Precious Metals:
Gold futures closed lower in the domestic market on Tuesday as investors and speculators stayed cautious over booking fresh positions in the precious metal as a stronger dollar curbed the demand for the bullion as an alternative asset. Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand. Investors are also eying the minutes of the FOMC’s latest meet in March set for release on Wednesday, which may offer cues over the timing of Fed’s maiden rate hike since 2006. At the MCX Gold futures for June 2015 contract is trading at Rs 26,968 per 10 gram, down by 0.11 percent after opening at Rs 26,980, against the previous closing price of Rs 26,997. It touched the intra-day low of Rs 26,918.
Silver futures fell in the domestic market on Tuesday as investors and speculators stayed cautious ahead of release of minutes of the FOMC’s latest meet in March on Wednesday, which may offer cues over the timing of Fed’s maiden rate hike since 2006. Speculation is rife that the Fed may delay a planned rate hike at least until September after payrolls in March grew at the weakest pace in more than a year. At the MCX, Silver futures for May 2015 contract is trading at Rs 37,888 per 1 kg, down by 0.72 percent after opening at Rs 38,140, against the previous closing price of Rs 38,163. It touched the intra-day low of Rs 37,825.
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