Gold steadied above $1,300 after ECB expanded stimulus

Gold steadied above $1,300 after ECB expanded stimulus

The ECB bold stroke also fed to risk appetite, with Asian stock markets lying at a rally in global equities. Image Source: http://bit.ly/1yLTtvo

Gold futures prices steadied above $ 1,300 a tonne on Friday, near its highest level in five months, after the ECB’s initiated a multi-billion bond-buying programme to revitalize the euro zone economy. Ahead of the third week of gains as traders weighed the outlook for U.S. interest rates

Gold rallied 9.3 percent this year as stagnant economies defied policymakers to find better ways to prop up growth. The ECB president Mario Draghi committed to buy € 60 billion each month until September of next year in an effort to place more cash in traffic and reviving inflation.

The ECB bold stroke also fed to risk appetite, with Asian stock markets lying at a rally in global equities.

100 Mcx Tips Experts says, “Asian stocks together with India are listed on the rise as sentiment in global markets turned bullish after the European Central Bank announced it will buy bonds worth 60 million euros a month to encourage sagging economy.”

US gold February delivery was remained stable at $ 1300.40 an ounce. Silver for immediate delivery fell 0.1 percent to $ 18.3097 an ounce.

Spot gold has climbed nearly 10% so far this year, recovering from a small loss in 2014 was little changed at $1300.24 one ounce, after hitting a session high of $1302.50.

Rupee opened at 61.45 per dollar and touched a high of 61.37. And all major Asian currencies were trading higher against the dollar after ECB expanded stimulus.

Gold futures prices fell, at the Multi Commodity Exchange, for delivery in far-month April by Rs 56, or 0.20%, to Rs 28,109 per 10 gram. Traders offloaded their positions largely with a weak trend overseas amidst fall in demand from jewellers at domestic markets.

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Gold remains above $1,300 on ECB stimulus hopes, mixed U.S. housing data

Gold remains above $1,300 on ECB stimulus hopes, mixed U.S. housing data

Global financial markets have been nervous and close eyed on the meeting of ECB monetary policy on Thursday, when the bank widely expected to publicize a program of quantitative easing (QE) is likely to increase demand for bullion. Image Source: http://on.mktw.net/1xXAJDY

Gold remained above the $1,300 an ounce on Wednesday, amid concerns over the global economy and hopes of stimulus measures from the European Central Bank (ECB) fuelled safe-haven bids.

A report noted that the number of building permits issues in the United States unexpectedly fell in December, while new houses started auctioned estimates, painting a mixed picture of the housing sector in the United States.

Global financial markets have been nervous and close eyed on the meeting of ECB monetary policy on Thursday, when the bank widely expected to publicize a program of quantitative easing (QE) is likely to increase demand for bullion.

On the Comex, gold futures for February delivery touched a session high of $1,304.90 a troy ounce. Spot gold also touched a session high of $1,303.20, its loftiest level since Aug. 18.

Gold futures prices rose on MCX trade today ahead of a firming trend overseas. At the Multi Commodity Exchange (MCX), gold for delivery in far-month April gained Rs 90, or 0.28 per cent, to trade at Rs 28,277 per 10 grams.

In a report, the US Commerce Department said that the number of building permits issued last month declined by 1.9% to 1.032 million units a total of 1.052 million November.

Analysts were expecting the building permits up 1.3% to 1.055 million units in December.

Holdings of SPDR Gold Trust, rose 1.55 percent to 742.24 tonnes on Tuesday.

However some in the market cautioned that gold could see profit taking on these levels, as has been sharply risen, gaining nearly 10 percent this month, after two consecutive annual falls.

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Gold rallies to highest near 4-month on worries over global economy

Gold rallies to highest near 4-month on worries over global economy

The global uncertainties have seen investors piling on to gold. Holdings in SPDR Gold Trust, climbed 13.7 tonnes to 730.89 tonnes on Friday, its biggest one-day inflow in nearly 3-1/2 years. Image Source: http://cnb.cx/1ztqWMr

Gold rallies nearly 4 months highest on Tuesday as investors were awaiting policy meeting of the European Central Bank on Thursday that could see the submission of a stimulus package of bond buying.

Bullion, propped up by safe-haven bids in market volatility supplied by uncertainty over the economy and global growth concerns in Europe.

On the Comex New York, gold futures for February delivery hit a session high of $1,294.30 a troy ounce. A day earlier, gold futures dropped $1.30, or 0.1%, to trade at $1,275.60 a troy ounce.

