Gold prices higher as steady demand, with U.S. and Canada markets closed for Labor Day holiday.

Gold prices higher as steady demand, with U.S. and Canada markets closed for Labor Day holiday.

The prices of gold is trading higher in Asia on Monday after the manufacture data pointed to a steady demand and on potential new sanctions on Russia and the markets in the United States and Canada closed laying Labor Day holiday.

Gold December futures delivery traded at $1,287.70 a troy ounce, up 0.02% on the Comex division of the New York.

In China, the CFLP production PMI in August was placed in 51.1, just below the 51.2 exepected.

The final HSBC manufacturing PMI stood at 50.2, just below the 50.3 expected.

United States officials are working in close collaboration with the European Union to sustain its Russia sanctions programs aligned through time and gravity.

In the coming week, trading volume is likely to keep light on Monday, with the US markets closed laying Labor Day holiday. Investors will concentrate on the results of Thursday’s regular monthly meeting of ECB monetary policy and on Friday near viewed US nonfarm payroll report.

Though, gold retreated from intraday highs after data showed gross domestic product grew at a yearly rate of 4.2% in the second quarter from a preliminary estimate of 4% and recovering from a first quarter contraction .

The optimistic data of the United States also fueled worries that the recovery could lead to the deepening of the Federal Reserve to raise rates sooner. Higher interest rates would make gold a less attractive investment than earning assets such as Treasuries.

“Pressure on gold and silver in the international market. Gold prices remained constant pressure on the last 3 weeks. According to the CFTC last week Comex gold buying deals has declined. The prices of gold is dropped 2.6 percent from June, the front of the first quarterly loss this year, such as punctuation faster economic growth driven for the Federal Reserve to raise interest rates, reduce demand for a hedge against inflation.” said 100McxTips bullion analysts.

In the meantime, domestic market, MCX gold is trading down 0.25 per cent decline to Rs 27800.  while silver has come down to Rs 42,125.

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Posted in Commodity, MCX, Stocks Market

Gold futures up for third day on declining dollar; physical demand ahead Ukraine tensions

Gold futures up for third day on declining dollar; physical demand ahead Ukraine tensions

Gold futures prices rose for a third day on Thursday by the declining dollar and rising tensions between Ukraine and Russia, but the precious metal was under the stress of protests in equities and the worry that combating interest rates in the United States could enhance ahead of expected due to the strengthening of the economy.

Higher interest rates would obscure the allure of not accruing interests assets such as gold, which was struggling to crossing the key resistance of $ 1,300 an ounce. Gold prices were over $ 600 below a previous record in 2011.

Gold for immediate futures delivery rose 0.5 percent to $1,289.05 an ounce by 2:39 p.m. in Singapore.

At Comex, gold December futures delivery quoted at $ 1,283.80 a troy ounce, up 0.03%, after attaining overnight $ 1281.10 and a high of $ 1288.30 a minimum of the session.

Investors continued to keep a wary eye on the mounting tensions in Ukraine. Investors flocked to the euro after Mr. Schauble said recent comments made by ECB President Mario Draghi, which suggest fiscal policy might stimulate growth were “overinterpreted.”

Mr. Schauble’s comments came at the cost of the dollar, boosting gold before the two asset classes tend to trade conversely to each other.

Indian rupee on Thursday opened slightly higher against the US dollar tracking gains in the foreign exchange market in Asia and prior to publication of data from fiscal deficit.

Most of Asian currencies were traded higher. The Taiwan dollar was trading 0.2%, the Singapore dollar 0.14%, 0.13% Japanese yen, South Korean won 0.1%, the Thai baht and Philippine Peso 0.05% 0, 05%.

While recent drop in the prices of gold drove some jewelry shopping, physical distributors industry said the amount was little and some investors also addressed equities.

“Demand in India, especially silver, has speeded up due to the forthcoming festival season. General, demand has done well in the past two days, but things are calmer today,” said 100McxTips.

In the morning trade session, at MCX gold futures price is trading above Rs 27900.

