Precious Metals
Gold futures rose by 1.18 percent on Monday at the domestic market with investors focused on last week's US jobs data and thin trade with many markets shut for holidays. Further, a weaker dollar raised the appeal of the bullion as an alternative asset. Weaker dollar makes the precious metal cheaper for those holding other currencies, thus increasing demand. In the week ahead, markets outside the US will remain closed on Monday. The US is to release what will be closely watched data on service sector activity on Monday and the Federal Reserve is to publish the minutes of its March meeting on Wednesday. At the MCX Gold futures for June 2015 contract was trading at Rs 26,597 per 10 gram, up by 1.18 percent after opening at Rs 26,645, against the previous closing price of Rs 26,597. It touched the intra-day high of Rs 26,975 till the trading.
Silver prices soared by Rs 697 to Rs 38,046 per kg in futures trade today after participants built up positions taking positive cues from overseas markets. At the Multi Commodity Exchange, silver prices for delivery in May spurted by Rs 697, or 1.87 per cent, to Rs 38,046 per kg in business turnover of 941 lots. Similarly, the metal for delivery in far-month July contracts traded Rs 695, or 1.84 percent, higher at Rs 38,473 per kg in 21 lots. Analysts said the rise in silver prices at futures trade was mostly in line with a firming trend in the global market as dollar weakened after data showing the weakest pace of US hiring in more than a year clouded the outlook for interest-rate increases. Globally, silver gained 0.2 percent to USD 17.10 an ounce in Singapore.
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