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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Gold facilitates 3-month low as dollar holds near maximum

Gold facilitates 3-month low as dollar holds near maximum

Gold prices facilitated to three-month low the day before on Wednesday as as the US dollar index stayed close to their highest level in over a year, supported by expectations that the Federal Reserve may be configured to show an increase in interest rates.

“Gold rallied for the first time this week as diminishes for global equities revived the demand for an alternative asset. The assets of exchange-traded products supported in gold rose by 2.2 metric tonnes yesterday by snipping off a six-session slide. Bullion earlier touched a low of three months. Falling prices help to attract physical buyers.” said 100McxTips analysts.

In the US Comex, gold for December delivery rose 0.16%, or $ 2.00, to trade at $ 1,250.50 a troy ounce during US hours of the morning. Prices plunged to $ 1,247.70 earlier, a level not seen since June 6.

The US dollar has been trending higher operated from July, with support from talk of a possible rise in rates by the Fed. That might hurt gold, therefore the shot on the dollar, which has a price, and because it would raise the opportunity cost of keeping bullion yields no.

The dollar index remained highest about 14 months on Wednesday. The Indian rupee closed at 60.96 versus the dollar on Wednesday, down 0.57% from the previous close of 60.61. During the past week, most emerging market currencies have dropped against the dollar.

Holdings in the SPDR Gold Trust, the largest traded in bullion-backed exchange product, fell 1.2 percent to 785.72 tonnes last week, the most since May 2.

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.”

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Buying demand picked up as Gold futures hit 3-month lows

 

Buying demand picked up as Gold futures hit 3-month lows

Demand for gold in asian country picked up slightly this week before futures prices hit near a three-month lower on Friday, as the decision of the European Central Bank to cut interest rates and launch a securitization of assets program and purchase of covered bonds continued to dominate market sentiment. Lowe gold futures attracting bargain hunters, bullion dealers said on Friday.

Yellow metal reached its lowest level since mid-June to early Friday at $ 1256.90 an ounce, and remains on track to end the week lower at the rear of rising equities and signs of that the US economy is improving.

Spot gold was up 0.3 percent to $ 1264.30 an ounce at early morning trade in European market, while the US gold futures for December delivery fell $ 1.60 an ounce at $ 1,264.90.

Asian market gold sentiment:

Premiums in the major gold trading centers were slightly higher. On top buyer China hand, local prices were $ 4 to $ 5 per ounce higher than the global point of reference on Friday, compared with about $ 2 last week.

In Hong Kong, the premiums were about 80 cents to $ 1.20 an ounce, up from 70 cents to $ 1.10 last week. Premiums in Singapore were about $ 1.

“The current price level is good for physical purchase because prices fell off dramatically after a prolonged period of stability,” said a physical operator based in Hong Kong.

Markets were watching our next holiday weeks to see if it would buoy demand in China, the biggest importer of bullion. And Chinese markets will be closed on Monday for the Mid-Autumn Festival, while Hong Kong will be closed on Tuesday for the holiday.

“We may not see heavy purchases even on holidays, because the campaign against corruption in China is hurting sales,” said another trader.

Meanwhile, many in the market expressed optimism regarding the purchase from India in the foreseeable future with upcoming festivals of India and the wedding season which is expected to spur demand.

India, the second largest gold buyer after China, will soon be celebrating Dhanteras and Diwali festivals, when it is considered auspicious to buy gold.

It is also hoped that the wedding season to boost demand for bullion. The precious metal a key part of the bride price in India is formed, and are believed auspicious as a gift or offering in religious festivals.

Premiums gold in India are today is roughly $ 4 to $ 5 an ounce, two traders said, but are expected to rise soon.

Premiums could jump to $ 10 to $ 12 an ounce, surge in imports, the head of the largest gold refinery in the country, said earlier this week.

