Gold Sheds Rs 73 on Demand Slump
Silver climbs Rs 499 a kilogram. Aluminium, copper, zinc futures surge
Gold prices fell by Rs 73 to Rs 47,020 per 10 gram in futures trade, on Thursday, as speculators reduced their positions amid low demand. Analysts attributed the fall in gold prices to the trimming of positions by participants.
Silver futures prices rose Rs 499 to Rs 69,542 per kg, as traders increased their bets on strong spot demand. According to analysts, the increase in silver prices was primarily attributed to new positions taken by participants on the back of a positive domestic trend.
Aluminium prices rose 0.54 per cent to Rs 195.75 per kg as speculators built up fresh positions amid a positive trend in the spot market. The creation of fresh positions by traders, on-demand from consumer industries, supported aluminium prices in the futures market.
Nickel prices fell 0.11 per cent to Rs 1,306.50 per kg in futures trade after participants offloaded their positions in the spot market due to subdued demand.
Zinc futures gain on spot demand as prices rose by 0.09 per cent to Rs 234.85 per kg, tracking a firm trend in physical markets on the back of a pick-up in spot demand. Marketmen said widening of positions by participants, following a pick-up in demand from consuming industries, kept zinc prices higher.
Copper prices traded up 0.53 per cent at Rs 765.60 per kg in the futures market due to the raising of bets by participants, driven by pick-up in spot demand.
Gold contracts for June delivery, fell Rs 73, or 0.16 percent, to Rs 47,020 per 10 gm in a market turnover of 10,290 lots on the Multi Commodity Exchange, while silver contracts for May delivery rose Rs 499, or 0.72 percent, to Rs 69,542 per kg in 7,193 lots. Zinc contracts for May traded higher by 20 paise, or 0.09 per cent, to Rs 234.85 per kg with a business turnover of 2,477 lots. Nickel contracts traded lower by Rs 1.50, or 0.11 per cent, to Rs 1,306.50 per kg with a business turnover of 1,741 lots. In a business turnover of 2,085 lots, aluminium contracts gained Rs 1.05, or 0.54 percent, to Rs 195.75 per kg. Copper contracts for delivery in May traded higher by Rs 4, or 0.53 per cent, at Rs 765.60 per kg in a business turnover of 4,299 lots.
Globally, gold was trading 0.22 per cent higher at $1,778.80 an ounce in while silver was trading 0.27 per cent higher at $26.39 per ounce in New York.