Gold clung to small overnight gains on Wednesday

Gold clung to small overnight gains on Wednesday, but struggled to push away from a four-year low due to the strong dollar and outflows from the top gold exchange-traded fund. FUNDAMENTALS * Spot gold was firm at $1,167.39 an ounce by 0042 GMT, after snapping a four-day decline on Tuesday with a 0.3-percent rise. The metal on Friday fell to its lowest since 2010 at $1,161.25.

SILVER March contract was trading at Rs 35714 down Rs 486, or 1.34 percent. The SILVER rate touched an intraday high of Rs 36000 and an intraday low of Rs 35700. So far 184 contracts have been traded. SILVER prices have moved down Rs 10263, or 22.32 percent in the March series so far.

Jeera futures ended up after the recent decline in prices. The concerns over a decline in the acreage is likely to restrict the fall in prices. As well, export orders are likely to divert to India due to supply crunch from the two major exporting countries, Syria and Turkey.

Turmeric futures are likely to trade higher due to concern over production. As per market source,total production of turmeric in the current year is expected to be 35-37 lakh bags (1 bag=75 kg) against 52 lakh bags last year.

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