Gold prices fall again under $1210 as dollar advances

Gold prices fall again under $1210 as dollar advances

Gold prices has started to fall again. Gold prices in the international market has touched below of $1210 which is the lowest level in nearly 9 months. It have had an impact on domestic businesses, and despite a weaker rupee MCX gold has come under pressure. Gold prices in the international market this month has fallen by about 5.5 per cent. While silver has tumbled nearly 8 per cent.

US gold futures fell to their lowest level since January, while a view to higher interest rates in the United States helped prop up the dollar, curbing demand for the metal as an alternative investment.

In the Comex Exchange Gold futures delivery in December quoted at $ 1,208.00 a troy ounce during American hours of the morning, down $ 10.80 from the closing price of $ 1,218.80 on Monday.  Comex gold futures hit a session low of $ 1,205.00 earlier, a level last seen in January 2.   Comex Silver futures for delivery in December dropped 2.6 percent to $17.115 an ounce. The metal fell 6 percent in September, the most since June 2013.

“Today, was the last trading day of September. This whole month has proven to be worse for commodity markets. Gold and silver declined by 5 to 8 per cent. The last 15 months gold has fallen this month. While silver continues a steady decline in the past three months.” said 100 Mcx Tips.

In the domestic market declined by 0.25 per cent on MCX gold is trading at Rs 26,843. While, with 0.9 per cent drop silver is seen at Rs 39,000.

US gold futures are under way for a fall of 9.2% in the three months that ended September 30, while silver prices are nearly 19% lower from late June, amid speculation of a strengthening economic recovery in the United States cause the Fed to raise rates sooner and faster than expected previously.

Meanwhile, Dollar Index has gained nearly 7.5% this quarter, the most since the global financial crisis of 2008.

A stronger US dollar is usually weighs on gold as it absorbs the metal’s appeal as an alternative asset and urges commodities denominated in US dollars for holders of other currencies.

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Gold prices push higher amid equities decline boosting demand for precious metal

Gold prices push higher amid equities decline boosting demand for precious metal

The prices of gold pushed higher on Monday, as stocks fell around the world, boosting safe-haven demand for the precious metal.

December gold futures delivery up 0.7 percent to $ 1223.70 an ounce on the Comex. The metal is down 5 percent this month and 7.4 percent in the third quarter, the first defeat this year.

The prices of gold have been boosted while pro-democracy demonstrators in Hong Kong battled with riot police, closing business territory center. Hong Kong shares fell nearly 2% overnight, while Asian equities were extensively lower.

Gold has traditionally been viewed as a safe haven investment in times of political instability.

Gold rises were kept in check by the ongoing strength of the dollar.

In the domestic market, gold has support from a weaker rupee. MCX Gold October futures price with 0.7 per cent rise is trading at Rs 26 980. The silver December futures at Rs 39 369 with a gain of 0.51 percent.

In the domestic market due to fall in rupee has increased purchases of gold and silver. Whereas at international market pressures on bullion. The dollar index continues to firmly. Such is the pressure in the internationally market.

Investors were seeking ahead of the economic data from the USA, with non-farm payrolls on Friday reported sharp focus after the report issued in August fell short of expectations.

The United States published data on personal income and expenditures later Monday, followed by a report on pending home sales.

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Gold-Silver decline ahead of rupee rebound as S&P revises India’s sovereign rating to stable from negative

Gold-Silver decline ahead of rupee rebound as S&P revises India’s sovereign rating to stable from negative

With increase India’s credit outlook, rupee movement has changed. Rupee against the dollar has become stronger now. Day trading has gone up to Rs 61.62 a dollar value that has come to Rs 61.10. About rupee is trading with a gain of 0.50 per cent.

“The S & P raised India’s credit rating from negative to stable​​. The domestic market has increased pressure on mcx commodity prices. Especially in gold and silver have begun to decline. Futures price of gold has again come down to Rs 27. December gold futures fell nearly 0.50 per cent. ” said 100 Mcx Tips.

MCX Gold October futures fell 0.3 per cent in the domestic market and is trading at Rs 26,860. MCX gold December futures declined by 0.5 per cent is trading at 26 940. The the move seems silver is flat and is trading at Rs 39,223.

The stock markets and currencies soared after the credit rating agency Standard and Poors (S & P) revised its outlook on India’s sovereign rating to stable from negative, although assigned the country rating remains unchanged.

“The upgraded political climate of India announced a more propitious for reform which provides a boost to the growth outlook and the potential for improved fiscal management environment,” the ratings agency said in a statement.

