Precious Metals
Precious Metals
D A I L Y B U Z Z
GOLD
Gold futures were trading with slim losses in the domestic market on Tuesday as investors weighed the pace of US interest rate increases while a rebound in the dollar curbed the demand for the bullion as an alternative asset. Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand.Federal Reserve Bank of San Francisco President John Williams saw the case for a hike in rates in mid - summer, curbing the lure for gold as a store of value. At the MCX, Gold futures for April 2015 contract is trading at Rs 26,177 per 10 gram, down by 0.08 per cent after opening at Rs 26,169, against the previous closing price of Rs 26,198. It touched the intra - day low of Rs 26,135 till the closing. (At 11:38 AM).
SILVER
Silver futures were trading little changed in the domestic market on Tuesday as investors and speculators were cautious over booking fresh positions in the precious metal ahead of key US economic data to be released today including February consumer prices, March manufacturing PM I, new home sales for February and Fed’s Bullard speech, which may offer some cues over the timing for the world’s top central bank to raise interest rates for the first time since 2006. At the MCX, Silver futures for May 2015 contract is trading at Rs 37,800 per 1 kg, up by 0.05 percent after opening at Rs 37751, against the previous closing price of Rs 37781. It touched the intra - day high of Rs 37842 till the closing. (At 11:51 AM).
Energy
NATURAL GAS
Natural Gas futures plummeted in the domestic and overseas market on Monday as forecasts for mild spring weather threatened to curb the demand for the heating fuel. The Commodity Weather Group expects mostly average temperatures in the contiguous US from April 2 to April 6. At the MCX, Natural Gas futures for March 2015 contract closed at
Rs 170.40 per 1 kg, down by 2.46 per cent after opening at Rs 173.50, against the previous closing price of Rs 174.70. It touched the intra - day low of Rs 167.90 till the closing.
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