Precious Metals
GOLD
Gold futures extended gains in the domestic market on Monday as investors and speculators booked fresh positions in the precious metal as heightened worries over a Greek default amid a deadlock over negotiations surrounding a debt deal between Greece and its Eurogroup creditors boosted the safe haven demand for the bullion. The clock is fast ticking for Greece to strike a debt deal with its lenders and avert a default.Meanwhile, the People’s Bank of China over the weekend slashed the reserve requirement for lenders for the second time in two months as policymakers aim to stem a deepening slowdown in the world’s second biggest economy, bolstering the appeal of gold as a hedge against the inflationary risk of monetary stimulus. At the MCX Gold futures for June 2015 contract is trading at Rs 26,892 per 10 gram, up by 0.30 percent after opening at Rs 26,845, against the previous closing price of Rs 26,812. It touched the intra-day high of Rs 26,967.
SILVER
Silver futures fell in the domestic market on Monday as investors and speculators exited positions in the precious metal after firming US inflation raised speculation that the US Federal Reserve may begin pondering an exit from its zero money policy stance in the coming months, dimming the appeal of the bullion as a store of value.Core consumer prices in the US on an annual basis rose at the quickest pace since October, up 1.8 percent in March 2015, while they climbed 0.2 percent from February. At the MCX Silver futures for June 2015 contract is trading at Rs 36,399 per 10 gram, down by 0.15 percent after opening at Rs 36,777, against the previous closing price of Rs 36,455. It touched the intra-day low of Rs 36,263.
Silver futures fell in the domestic market on Monday as investors and speculators exited positions in the precious metal after firming US inflation raised speculation that the US Federal Reserve may begin pondering an exit from its zero money policy stance in the coming months, dimming the appeal of the bullion as a store of value.Core consumer prices in the US on an annual basis rose at the quickest pace since October, up 1.8 percent in March 2015, while they climbed 0.2 percent from February. At the MCX Silver futures for June 2015 contract is trading at Rs 36,399 per 10 gram, down by 0.15 percent after opening at Rs 36,777, against the previous closing price of Rs 36,455. It touched the intra-day low of Rs 36,263.
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