Precious Metals
D A I L Y B U Z Z
GOLD
Gold prices fell by 0.21 per cent on Wednesday at the domestic markets as investors unloaded their holdings of the precious metal in advance of today’s critical Federal Open Market Committee meeting.The Federal Reserve could remove a reference to remaining patient from its minutes, which would provide an indication that the U.S. central bank is ready to raise interest rates at some point this year. However, weak dollar raised the appeal of the bullion as an alternative asset. Weaker dollar makes the precious metal cheaper for those holding other currencies, thus increasing demand.Gold futures for April 2015 contract, at MCX, were trading at Rs. 25,562 per 10 grams, down by 0.21 per cent after opening at Rs. 25,631 against the previous closing price of Rs. 25,617. It touched the intra-low low of Rs. 25,541 till the trading. (At 11.50 AM).
Base Metals
D A I L Y B U Z Z
ZINC
Zinc prices fell by 0.43 per cent on Wednesday at the domestic markets as speculators trimmed positions. Also, low demand at domestic spot markets influenced the sentiment. However, losses were limited due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME zinc stocks fell by 3050 metric tonnes to 530600 metric tonnes as on March 18, 2015. Zinc futures for March 2015 contract, at MCX, were trading at Rs 126.15 per kg, down by 0.43 per cent after opening at Rs. 126.35 against the previous closing price of Rs. 126.70. It touched the intra-day low of Rs. 125.50 till the trading. (At 4.00 PM).
