Gold: Gold’s gains came amidst a stronger dollar which tends to dampen the lure for the bullion as an alternative asset. Weaker greenback makes gold cheaper for those holding other currencies, thus fading desired. Strong physical demand continued to support the bullion as India’s love affair with the precious metal continued into the first quarter, with jewellery demand rising 22 per cent to 151 tonnes, a report by the World Gold Council said, bolstering sentiment. Gold may increase a rally today on hopes of a delayed US interest rate hike. At the MCX, Gold futures for June 2015 contract closed at Rs 27,617 per 10 gram, up by 0.56 per cent after opening at Rs 27,519, against the last closing price of Rs 27,463. It touched the intra-day maximum of Rs 27,685 till the closing.
Zinc: Zinc futures logged slim gains in the domestic market on Monday after an easing property price decline in China, the world’s biggest metals consumer, raised hopes that the country’s economic slowdown may be bottoming-out, with better days ahead for metal demand. New home prices fell in 47 out of the 70 Chinese cities tracked by a government survey, in April, compared to 49 in March, month on month, government data showed on Monday. However subdued physical demand for zinc in the domestic spot market curbed gains in the industrial metal. At the MCX, Zinc futures for May 2015 contract closed at Rs 145.65 per 1 kg, up by 0.07 per cent after opening at Rs 145.75, against the last ending price of Rs 145.55. It touched the intra-day maximum of Rs 147 till the closing.
