Gold & Silver

Gold gleams as rupee slips

| Updated on: Dec 03, 2012

Gold gained in the domestic market as the rupee dropped against the dollar. Investor holdings in exchange-traded products advanced to a record has also led to a rise in prices of the yellow metal. Gold for jewellery (99.5 purity) closed higher at Rs 31,400 while pure gold (99.9) ended up at Rs 31,540.

The oils and oilseeds market witnessed a mixed trend with palm oil closing on a negative note and soya oil inching up. 

Palm oil hit a 3-week low on expanding Indonesian stockpile while soya oil gained on revival in Chinese demand on account of festival season.

The benchmark February contract on the Bursa Malaysia Derivatives Exchange fell as much as 2.4 per cent to 2,313 ringgit ($760) a tonne. Soya oil for delivery in January gained 0.8 per cent to 50.16 cents a pound on the Chicago Board of Trade. Soyabeans for January delivery advanced 1.1 per cent to $14.545 a bushel.

Palm oil for May delivery rose 1.2 per cent to close at 6,840 yuan ($1,099) a tonne on the Dalian Commodity Exchange. Soya oil for the same month climbed 1.1 per cent to end at 8,684 yuan.

The rally in the grains complex seen last week is seemingly coming to an end with higher inflow in the spot market. Prospects of bumper rabi harvest may, however, cap gains. Globally, the grain counter witnessed a surge on account of drought shrivelling the crops in Black Sea region and Europe. In Chicago, the key December contract on CBOT was trading up 1.04 per cent at $8.53 a bushel at 0921 GMT.

US crude oil steadied near $89/barrel supported by supply worries stemming from tensions in the West Asia. US crude inched down 1 cent to $88.90 while Brent rose 7 cents to $111.30/barrel.

 

Published on December 03, 2012

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