Gold prices firm up amid rising Iran-Israel tensions
Gold futures, maturing on June 5, 2024, stood at Rs 72,813 per 10 grams on the MCX, up Rs 536 or 0.74 per cent from the previous day’s close of Rs 72,277.
The rate of silver on Sunday morning was trading 1.80 per cent up at Rs 57,670 per kilo against its closing price in the last session, according to MCXindia.com.
The rate of copper was at Rs 653 per kg, an increase of 0.96 per cent, from its last trading price. Experts say that the lockdown in China, the world’s top consumer of copper, in the wake of a rise in Covid-19 cases, has weakened the demand for the metal. Due to Dhanteras, silver prices across the country are strengthening. Copper prices are mostly influenced by global prices however, copper is also trading in the green territory on Sunday morning.
Aluminum was trading in the negative territory, a decline of 0.28 per cent at Rs 197/kg.
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Lead was trading 5.90 per cent down on MCXIndia.com at Rs 178.20 per kilogram whereas zinc rates for 1 kilogram were down 0.86 per cent to Rs 270.80 on Sunday morning.
On Friday, London copper slid as fears over another interest rate hike by the US Federal Reserve in November offset a solid demand outlook, Reuters said.
Three-month copper on the London Metal Exchange was down 0.8 per cent to USD 7,503.50 a tonne by 0458 GMT, reversing gains from Thursday, reported Reuters.
According to Reuters, South American zinc and copper producer Nexa Resources expected tight supplies of zinc metals globally due to smelter closures in Europe as energy prices skyrocket, a situation that is boosting overall price premiums.
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