Precious Metals
D A I L Y B U Z Z
GOLD
Gold futures were trading with modest gains in the domestic market on Wednesday even as traders continue to weigh the outlook for a maiden US interest rate hike since 2006.Fed Vice Chairman Stanley Fischer said that the FOMC will take into account global growth as it starts to ponder over the timing for monetary tightening in the world’s biggest economy which is showing signs of regaining steam after a poor Q1 when growth stood at a paltry 0.2 per cent.Being a hedge against inflation, Gold tends to benefit from ultra loose monetary policies. At the MCX, Gold futures for June 2015 contract is trading at Rs 26,921 per 10 gram, up by 0.11 per cent after opening at Rs 26,957, against the previous closing price of Rs 26,892. It touched the intra-day high of Rs 26,975. (At 11:44 AM).
Base Metals & Energy
D A I L Y B U Z Z
COPPER
Copper prices regained strength on Wednesday, one day after falling to a four week low as the US dollar paused following a rally on the back of expectations for a US rate hike later this year. The greenback surged on Tuesday after data showed that US business investment plans increased, consumer confidence improved and new home sales jumped. At the MCX, copper futures for June 2015 contract were trading aT Rs. 394.50 per 1 kg, up by 0.03 per cent, after opening at Rs. 395.40 against the previous closing price of Rs. 394.40. It touched the intraday high of Rs. 397 till the trading. (At 4.15 PM).
CRUDE OIL
Oil futures were trading with impressive gains in the domestic market on Wednesday as the sharp losses suffered by the energy commodity in the previous session when oil shed more than 2.7 per cent as a stronger dollar took heavy toll on sentiment, offered investors a good bargain buying opportunity in the fuel, at existing levels. Further, upbeat US economic data signaled that the world’s biggest economy has rebounded from a Q1 slump, lifting the demand outlook for the fuel. Bookings for capital goods excluding aircraft and defence rose in April, signaling a pickup in business investment, while consumer confidence rose in May and new home sales climbed more than expected in April and gains in home prices topped estimates in March. At the MCX, Crude oil futures, for the June 2015 contract, is trading at Rs 3,768 per barrel, up by 1.15 per cent,after opening at Rs 3,746, against the previous close price of Rs 3,725. It touched an intraday high of Rs 3,746. (At 11:34 AM).
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