Date:
31.03.2015
Precious
Metals
Gold
futures closed lower in the domestic market on Friday as investors
and speculators exited positions in the precious metal tracking a
weak trend in the overseas market as easing geopolitical concerns
regarding Yemen curbed the demand for the bullion as an alternative
asset. However, a weaker dollar boosted the demand for gold as an
alternative asset, supporting the yellow metal. Weaker greenback
makes gold cheaper for those holding other currencies, thus
bolstering demand. Gold may extend a decline today as caution
persists ahead of US consumer spending data. At the MCX Gold futures
for April 2015 contract closed at Rs 26,569 per 10 gram, down by 0.87
percent after opening at Rs 26,675, against the previous closing
price of Rs 26,801. It touched the intra-day low of Rs 26,387 till
the closing.
Silver
futures tumbled in the domestic market on Monday as investors and
speculators exited positions in the precious metal after Fed Chair
Janet Yellen said that she expects the FOMC to begin monetary
tightening this year, with subsequent rate lift-offs to be gradual
rather than following a predictable path, dimming the appeal of the
bullion as a store of value. Further, a stronger dollar dampened the
demand for the bullion as an alternative asset. Stronger dollar
curbed the demand for the precious metal as an alternative asset. At
the MCX Silver futures for May 2015 contract is trading at Rs 37,963
per 1 kg, down by 1.13 per cent after opening at Rs 38,200, against
the previous closing price of Rs 38,395. It touched the intra-day low
of Rs 37,886 till the closing.
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