Precious Metals
Gold prices eased on Thursday even as the U.S. Federal Reserve vaguely hinted that a widely expected rate hike this year won't happen in June. The Federal Reserve, as expected kept interest rates at its current level following the conclusion of its Federal Open Market Committee meeting, but offered little clear language on the timing of its first rate hike in nearly a decade. At the MCX Gold futures for June 2015 contract was trading at Rs 27,170 per 10 gram, down by 0.25 percent after opening at Rs 27,160, against the previous closing price of Rs 27,238. It touched the intra-day low of Rs 27,100 till the trading.
SILVER
Silver futures were trading lower in the domestic market on Thursday as investors and speculators exited positions in the precious metal after the US Federal Reserve sounded optimistic over the outlook for the world’s biggest economy despite the first quarter slowdown that was mainly pinned down to “transitory factors”, leaving the door open for an initial rate lift-off later this year, dimming the appeal of the bullion as a store of value. The Fed stressed that it expects the economy to pick up following a Q1 standstill and that inflation will gradually move back to the 2 percent goal. At the MCX Silver futures for May 2015 contract is trading at Rs 37,421 per 1 kg, down by 0.78 percent after opening at Rs 37,350, against the previous closing price of Rs 37,714. It touched the intra-day low of Rs 37,270.
Silver futures were trading lower in the domestic market on Thursday as investors and speculators exited positions in the precious metal after the US Federal Reserve sounded optimistic over the outlook for the world’s biggest economy despite the first quarter slowdown that was mainly pinned down to “transitory factors”, leaving the door open for an initial rate lift-off later this year, dimming the appeal of the bullion as a store of value. The Fed stressed that it expects the economy to pick up following a Q1 standstill and that inflation will gradually move back to the 2 percent goal. At the MCX Silver futures for May 2015 contract is trading at Rs 37,421 per 1 kg, down by 0.78 percent after opening at Rs 37,350, against the previous closing price of Rs 37,714. It touched the intra-day low of Rs 37,270.
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