Gold firmed on Friday, extending gains from the previous session as lacklustre U.S. data bolstered hopes that the Federal Reserve's monetary stimulus would stay in place, though prices were headed for a second straight weekly drop.
Premium in gold traded in the Shanghai market over prices in global market stood at nearly $20 an ounce, compared with lower single-digit premiums at the end of 2012, indicating strong buying from China, the world's second-largest gold consumer, he added.
Spot gold rose nearly half a per cent to $1,582.54 an ounce by 0335 GMT, on course for a 1.6 per cent weekly decline, its second week in the red. U.S. gold inched up 0.3 per cent to $1,582.60. Technical analysis suggested spot gold may consolidate in the range of $1,554.49-$1,585 over the next few sessions, as indicated by its wave pattern and a Fibonacci retracement analysis. Chen expected gold to drop to as low as $1,500 an ounce by mid-year.
In limited deals, nickel prices rose by Rs 2 per kg on the local non-ferrous metal market today on some industrial demand. Traders said some industrial and a firming trend in overseas market mainly led to rise in nickel prices.
Meanwhile, nickel gained 2.1 per cent to USD 16,974 a tonne on the London Metal Exchange. In the national capital,nickel (4x4) rose by Rs 2 Rs 1072-1075 per kg.
The following are metal rates per kg: Zinc ingot 119-125, nickel plate (4x4) 1,072-1,075, gun metal scrap 227, bell metal scrap 229, copper mixed scrap 443, chadri deshi 285.
Lead ingot 143, lead imported 141, aluminium ingots 138, sheet cutting 139, aluminium wire scrap 142 and aluminium utensils scrap 138.
Posts
