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Precious Metales Updates for 2 Sept 2016

Precious Metales Updates for 2 Sept 2016

Gold futures ended higher in the domestic market on Thursday as the dollar fell on unexpectedly weak U.S. manufacturing data that raised doubts about the economy’s strength. Investors, however, are now focused on the release on Friday of the U.S. nonfarm payrolls report for August to see whether it will put the Federal Reserve on track to raise interest rates later this year. Gold is highly sensitive to rising U.S. interest rates, which increase the opportunity cost of holding the non-yielding asset.

At the MCX, Gold futures for October 2016 contract ended at Rs 30,780, per 10 gram, upward by 0.18 % after opening at Rs 30,750, against the last closing price of Rs 30,724. It touched the intra-day high of Rs 30,869.

Silver futures ended higher in the domestic market on Thursday as speculators widened their bets amid a strong trend overseas. Market analysts said speculative position built upward by participants, driven by firm global trend, mainly attributed to the rise in silver prices at futures trade.

At the MCX, Silver futures for September 2016 contract ended at Rs 44,430, per 1 kg, upward by 1 % after opening at Rs 44,179, against the last closing price of Rs 43,988. It touched the intra-day high of Rs 44,595.

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