Precious Metals
D A I L Y B U Z Z
GOLD
Gold futures held flat on Wednesday at the domestic markets with Greece firmly in focus and China data ahead. Greece's Parliament approved the government's economic plan in a vote late Tuesday that sets up a showdown with country's international creditors beginning this week in Brussels. 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 26,838 per 10 gram, down by 0.07 per cent after opening at Rs 26,874, against the previous closing price of Rs 26,856. It touched the intra-day high of Rs 26,894 till the trading. (At 11.42 AM).
SILVER
Silver futures prices today fell by Rs 213, to trade at Rs 37,585 per kg as speculators locked-in gains at prevailing levels even as metal strengthened overseas. At the Multi Commodity Exchange, silver for delivery in March traded lower by Rs 213, or 0.56 per cent, to Rs 37,585 per kg in a business turnover of 470 lots. Similarly, the precious metal for delivery in May month declined by Rs 164, or 0.43 per cent, to Rs 37,742 per kg in business volume of seven lots. In Singapore, silver added 0.4 per cent at USD 17.06 an ounce in Singapore. Market analysts attributed fall in silver prices at futures trade to profit-booking by speculators at current prices but a firming trend overseas, limited the losses.
