DAILY REPORT ON PRECIOUS METALS

DAILY BUZZ

GOLD
Gold futures were trading little changed in the domestic market on Monday as investors and speculators stayed cautious over booking fresh positions in the precious metal as upbeat US jobs data which showed that the world’s biggest economy added more than 300K jobs last month raised fears of an early rise in US interest rates, dimming the appeal of the bullion as a store of value. Stronger dollar also curbed the demand for the bullion as an alternative investment. Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand. Depreciation in the rupee against the US dollar, however, exerted some upward pressure on domestic bullion prices. Gold futures for December 2014 contract, at MCX, is trading at Rs. 26,392 per 10 grams, up by 0.13 per cent, after opening at Rs. 26,400, against the previous closing price of Rs 26,357. It touched an intra-day high of Rs 26,425. (At 11:08 AM).