Precious Metals
D A I L Y B U Z Z
GOLD
Gold futures rose in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal after Fed Chair Janet Yellen ruled out an interest rate hike in the immediate term as there is little evidence of a pickup in inflation to the 2 per cent target while an improvement in the labour market hasn’t yet lifted wage growth, boosting the case for continued easy money policy, bolstering the appeal of the bullion as a store of value. She stressed that a change in the Fed’s guidance on interest rates will not necessarily be a sign of imminent tightening. A pickup in physical demand as markets in China reopened after the week-long Lunar New Year holiday also boosted prices. Gold futures may extend a rally today ahead of the US jobless claims data which may show an uptick in claims last week, signaling a slowing labour market recovery, and boosting the case for a continued easy money policy. At the MCX, Gold futures for April 2015 contract closed at Rs 26,123 per 10 gram, up by 0.25 per cent after opening at Rs 26,079, against the previous closing price of Rs 26,059. It touched the intra-day high of Rs 26,319 till the closing.
Energy
D A I L Y B U Z Z
NATURAL GAS
Natural Gas futures plummeted in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity as forecasts called for warmer weather across the US, dimmed the demand outlook for the heating fuel. The central-eastern US is set to see warmer temperatures around March 10, 2015, updated weather forecasting models predicted. Caution ahead of the weekly storage data in the US also weighed on sentiment. At the MCX, Natural Gas futures for February 2015 contract closed at Rs 177.50 per 1 kg, down by 4 per cent after opening at Rs 183.60, against the previous closing price of Rs 184.9 It touched the intra-day low of Rs 176.7 till the closing.
