Precious Metals
D A I L Y B U Z Z
GOLD/SILVER
Gold prices plunged by Rs 200 to trade at Rs 27,000 per 10 grams at the bullion market today on weak overseas cues and easing demand from jewellers. Silver also drifted by Rs 350 to Rs 36,250 per kg due to reduced offtake by industrial units and coin makers. Bullion traders said a weak trend overseas where Gold was priced at lowest level in over one week after signs of a recovery in the US economy supported the case for higher borrowing costs, mainly influenced sentiments here. Globally, gold in Singapore, which normally sets price trend on the domestic front, fell 0.2 per cent to USD 1,184.45 an ounce, the lowest since April 14. In the national capital, gold of 99.9 and 99.5 per cent purity dropped by Rs 200 each to Rs 27,000 and Rs 26,850 per 10 grams, respectively. It had gained Rs 100 yesterday. The Sovereign, however, remained flat at Rs 23,700 per piece of eight grams in restricted buying. In line with gold, silver ready also declined by Rs 350 to Rs 36,250 per kg and weekly based delivery by Rs 245 to Rs 35,940 per kg. Silver coins, however, continued to trade at previous levels of Rs 55,000 for buying and Rs 56,000 for selling of 100 pieces
Base Metals & Energy
D A I L Y B U Z Z
NATURAL GAS
Natural Gas futures ended higher in the domestic and overseas market on Wednesday as investors and speculators booked fresh positions in the energy commodity as traders eyed the weekly EIA storage numbers set for release on Thursday to gauge the strength of demand for the fuel in the world’s biggest fuel consumer, the US. Analysts expect an 80 billion cubic feet build in US stockpilesin the week ended April 17, 2015, which will be well above the 45 billion cubic feet uptick witnessed in the same period a year ago, and topping the fiveyear average gain of 46 billion cubic feet.
At the MCX, Natural Gas futures for April 2015 contract closed at Rs 164.1 per 1 kg, up by 1.11 per cent after opening at Rs 161.7, against the previous closing price of Rs 162.3. It touched the intraday high of Rs 165.4 till the closing.
CRUDE OIL
Crude oil prices fell by 0.03 per cent on Thursday at the domestic markets after industry data showed a build in US crude inventories for the 15th straight week, adding to concerns of a global supply glut. US crude inventories climbed for the fifteenth week on the trot, up 5.3 million barrels to a new high of 489 million barrels in the week ended April 17, 2015, more than double analysts’ estimates of a 2.6 million barrels rise. Cushing supplies rose by 738,000 barrels last week while refineries operated at 91.2 per cent of capacity, down 1.1 percentage points from the previous week, signaling weak fuel demand in the world’s biggest oil consumer.At the MCX, crude oil futures for May 2015 contract were trading at Rs. 3,567 per barrel, down by 0.03 per cent, after opening at Rs. 3,561 against the previous closing price of Rs. 3,568. It touched the intraday low of Rs. 3,557 tillthe trading. (At 11.57 AM).
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