D A I L Y B U Z Z
Gold fell more than 2.5 percent on Wednesday to its lowest level in over a month and silver fell more than 4 percent, in tandem with declines in overseas markets, although supplies were not enough in the physical market to meet rising demand.
The actively traded gold for August delivery on the Multi Commodity Exchange (MCX) was 2.67percent lower at 25,851 rupees per 10 grams, after hitting a low of 25,758 rupees, a level last seen on May 20.
Global gold fell to its lowest in nearly three years, pressured by strong U.S. economic data that boosted stock markets and supported the U.S. Federal Reserve's plan to scale back monetary easing in the next few months.
A weaker rupee, however, kept the downside limited. The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal.
Gold imports into India fell from an average of $135 million per day in the first half of May to $36 million in the second half, Finance Minister P. Chidambaram said on June 13.
Silver for July delivery on the MCX was 3.92 percent lower at 39,070 rupees per kilogram.
Base Metals & Energy:
D A I L Y B U Z Z
Nickel prices moved down by Rs 5.60 to Rs 821 per kg in futures market today as speculators trimmed their positions on weak cues in overseas markets.
Subdued demand from consuming industries in the spot market further dampened the
sentiment.
At the Multi Commodity Exchange, nickel for delivery in June month declined by Rs 5.60, or 0.68 percent, to Rs 821 per kg in business turnover of 5,677 lots.
Likewise, the metal for delivery in July contract traded lower by Rs 5.60, or 0.67 per cent, to Rs827.70 per kg in 1,175 lots.
Market analysts attributed the fall in nickel futures to a weak global trend.
Meanwhile, nickel lost 1.1 per cent to 13,780 a metric tonne on the London Metal Exchange.
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