For latest commodity market tips, MCX tips, news & updates  with 100McxTips Commodity Trading Advisory, follow us on Twitter and Like on Facebook.  And to contact the reporter on this story email at support@100mcxtips.com or Call: +91-761-4012307

Posted in Commodity, MCX

Gold rose 1% most in almost three weeks ahead of Russia-Ukraine talks

Gold rose 1% most in almost three weeks ahead of Russia-Ukraine talks

Gold rose more than 1% on Tuesday in US comex speculation on the price of nearly two-month animate physical buying as investors weigh the tension in Ukraine and the Middle East.

Russian President Vladimir Putin will meet with his Ukrainian counterpart Petro Poroshenko as tensions erupt in the frontier of the two countries.

The leaders attend the talks today with the representatives of the European Union in Minsk, Belarus, during a summit of the Customs Union, a trading block led by Russia. No independently bilateral meeting is still planned among them the Russian Foreign Minister, Sergei Lavrov, said yesterday.

Comex Gold December futures rose 0.99%, or $ 12.60, to trade at $ 1291.50 a troy ounce during early European morning hours. Futures traded on an range between $ 1276.20 and $ 1291.70 an ounce. Prices rose as much as 1.1%, the biggest intraday gain since Aug. 6.

Bullion dropped to a two-month high of $ 1,273.14 an ounce on Aug. 21, on expectations that the Federal Reserve may raise rates before than expected. Fed President Janet Yellen given to understand in an address at Jackson Hole, Wyoming the following that of timeline for increases in the rates day could come forward, with US policymakers and peel back the asset purchases.

In the meantime, at MCX Gold prices advanced on Tuesday. MCX Gold December contract was trading at Rs 27960 up Rs 100, or 0.36 percent.

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Posted in Commodity, MCX

Gold decline two-month low on Fed reserve rates outlook

Gold decline two-month low on Fed reserve rates outlook

Gold and silver still continues to decline. Gold prices in the international market at the lower level of the last 2 months. And investors evaluated whether the US economy is sufficiently strong for the Fed reserve to raise rates.

Fed President Janet Yellen said on 22 August that policymakers need the reassurance that the American economy is on a solid base prior to increasing interest rates and the debate is moving towards reduce extraordinary accommodation when . On speculation that the Fed decrease the stimulus as the economy recovered spurred a 28 percent drop in gold last year. While borrowing costs have been near zero since December 2008, the Fed has cut per month buying bonds at each of the last six meetings.

Gold for December futures delivery traded at $1,279.30 an ounce on the Comex from $1,280.20 on Aug. 22. Spot Gold lost as much as 0.5 percent to $1,274.45 an ounce, and traded at $1,278.27 in Singapore.

“At MCX gold is 0.2 per cent decline to Rs 27,760.  Silver is trading below Rs 42000. Indeed, interest rates in the United States is likely to grow next year. The dollar is bouncing at 11-month high.” 100McxTips said.

“At MCX silver is trading below Rs 42000. Silver for spot market fell as much as 0.7 percent to $ 19.30 an ounce, the lowest since June 12, before trading little changed at $ 19.4136 ” they added.

For latest commodity market tips, MCX tips, news & updates  with 100McxTips Commodity Trading Advisory, follow us on Twitter and Like on Facebook.  And to contact the reporter on this story email at support@100mcxtips.com or Call: +91-761-4012307

Posted in Commodity, MCX

Gold futures gain above a two-month low ahead of Yellen speech

Gold futures gain above a two-month low ahead of Yellen speech

Gold futures value gained on Friday, moving away from two-month lows as the markets were nervous ahead of a highly anticipated speech by U.S. Federal Reserve Chairwoman Janet Yellen and European Central Bank President Mario Draghi at the Jackson Hole Economic Policy Symposium later Friday.

On the U.S. Comex division Gold for December delivery rose 0.4 percent to $1,280 an ounce.

Gold for immediate delivery rose as much as 0.3 percent to $1,281.07 an ounce, and traded at $1,280.12 in Singapore.

100McxTips analysts expect the lady Yellen to calm the markets that interest rates will stay low for quite some time, despite Fed minutes demonstrated earlier this week that officials had argued a walk before.

Gold at 2 week lows on Thursday as minutes of the Fed Reserve last meeting signaled that policy makers may increase borrowing costs earlier than expected.

