, mainly boosted the sentiment. Gold in Singapore, which normally set price trend on the domestic front, advanced by 0.6 per cent to $1,212.01 an ounce, the highest level since December 18 and silver by one per cent to $16.35 an ounce. Besides, shifting of funds from weak equity to rising bullion influenced the sentiment to some extent, they said. In Delhi, gold of 99.9 and 99.5 per cent purity gained another Rs 200 each to Rs 27,500 and Rs 27,300 per ten gram respectively. It had gained Rs 275 in the previous two days. Sovereign also moved up by Rs 100 to Rs 23,800 per
piece of eight grams. In a similar fashion, silver ready rose further by Rs 550 to Rs 37,300 per kg and weekly-based delivery by Rs 425 to Rs 37,200 per kg. Silver coins spurted by Rs 1,000 to Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.
Base Metals
D A I L Y B U Z Z
ZINC
Zinc futures closed lower in the domestic market on Monday as investors and speculators exited positions in the industrial metal amidst fears that a probable Greek exit from the 18-member Euro area amid an unfavourable outcome in this month’s elections could trigger a fresh financial crisis in the region, darkening the demand outlook for industrial metals. Factory weakness from China to Europe also darkened the demand outlook for zinc. Manufacturing in China shrank for the first time in seven months in December, while that in the US expanded at the slowest pace in 6 months and neared stagnation in the 18-member Euro area. Investors cast aside data showing an improvement in Euro area investor confidence index to 0.9 this month from -2.5 in December. At the MCX, Zinc futures for January 2015 contract closed at Rs 138.20 per 1 kg, down by 0.83 per cent after opening at Rs 139.10, against the previous closing price of Rs 139.35. It touched the intra-day low of Rs 137.35 till the closing.
