Precious Metals
D A I L Y B U Z Z
GOLD
Gold futures prices today fell by 0.21 per cent to Rs 25,729 per 10 grams as participants engaged in trimming positions amid weak global cues. Besides, subdued demand at domestic spot markets, too, weighed on the prices. At the Multi Commodity Exchange, gold for delivery in April, fell by Rs 54, or 0.21 per cent, to trade at Rs 25,729 per 10 grams in a turnover of 323 lots. Similarly, the metal for delivery in June shed Rs 55, or 0.20 per cent, to Rs 25,854 per 10 gm in 20 lots. Globally, gold traded lower at USD 1,154.48 an ounce from USD 1,154.81 in Singapore yesterday. Analysts said off-loading of positions by speculators on sluggish spot demand and a weak trend overseas as investors weighed the outlook for higher US interest rates before the Federal Reserve begins a two-day meeting, mainly put pressure on gold prices in futures trade here.
SILVER
Amid a weakening trend overseas, silver prices fell by Rs 184 to Rs 35,379 per kg in futures trade today as speculators reduced their exposures. At the Multi Commodity Exchange, silver for delivery in May traded lower by Rs 184, or 0.52 per cent, to Rs 35,379 per kg in business turnover of 623 lots. On similar lines, the white metal for delivery in July declined by Rs 183, or 0.51 per cent, to Rs 35,865 per kg in business volume of six lots. In the international market, silver lost 0.5 per cent at USD 15.57 an ounce in Singapore. Market analysts said a weak trend in precious metals in the global markets as investors weighed the outlook for higher US interest rates before the Federal Reserve begins a two-day meeting, kept pressure on silver futures here.
