GOLD
Gold
futures fell in the domestic market on Friday as investors and
speculators exited positions in the precious metal tracking a weak
trend in the overseas market as faster than expected US economic
growth last quarter vindicated the US Federal Reserve’s decision to
end bond buying while dampening safe haven demand for the bullion,
and denting bullion’s appeal as an inflation hedge. The US economy
grew by an annualized 3.5 per cent in the July-September 2014
quarter, beating estimates of a 3 per cent gain. Holdings in the SPDR
Gold Trust, the biggest bullion-backed exchange traded product fell
to a six year low, signaling weak investment demand for the precious
metal. Gold futures for December 2014 contract, at MCX, is trading at
Rs. 26,345 per 10 grams, down by 0.97 per cent, after opening at Rs.
26,563, against the previous closing price of Rs 26,603. It touched
an intra-day low of Rs 26,335. (At 11:36 AM).
SILVER
Silver prices hit a four-year low on
Friday morning following losses in the world market. At 0611 GMT, the
actively traded December contract on India's Multi Commodity Exchange
was down 1.83 per cent at Rs 35,903 per kilogram, after falling to Rs
35,866 earlier in the day, the lowest level since October 29, 2010.
In the overseas market, silver tumbled to
its lowest since early 2010, as strong US economic data and fears of
an early rate hike curbed the metal's appeal.
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