Precious Metals
DAILY BUZZ
Gold prices fell by Rs 110 to Rs 31,040 per ten grams in the national capital today on profit- selling by stockists at existing higher levels amid a weak global trend.
However, silver gained for the third straight day by adding Rs 60 to Rs 45,060 per kg on increased offtake by industrial units and coin makers.
Traders said profit-selling by stockists at existing higher levels amid a weak global trend as congressional negotiators reached a US budget agreement, curbing the appeal of the metal as a safe haven, mainly influenced gold prices.
Gold in New York, which normally sets price trend on the domestic front, fell by 0.3 per cent to USD 1,257.20 an ounce last night.
On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 110 each to Rs 31,040 and Rs 30,840 per ten grams, respectively. It had gained Rs 425 yesterday. Sovereign held steady at Rs 25,300 per piece of eight gram. On the other hand, silver ready rose by Rs 60 to Rs 45,060 per kg and weekly-based delivery by similar margin to Rs 45,660 per kg. The white metal had gained Rs 1,530 in the previous two sessions.
Silver coins continued to be asked at last level of Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.
Base Metals & Energy
DAILY BUZZ
Nickel prices moved up by 0.65 per cent to Rs 872.30 per kg in futures trade today as speculators created fresh positions, supported by rising demand from alloy-makers in the spot market amid a firm global trend.
At the Multi Commodity Exchange, nickel for delivery in December rose by Rs 5.60, or 0.65 per cent, to Rs 872.30 per kg in a business turnover of 6,722 lots.
Similarly, the metal for delivery in January moved up by Rs 4.50, or 0.51 per cent, to Rs 879.50 per kg in 614 lots.
Analysts attributed the rise in nickel futures to a firm global trend as major smelters in Japan plan to seek alternative ore supplies amid mounting concerns over Indonesian shipments.
Meanwhile, nickel for delivery in three months gained one per cent to $14,175 a tonne on the London Metal Exchange
