Zinc futures rally on upbeat US economic outlook 01/07/2014

Zinc futures rally on upbeat US economic outlook
01/07/2014 09:15
Zinc futures closed higher in the domestic market on Monday as investors and speculators booked fresh positions in the industrial metal amid firm physical demand for zinc in the domestic spot market. Sentiment was also lifted after Federal Reserve Bank of San Francisco President John Williams signaled optimism over the recovery in the world’s biggest economy, lifting the demand outlook for industrial metals. Williams expects the US economy to grow more than 3 per cent for the remainder of the year despite a shock contraction in Q1 when bad weather played spoilsport. At the MCX, Zinc futures for June 2014 contract closed at Rs. 132.45 per 1 kg, up by 0.80 per cent, after opening at Rs. 131.70, against the previous closing price of Rs. 131.40. It touched an intra-day high of Rs 132.50.

Gold futures dip on improving US economic outlook 27/06/2014

Gold futures dip on improving US economic outlook
27/06/2014 09:00
Gold futures ended lower in the domestic market on Thursday as investors and speculators exited positions in the precious metal as an improving outlook for the world’s biggest economy dampened the safe haven appeal of the yellow metal. A dip in the number of Americans’ filings for jobless claims last week and a revival in US consumer spending in May, signaled strength in the US economy, raising bets that the Federal Reserve may continue the rollback of its monthly bond buying program, dimming the appeal of gold, a hedge against the inflationary risk of monetary stimulus. Most Fed officials see the central bank to start hiking borrowing costs from next year, dimming the appeal of gold as a store of value. Federal Reserve Bank of St. Louis President James Bullard said that the US economy is strong enough to overcome any effect of a rise in short-term interest rates in 2015. Gold futures may fall today ahead of US consumer sentiment data which may show further improvement in the US economy. Gold futures for August 2014 contract, at MCX, closed at Rs. 27,667 per 10 grams, down by 0.30 per cent, after opening at Rs. 27,703, against the previous closing price of Rs 27,751 It touched an intra-day low of Rs 27,490.