Precious Metals
D A I L Y B U Z Z
GOLD
Gold futures posted slight gains in the domestic market on Friday after a downward revision in US fourth quarter economic growth and a retreat in US consumer confidence signaled a slowdown in the world’s biggest economy, boosting the safe haven demand for the bullion while raising speculation that the US Federal Reserve may keep interest rates at low levels for at least in the near-term, bolstering the demand for the yellow metal as a store of value. New York Fed President William Dudley cautioned the US Fed against a premature tightening of monetary policy amid low inflation. The risks of hiking rates "a bit early are higher than the risks of lifting off a bit late”, Dudley said. Gold futures may rise today as speculation of the US Fed delaying a rate hike boosts demand outlook. At the MCX, Gold futures for April 2015 contract closed at Rs 26,227 per 10 gram, up by 0.04 per cent after opening at Rs 26,240, against the previous closing price of Rs 26,216. It touched the intra-day high of Rs 26,335 till the closing.
Base Metals
D A I L Y B U Z Z
LEAD
Lead prices fell by 0.18 per cent to Rs 109.15 per kg in futures trade today as speculators booked profits. Moreover, a weak trend in base metals overseas weighed on lead prices at futures trade. At the Multi Commodity Exchange, lead for delivery in March fell by 20 paise, or 0.18 per cent, to Rs 109.15 per kg in a business turnover of 148 lots. Similarly, the metal for delivery in current month traded lower by 15 paise, or 0.14 per cent, to Rs 107.65 per kg in 126 lots. Similarly, the metal for delivery in current month traded lower by 15 paise, or 0.14 per cent, to Rs 107.65 per kg in 126 lots. Marketmen attributed the fall in lead futures to profit-booking by speculators as well as a weak trend in base metals overseas ahead of manufacturing data from China, the world's biggest consumer.
