Precious Metals
D A I L Y B U Z Z
GOLD
Gold futures closed little changed in the domestic market on Friday as investors and speculators stayed cautious over booking fresh positions in the precious metal as a stronger dollar curbed the demand for the bullion as an alternative asset. Stronger bullion makes gold more expensive for those holding other currencies, thus dimming demand. Meanwhile, Greece and Euro area finance ministers reached a deal to extend the country’s bailout accord, curbing safe haven demand for gold. “We agreed on four months under conditions,” Austrian Finance Minister Hans Joerg Schelling said. Higher equities curbed the demand for the yellow metal as an alternative asset while weak demand from China, the world’s second biggest bullion buyer, with markets being shut for a third day on the trot due to the Lunar New Year holidays, also weighed on gold. Gold may extend a decline today as fears over Greece leaving the euro wane, dimming the need for safe haven assets. At the MCX, Gold futures for April 2015 contract closed at Rs 26,277 per 10 gram, up by 0.04 per cent after opening at Rs 26,260, against the previous closing price of Rs 26,266 It touched the intra-day high of Rs 26,399 till the closing.
Base Metals
D A I L Y B U Z Z
COPPER
Copper futures rose in the domestic market on Monday as investors and speculators booked fresh positions in the industrial metal as robust US manufacturing data showed a pickup in the world’s biggest economy, supporting the demand outlook for the industrial metal.The gauge measuring US manufacturing climbed to 54.3 in February from 53.9 in the previous month, with a reading above 50 signaling expansion.Further, a combined gauge measuring Euro area manufacturing and services rose to 53.5 in February from 52.6 in the previous month, with a reading above 50 signaling expansion, signaling a pickup in the 19-member economy, bolstering demand for copper.At the MCX, Copper futures for February 2015 contract closed at Rs 358.50 per 1 kg, up by 0.48 per cent after opening at Rs 357.90, against the previous closing price of Rs 356.80. It touched the intra-day high of Rs 359.30 till the closing. (At 11:36 AM).