Indian Stock markets rose in response to the revision of perspective.

On Friday trade, Sensex closed higher by 0.60% or 157.96 points to 26,626.32 points, while overall 50-share Nifty Index of the National Stock Exchange gained 0.72%, or 57 points, to 7968.85.

In the intra-day trade Sensex fallen 0.94%, while the Nifty down 0.89%. The BSE metal index S & P was the overall winner up 2.49%. S & P Indices BSE Healthcare and BSE Bankex S & P rose 1.41% and 1.91%, respectively, followed by S & P BSE Realty Index which rose 2.27%. S & P BSE Capital Goods index rose by 1.56%.

“S & P rating outlook instead is a positive short term, reiterating what we were seeing over the past year, it is an improvement in macroeconomic fundamentals. Credit markets had already factorized this a little bit because spreads India were reduced to 150 percentage points from January, “said Ananth Narayan, financial markets head, south Asia, Standard Chartered.

IN global marketplace, Gold fell in Comex before U.S. GDP reports and inflation. Silver held gains. Gold Futures for December delivery dropped 0.2 percent to $1,219.70 an ounce on Comex. Silver gained 0.5 percent to $17.525 an ounce.

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Gold futures slid to 8-month low, Silver slumps to 4-year low

 Gold futures slid to 8-month low,  Silver slumps to 4-year low

Gold futures were fell to their lowest level since early January (8-month low), and silver to a four-year low on Monday owing to the speculation the Federal Reserve will begin its cycle of rate torque ahead of expected fueled selling of precious metals.

This quarter, gold has fallen 7.9 percent, while the US dollar gained 5.4 percent. Losses were limited since the dollar a break after hitting highs of four years versus a basket of currencies on Friday was taken, and European shares fell. However, a biggest weakness is on the cards such as gold tap toward its June 2013 low at $ 1.180, traders said.

U.S. Gold futures for December delivery were down $1.20 an ounce at $1,215.40.  Spot gold was down 0.1 per cent at $1,214.84 an ounce, having earlier touched a low of $1,208.36.

Silver futures for delivery in December declined 0.6 percent to $ 17.735 an ounce on the Comex. The price touched $ 17.325, the lowest since July 28, 2010 In the spot market, an ounce of purchased gold as many 69.67 ounces of silver, the most since June 2010.

“People want dollar rather gold, and gold will continue to in disgrace as people expect Fed rates increasing.” market player said.

“US gold futures traded with little change after dropping to the lowest level in eight months and silver spread drop the cheapest four years as a recovery of the dollar absorbs demand for precious metals such as alternative investments. Also on the domestic market Gold slipped nearly 0.5 per cent is trading below Rs 26,400, and 1 per cent decline in silver is trading at Rs 39,208.” said 100 Mcx Tips.

The hedge funds reduced bullish gold holdings for the fifth consecutive week, the longest run this year, as the stock rose and inflation kept quiet. Holdings in exchange-traded funds backed by the metal fell to a five-year, while the open futures and options interest approached the lowest rate since 2009.

The group of precious metals has seen sharp losses the last few days and US stocks rose historic highs and the dollar index hit a 4-year expectations the world‘s largest economy will start squeeze rates sooner than expected.

Highest interest rates increase the opportunity cost of keeping the gold pays do not. A drop in rates at record levels during the financial crisis was a key factor for sending gold prices to a record $ 1,920.30 an ounce in September 2011.

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After 5 days fall gold hold above eight month low before Fed meeting

After 5 days fall gold hold above eight month low before Fed meeting

After 5 days fall gold salvaged and traded above an eight-month low since investors evaluate economic health of the United States prior to the Federal Reserve begins a two-day meeting today. Comex gold is trading at $ 1238.

Spot gold for immediate delivery raised and lowered 0.1 percent to $ 1,234.45 an ounce in Singapore. The metal fallen to $ 1,225.67 yesterday, the lowest level of eight month since Jan. 9 The relative strength index of 14 days performed below the level of 30 for the fourth day, signaling prices may the verge of recover.

Gold for December delivery with a gain of 0.19 percent on COMEX is trading at 1237.50 dollars per ounce. Yesterday, prices fell to $1,226.30, the lowest since eight month January, before rebounding. Holdings in the SPDR Gold Trust, last week snapped two weeks of declines.

“Investors will be attentive to the FOMC closely at how economic data still mixed, as RSI points to an overbooked market, gold may see a slight rise. During the night, gold prices gained after mixed data from the United States were given room for investors to get hold of positions very well in commodity.” said 100 Mcx Tips.

