Precious Metals
GOLD
Gold futures rose in the domestic market on Friday amid a pickup in physical demand for the precious metal in Asia.Further, a rise the number of applications for seeking unemployment benefits in the US signaled a cooling labour market in the world’s biggest economy, raising bets of a delay in the US Fed interest rate lift-off, bolstering the appeal of the bullion as a store of value. Unemployment claims rose by 14,000 to 281,000 last week. At the MCX Gold futures for June 2015 contract was trading at Rs 26,570 per 10 gram, up by 0.18 percent after opening at Rs 26,577, against the previous closing price of Rs 26,521. It touched the intra-day high of Rs 26,604 till the trading.
SILVERSilver futures rose in the domestic market on Friday as investors and speculators booked fresh positions in the precious metal after an uptick in US jobless claims last week added to evidence of a faltering labour market recovery in the world’s biggest economy, fuelling speculation that the US Federal Reserve may refrain from a rate hike in the near-term, bolstering the appeal of Silver as a store of value. Unemployment claims rose by 14,000 to 281,000 last week. At the MCX, Silver futures for May 2015 contract is trading at Rs 36,465 per 1 kg, up by 0.50 percent after opening at Rs 36,444, against the previous closing price of Rs 36,283. It touched the intra-day high of Rs 36,570.
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