Precious Metals
D A I L Y B U Z Z
GOLD
Gold futures closed higher in the domestic market on Saturday as investors and speculators booked fresh positions in the precious metal as weaker than expected US economic data signaled a cooling recovery in the world’s biggest economy, raising bets that the US Federal Reserve may hold off monetary tightening in the near-term, bolstering the appeal of the bullion as a store of value.US Q4 GDP growth was revised downwards to 2.2 per cent annualized pace from 2.6 per cent earlier while consumer sentiment in the US retreated from an eleven-year high in February 2015.New York Fed President William Dudley warned the Fed against premature tightening of monetary policy in the world’s biggest economy with inflation running well below the 2 per cent target.Meanwhile, India refrained from raising the import duty on gold at 10 per cent, signaled brighter prospects for bullion demand in the world’s biggest bullion consumer.Gold futures may extend gains today amid a bullish physical demand outlook and fresh policy easing in China. At the MCX, Gold futures for April 2015 contract closed at Rs 26,477 per 10 gram, up by 0.76 per cent after opening at Rs 26,200, against the previous closing price of Rs 26,227. It touched the intra-day high of Rs 26,515 till the closing.
Base Metals
D A I L Y B U Z Z
ZINC
Zinc futures ended higher in the domestic market on Saturday as investors and speculators booked fresh positions in the industrial metal as strong physical demand for zinc in the domestic spot market lifted sentiment.Further, contracts to buy US existing homes rose to the highest level since August 2013 in January 2015, signaling a pickup in the housing market of the world’s biggest economy, lifting the demand outlook for industrial metals.The index of US pending home sales climbed 1.7 per cent in January 2015 following a 1.5 per cent drop in the prior month.At the MCX, Zinc futures for March 2015 contract closed at Rs 127.7 per 1 kg, up by 0.31 per cent after opening at Rs 127.4, against the previous closing price of Rs 127.30. It touched the intra-day high of Rs 128 till the closing.
MORE INFORMATION : COMMODITY TIPS, MCX TIPS