Spot gold remained stable at $ 1277.16 an ounce, after weakening 0.2 percent on Monday.

The metal had jumped to a maximum of $ 1281.50 September Friday following an extensive market landslide driven by sudden movement of Switzerland gave a cap on the franc.

The euro was pressurized amid growing expectations that the ECB will board a program of quantitative easing up on Thursday in a bid to avert the threat of deflation in the euro zone.

The Sunday’s elections in Greece, where the anti-bailout Syriza party still in lead in the polls, has also added to market jitters.

The global uncertainties have seen investors piling on to gold. Holdings in SPDR Gold Trust, climbed 13.7 tonnes to 730.89 tonnes on Friday, its biggest one-day inflow in nearly 3-1/2 years.

At the Indian domestic markte gold futures traded higher taking positive cues from global markets. At the Multi Commodity Exchange, gold for delivery in February was up by Rs 98, or 0.36%, to Rs 27,798 per 10 grams.

Asian equities were higher after the Chinese data, while the dollar ticked up on weakness in the euro, keeping bullion’s gains in check.

Rising for the fourth straight session, India’s equity markets closed at record highs. FIIs have accelerated their purchases in the Indian debt market on account of easing inflation and the expectation of further rate cuts by the Reserve Bank of India (RBI).

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Gold futures trades near 4-month high before ECB meeting

Gold fitires trades near 4-month high before ECB meeting

On Friday, gold hit $1,282.40, the most since September 2. And holdings in SPDR Gold Trust, climbed 1.92 per cent to 730.89 tonnes. Image Source: http://bit.ly/15k35T1

Gold futures traded near a four-month high on Monday, before ECB policy makers meet to discuss introducing new stimulus on Thursday’s meeting, amid speculation it will launch a government bond-buying program.

And some uncertainty on global markets pushed investors to the metal as a safe haven, with interests in the top bullion fund recording their biggest jump in nearly five years.

On the Comex New York, gold February futures dropped $1.30, or 0.1%, to trade at $1,275.60 a troy ounce.

Spot Gold rose and fell at least 0.2 percent, and traded 0.4 percent lower at $1,275.09 an ounce in Singapore.

On Friday, gold hit $1,282.40, the most since September 2. And holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, climbed 1.92 per cent to 730.89 tonnes.

The liquidity was set to be thin on Monday with US markets closed for a holiday.

However trading volatility will likely increase through the week with key data and central bank policy meets the schedule.

The most expected will be the policy meeting of the European Central Bank, January 22, when investors believe that it will launch a program to buy government bonds on a large scale.

The euro was close to recent lows against the USD and yen on Monday as investors waited to see if the European Central Bank would embark on a program of quantitative easing up on Thursday.

Market participants looked forward to a set of Chinese economic data due on Tuesday for more indication of the economic strength and the future trajectory of monetary policy.

The Asian country will release data on fourth quarter gross inner product, as well as reports industrial production activities, retail sales and fixed assets investment for December.

By taking positive cues from the global market, gold prices rose at the Multi Commodity Exchange in futures trade today as speculators enlarged positions. On MCX, gold for delivery in far-month April contracts was up by Rs 101, or 0.36%, to Rs 27,818 per 10 grams.

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Gold futures slides lower but post biggest weekly gain in 10 months on risk aversion

Gold futures slides lower but post biggest weekly gain in 10 months on risk aversion

Volatility in global markets on Thursday as the Swiss central bank’s surprise move to abandon the franc’s cap against the euro, prompted investors to channel money towards gold. Image Source: http://bit.ly/14JfoGY

Prices of gold futures slid down on a US dollar modestly higher on Friday, but adapted to post its best week in 10 months such as publishing mixed US economic data continued to provide support the precious metal. And investors sought the safety there volatility in equity markets and foreign exchange after Switzerland unexpectedly dropped a cap on the franc.

On the Comex, New York, gold February futures delivery were down 0.57% to $1,257.60. Spot gold was down 0.2 percent at $1,259.27 an ounce.

The February contract ended Thursday’s session a four-month high of $1,266.11 after the Swiss National Bank’s move.

Volatility in global markets on Thursday as the Swiss central bank’s surprise move to abandon the franc’s cap against the euro, prompted investors to channel money towards gold, often seen as an alternative investment to riskier assets.

Gold has been benefiting from years for increased the central bank liquidity because of the 2008 financial crisis, but more monetary stimulus from the euro zone could give rise to a stronger US dollar, in turn, weighing on prices gold.

The demand for precious metals will recuperate on 2015 after two consecutive annual declines as intake in Asia advancing and the investors return to ETPs bullion, according to HSBC Securities (USA) Inc.