Now investors looked ahead to the second day of the annual meeting of the Federal Reserve’s major central bankers and economists in Jackson Hole, Wyoming.

Bullion has fallen 1.9 percent this week, while the dollar climbed to an 11-month low versus the euro on signs that the US is recovering, while Europe’s economy falters. Data from this month showed that home sales rose and construction speeded up while growth in the euro zone stalled at the second quarter.

“Gold’s early edge has now been reduced. The international market has dropped to its lowest in the last 2 months. Gold has tumbled nearly 2 percent this week, the biggest weekly decline since May. In America, unemployment decreases and, on the upper level of home sales over the past 10 months, reaching clear indications of recovery in the US economy. So, before expecting there is increased likelihood of a rate cut. 7:30 pm IST today’s speech in Jackson Hole Fed chairman is going to have to look at which world markets.” 100McxTips analysts said.

At MCX Gold October futures contract was trading up at Rs 27,838 or 0.30 percent in early morning trade.

 

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Posted in Commodity, MCX

Gold at 2-week lows in the international market on Fed Minutes

Gold at 2-week lows in the international market on Fed Minutes

With declining in the international market, gold is trading at 2-week lows. Gold extended losses to a fifth session on Thursday  as minutes of the Fed Reserve last meeting signaled that policy makers may increase borrowing costs earlier than expected.

Spot gold was hit a record low two-week high of $ 1284.80 an ounce and traded down 0.5 percent on the day at $ 1285.81.

Gold for December delivery dropped as much as 0.8 percent to $1,285.20 an ounce on comex.

Gold was pushed lower by the Fed minutes, and a tendency over the short term looks weak since the prices extend declines, “said 100McxTips. Gold is under pressure due to the strong dollar also.

Dollar traded at 11-month highs against a basket of major currencies by the slightly aggressive tone in the minutes of the central bank of the United States.

Data on Thursday in the United States the weekly unemployment claims and the euro zone manufacturing data from the United States should be the coming gold triggers, and markets are also awaiting reviews from Fed Chairman, Janet Yellen, in a meeting of central bankers in Jackson Hole ‘on Friday.

Investors worried that strong data may lead the Fed to hike rates soon. Highest interest rates would dull the appeal of not accruing interests assets such as gold.

Holdings in the SPDR Gold Trust expanded yesterday for a third day, the longest stretch of increases since February.

For latest commodity market tips, MCX tips, news & updates  with 100McxTips Commodity Trading Advisory, follow us on Twitter and Like on Facebook.  And to contact the reporter on this story email at support@100mcxtips.com or Call: +91-761-4012307

Posted in Commodity, MCX

Gold prices below $1,300 in Asia trade ahead of Fed minutes release

Gold prices below $1,300 in Asia trade ahead of Fed minutes release

Future prices of gold held below $ 1,300 an ounce after withdrawing for three days on Wednesday before the publication of recent minutes meeting of the Federal Reserve board and recent optimistic economic data from the U.S.

Gold for December futures delivery was at $1,296.40 an ounce on the Comex, after hitting an overnight intraday session low of $1,295.00 and off a high of $1,303.30.

“In recent days, gold has been giving lower back to the $ 1,300. Now that it has broken through that level, now has its eyes at the level of previous support at $ 1.290.” 100McxTips said.

During the night the prices of gold futures fell on Tuesday after upbeat U.S. housing and consumer inflation laid the foundation expectations that the Federal Reserve chip away at its ultra-loose monetary policy which have supported the precious metal for years.

The Federal Reserve releases minutes today of its July 29-30 meeting, when it cut asset purchases for a sixth time, after data yesterday showed home construction rebounded and the cost of living rose at a slower pace.

Gold futures immediate delivery was at $1,295.49 an ounce in Singapore from $1,295.73 yesterday, when the metal capped the three-session, 1.4 percent decline, according to Bloomberg generic pricing.

Holdings in the SPDR Gold Trust posted the first back-to-back gain yesterday since the two days to July 23.

At MCX Gold December futures contract was trading at Rs 28285 down Rs 14, or 0.05 percent in early morning trade. Gold touched an intraday session high of Rs 28329 and an intraday session low of Rs 28275.

 

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Posted in Commodity, MCX
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