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Precious Metal Updates for 29 Sept 2016

Precious Metal Updates for 29 Sept 2016

Gold futures ended lower in the domestic market on Wednesday as desired for haven assets dulled in the wake of the first U.S. presidential debate. Gold & the dollar typically move inversely, & a higher dollar can diminish the appeal of the yellow metal priced in dollars.

At the MCX, gold futures for October 2016 contract ended at Rs 30,949/10 grams, downward by 0.09 %, after opening at Rs 30,980, against a last close of Rs 31,978. It touched the intra-day low of Rs 30,866.

Silver futures ended higher in the domestic market on Wednesday as speculators widened positions amid a firm trend in precious metals overseas.

Analysts said that speculative positions created by participants tracking a firm trend in global market for precious metals raised desired for the commodities including precious metals. This influenced silver prices at the futures trade.

At the MCX, silver futures for December 2016 contract ended at Rs 45,623/kg, upward by 0.28 %, after opening at Rs 45,363, against a last close of Rs 45,494. It touched the intra-day maximum of Rs 45,700.

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