Low demand pushes zinc and copper prices downhill
In the futures market, gold prices rose Rs 155 to Rs 47,155 per 10 gram on Thursday, as speculators opened new positions in response to strong spot demand. In the futures market, silver prices rose Rs 716 to Rs 70,335 per kg as traders increased their bets on strong spot demand.
On the back of a pick-up in spot demand, copper prices rose 0.53 percent to Rs 765.10 per kg. Zinc prices dropped 0.28 percent to Rs 231.80 per kg, as speculators reduced their exposure after taking negative cues from the spot market.
Nickel prices fell 0.42 per cent to Rs 1,327 per kg in the futures trade on Thursday after participants offloaded their positions amid weak demand in the spot market.
Gold contracts for June delivery rose Rs 155, or 0.33 percent, to Rs 47,155 per 10 gram in a business turnover of 10,252 lots on the Multi Commodity Exchange. Silver contracts for July delivery rose Rs 716, or 1.03 percent, to Rs 70,335 per kg in a business turnover of 9,229 lots, and copper contracts for May delivery rose Rs 4, or 0.53 percent, to Rs 765.10 per kg in a business turnover of 4,802 lots. In 2,366 lots, zinc contracts for May delivery fell 65 paise, or 0.28 percent, to Rs 231.80 per kg, while nickel contracts for May delivery fell Rs 5.60, or 0.42 percent, to Rs 1,327 per kg, with a company turnover of 1,801 lots.
Gold prices traded 0.46 per cent higher at $1,792.50 per ounce in New York while silver was trading 1.24 per cent higher at $26.85 per ounce.