Assets in the SPDR Gold Trust, rose 1.4 percent to 717.15 metric tons on Jan. 15, the biggest jump since August 2011.

“The Swiss National Bank over the last 3 years euro-franc border, as gld rallied strongly yesterday and went on the upper level of the last 4 months. Today gold is pressure from the upper level. But in the last 11 months in gold this week’s biggest weekly gains. The price of gold has jumped about 3.5 percent this week. MCX gold moment in the domestic market get pressure, with the weakness of 0.2 per cent, gold is trading at Rs 27,430.” said 100 Mcx Tips.

Interest rates in India have begun to shrink. The rupee has strengthened further in the domestic market, What do you expect gold move?

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Gold trades below 12-week, commodities prices plunge as global sell-off

Gold trades below 12-week, commodities prices plunge as global sell-off

Metal remained below a 12-week high as a recent wave of selling on commodities. Oil prices and copper at lower of 5 1/2 years.. Image Source: http://bit.ly/1u5St5d

Gold traded below the highest level in 12 weeks on Thursday as Asian stocks recovered from earlier losses, but the metal stayed below a 12-week high as investors gauged the impact of plunging commodities prices on global growth and inflation against the outlook for U.S. interest rates.

Metal remained below a 12-week high as a recent wave of selling on commodities. Oil prices and copper at lower of 5 1/2 years threaten to push inflation even further below the 2 percent target the Fed and spurring speculation that the central bank can hold to raise rates.

Spot gold had steadied at $1,230.65 an ounce in Singapore. The metal on Wednesday jumped to its highest since Oct. 23 at $1,244, before paring gains to close flat.

Gold February futures delivery drop 0.3 percent to $1,230.60 an ounce on the Comex in New York.

The prices of gold have increased 4 percent so far this month, following two consecutive years of falls, but the outlook for the year remains clouded.

UBS lowered its gold price forecast for the year to $1,190 from $1,200, saying it had underestimated the downside risks earlier.

Asian stock markets trimmed prior losses and rose on Thursday after a rebound in oil prices brought a semblance of calm, but global growth concerns continued after weak retail sales data in the United States concerns about the fall of copper compound price.

The rupee soared by 46 paise to trade at a fresh one-month high of 61.72 against the dollar in early trade after the RBI cut interest rates by 25 basis points to 7.75 per cent. Besides the RBI rate cut,  encouraging quarterly earnings by some blue-chip companies, BSE Sensex zooms over 600 points.

Meanwhile, gold prices decline have soared in domestic market. MCX gold price has come down by 1.5 per cent to Rs 27,000. While silver is trading with around 1.5 per cent decline.

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Gold futures prices climbs to 1-month High on weaker dollar, Fed outlook

Gold futures prices climbs to 1-month High on weaker dollar, Fed outlook

The data added to speculation that the Federal Reserve would be patient in raising interest rates, which could help sparked safe-haven bids for gold. Image Source: http://bloom.bg/1DzN60T

Gold futures prices rose on Monday to a 1-month high because of weakness in the dollar on speculation that the Federal Reserve will go slow in raising interest rates, which boosting demand for the precious metal.

The Bloomberg dollar spot index fallen to second consecutive day, extending losses of a record close on January 8, after data on January 9 showed that US employers added 252,000 jobs last month.l and average hourly earnings for all employees in the US fell in December by as much since comparable records began in 2006.

The data added to speculation that the Federal Reserve would be patient in raising interest rates, which could help sparked safe-haven bids for gold.

Gold for February futures delivery gained as much as 1 percent to $1,228.20 an ounce on the Comex in New York. Spot gold was rise to $1228.20 an ounce, its highest level from December 11, and was trading 0.3 percent to $1226.76 at 0329 GMT. The metal gained 1 percent on Friday, snapping a three-week decline.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.42 per cent to 707.82 tonnes on Friday.

Furthermore, hedge funds and money managers elevated their net long positions in gold and silver in futures and options for the week ended January 6, US data Commodity Futures Trading Commission released on Friday.

Bullion was also receiving some support from the Asian physical market, as China stocking up for the Lunar New Year holiday in February.

Indian rupee opened at 62.13 against the dollar and touched a high of 62.10—a last level seen on 10 December. Strong local equity markets and increased markets of Asian currencies also boosted sentiment.

Increased strongly rupee against the dollar, ahead of gold price rose in domestic marketplace today. MCX gold is surged 0.5 percent and trading around Rs 26,945.

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