The Fed be announced their last monetary policy statement on Wednesday, and expectations that the central bank of the United States to reduce its program to buy monthly bonus for $ 15 million from $ 25 billion dollar gave certain support to the Monday, which it dilutes the progress of the yellow metal.

In the morning trade session, at MCX gold October futures price is trading above with 0.38% gains at Rs 26999.

 

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Commodity roundup, weekly updates: 13 Sep, 2014

Commodity roundup, weekly updates: 13 Sep, 2014

Gold declined 2.8% this week

Gold continues decline. Pressure on fifth consecutive day yesterday with gold in the international market has closed at 8-month low. Comex gold has risen close to $ 1,200. In terms of the week gold has declined by almost 3 percent.

Since May of gold has declined so much in a week. Despite the weakness in the rupee in the domestic market gold remains under Rs 27,000. The strength of the dollar in international markets has kept the battered gold. The dollar index is composed at a height of 14 consecutive months. It does show a trend of constantly increasingly than 6 weeks.

 

Crude declined 1.2% this week

This week is not good for crude. Despite concerns of rising global crude oil offloading victim of supply. US good jobs data, crude was little support but could not stop the decline. Volatility too overpowering yesterday after crude oil declined by nearly one percent is closed under $ 93. Brent crude is deeper in the fall. It is still selling on 2-year lows. Price has been below $97.

In terms of the week Nymex crude has declined 1.2 per cent. However, with the boom in the MCX domestic market was closing above Rs 5,650.

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Traders assembled bearish bets as global gold prices decline but little profit for buyers

Traders assembled bearish bets as global gold prices decline but little profit for buyers

Globally Gold fell to a seven-month as speculation that borrowing costs will rise in the United States ahead of schedule fortified the dollar, eroding the demand for precious metals as an alternative investment.

But buyers on domestic market may be missing out the softening of gold metal prices in the international marketplace through a weaker rupee, but bettors are on the rise bearish bets on the metal on the Exchange of local raw materials to gain downward.

Futures contracts of gold and silver in the Multi Commodity Exchange (MCX) witnessed a sharp jump in the bearish bets as the yellow metal in the overseas market, the monitoring of local markets, to a maximum of nine months fell low fence and silver fell to under 15 months. But unlike in the overseas market, both gold and silver futures MCX traded beyond their minimum due to a weaker position of rupee versus dollar.

Dollar index cash up to a maximum of 14 months, as traders increased bets that the Fed upload the borrowing costs in July 2015 after holding near zero since 2008 gold plummeted 28 percent the year past expectations that the central bank will reduce monthly purchases of assets, which it has done six times.

However, spot gold overseas made a nine months and silver fell to a 15-month low on expectations of a stronger US dollar in intraday trading Thursday. But gold MCX at Rs 27,026 per 10 gm is trading 4.5 percent above its low of 6 June and 4.6 percent silver above its minimum on 5 May this year. This is due to high India gold import duty (10 percent) and a weaker position of rupee versus dollar. The rupee, which closed at 60.93 per dollar on Thursday, was higher at 59.18 on June 6, when the near-month gold futures contract made ​​its low for the year to date. On May 30, when the silver contract months near came to a year-to-date low, the rupee was at 59.10 per dollar.

A stronger US dollar and higher government bond yields have been a problem for gold all week, and remain a headwind in the future market. 100 MCX Tips Technically experts speaking, “if COMEX Gold breaks the $ 1,240 level then it may test the levels of $ 1,220 and $ 1,200 to the downside. If MCX October Gold futures at 27.100 level breaks then the movement may be seen that levels of 26,900 and 26,700.”

The bearish bets on gold, measured by open interest (OI) or outstanding buy and sell positions within the near month contract jumped out to 11,032 units from 10,439 on Thursday intraday contracts a day ago. The majority of these downward bets is because the OI has been lifted amid a decline of three-fifths in the contract price to Rs 27,026 per 10 gm.

A leap into OI accompanied by lower in average prices traders are betting prices will will go further down and being sold short the metal. If the lower price, they pocket the difference. Similarly, the silver contract witnessed an addition to OI of 1,446 to 12,183 units since yesterday as the price underwater by 1.3 per cent to Rs 41,420 per kg in intraday trading.

“We are downward on gold and silver, as an improbable shift in the geopolitical developments, the better sentiment of the overall investors have flocked to asset classes such as equities, which have surpassed commodities.” 100MCXTips experts says.

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