DATE: 02/04/2015
Gold futures were trading with modest gains in the domestic market on Wednesday as investors continue to monitor events in the Middle East as Saudi Arabia prepares for a ground incursion in Yemen to dislodge Iran backed Shiite rebels, boosting the safe haven demand for the bullion. Traders eyed the key US private payrolls data which may show acceleration in hiring in the world’s biggest economy, adding the heat on the Federal Reserve to raise interest rates in the near-term, curbing the demand for the bullion as a store of value, trimming gains in Gold futures. At the MCX Gold futures for April 2015 contract is trading at Rs 26,253 per 10 gram, up by 0.19 percent after opening at Rs 26,295, against the previous closing price of Rs 26,204. It touched the intra-day high of Rs 26,300.
Silver futures climbed in the domestic market on Wednesday as heightened tensions in the Middle East with Saudi Arabia and allies preparing for a ground invasion in Yemen to dislodge Iran-backed Shia militias boosted the safe haven demand for silver. However, expectation of a US interest rate hike in June following comments by a top US Federal Reserve official dimmed the appeal of the bullion as a store of value, curbing gains in the precious metal. At the MCX Silver futures for May 2015 contract is trading at Rs 37,270 per 1 kg, up by 0.27 percent after opening at Rs 37,344, against the previous closing price of Rs 37,169. It touched the intra-day high of Rs 37,456 till the closing.
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