Precious Metals
D A I L Y B U Z Z
GOLD
Gold futures were trading lower in the domestic market on Wednesday after better than expected US inflation data upped bets of US monetary tightening, dimming the appeal of the bullion as a store of value. US consumer prices rose for the first time in four months, up 0.2 per cent in February 2015 from the previous month, raising bets that inflation may gradually move towards the Fed’s 2 per cent target, boosting the case for an interest rate hike in the coming months. At the MCX, Gold futures for April 2015 contract is trading at Rs 26,270 per 10 gram, down by 0.31 per cent after opening at Rs 26,280, against the previous closing price of Rs 26,351. It touched the intra-day low of Rs 26,212. (At 12:09 PM).
SILVER
Silver futures fell in the domestic market on Wednesday as investors and speculators exited positions in the precious metal amid caution after US core inflation data for February beat estimates, raising bets of US monetary tightening, dimming the appeal of the bullion as a store of value. Meanwhile, core consumer prices which strip out the effect of food and energy climbed 0.2 per cent in February, topping expectations of a 0.1 per cent rise while overall consumer prices rose for the first time in four months, up 0.2 per cent in February 2015 from the previous month, raising bets that inflation may gradually move towards the Fed’s 2 per cent target, boosting the case for an interest rate hike in the coming months. At the MCX, Silver futures for May 2015 contract is trading at Rs 37,941 per 1 kg, down by 0.13 per cent after opening at Rs 37870, against the previous closing price of Rs 37991. It touched the intra-day low of Rs 37,750 till the closing. (At 15:14 PM).
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