 

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Gold trades up slightly from 11 month low before ECB meeting in London

Gold trades up slightly from11 month low before ECB meeting in London

Gold prices are trading up near an 11-week low in London as investors weighed speculation reduced prices will spur purchases as the dollar strengthens and investors remained cautious advance of a meeting of the (ECB) European Central Bank.

Spot gold was up 0.3 per cent to $1,272.30 an ounce in London. It reached $1,261.35 yesterday, the lowest since June 17. Gold for December delivery rose 0.2 percent to $1,272.60 on the Comex in New York.

A day earlier, Gold tumbled to 2-1/2 months low of $ 1261.90 before turning higher to settle at $ 1270.30 month down to $ 5.30, or 0.42% amid confusion as to if Ukraine and Russia had reached a ceasefire agreement in eastern Ukraine.

Relative strength index of 14 days Gold dropped this week to the level of 30 suggesting that some traders who study technical charts that prices may on the verge of recover. The US dollar was little changed below the overall maximum seven months yesterday against 10 major currencies before a data tomorrow may show US companies boosted payrolls in August.

“Physical demand in the Far East To help of floats gold prices and geopolitical events can have a stronger influence on gold in the short run. Bullion prices are likely to remain under pressure, especially if the dollar gains in the United States. Global inventories retreated from multi-month highs because investors took a cautious stance before an upgrade from sharply anticipated monetary policy by the European Central Bank.” said 100McxTips analysts.

The dollar was flat against a major currencies, but stronger versus the euro before the revising the policy of the ECB at the end of the day. The euro rose marginally to $ 1.3146 against the USD and will test the one-year lows plumbed earlier this week, if the ECB goes beyond the market expected – but analysts also pointed out that opposite dynamic was also into play.

The ECB is under heavy pressure to deal with stubbornly low inflation at a moment when the dispute in Ukraine threatens to destabilize the weak recovery in the region.

Gold, seen as insurance against at risk in times of financial and political uncertainties, gained more than 5 percent so far this year, with stresses in Ukraine and violence in the Middle East.

Holdings of the SPDR Gold Trust fell 2.69 tonnes to 790.51 tonnes on Wednesday.

The trade movement of gold and silver seems flat. MCX gold is trading around Rs 27,500. September silver futures is trading around Rs 41,970.

 

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Firmly on dollar, gold decline 2-1/2 months low

Firmly on dollar, gold decline 2-1/2 months low

In the international market, firming of the dollar, gold’s low of 2-1/2 months. In the international market gold price on the Comex, had slipped 1265.8 per ounce. The dollar reached a peak of 14 months. The United States good economic data has seen pressure on gold.

Gold futures reached a 11-week low for the second straight day on Wednesday after by reports that Ukraine and Russia had come to an ceasefire agreement in eastern Ukraine.

Singapore Spot gold hit a low of $ 1,261.19 an ounce, after the initial report of Ukraine, but had cutting edge back to $ 1269.26 an ounce, up 0.3 percent. And US gold futures for April delivery was rose $ 5.20 Comex at $ 1,270.20 an ounce.

The manufacturing in the United States is at an elevation of 3.5 years, and expenses on construction in July with a gain overpowering. SPED Gold Trust holdings have fallen 1.8 tons.

A day earlier, gold slipped 1.74%, or $ 22.40, to be located in $ 1,265.00 after robust factory data added to US optimism regarding strength of the economy, fueling expectations the Federal Reserve will start raising rates earlier than we previously thought.

“Yesterday’s decline in gold in the international market has subsided. But the pressure is released in the domestic market. The effect of the strong rupee in the domestic market is clearly visible. Gold in the international market still poses at a low level of about 2.5 months. MCX gold price seems to be around Rs 27,500. The silver is seen at Rs 41 600. The dollar index, which was up at over 83 to 52-high, was trading down by 0.12 against six rival currencies.” said 100McxTips bullion analysts.

With rising stock markets, the dollar on a more wide shot firm and soft physical demand, unrest in the Middle East and Ukraine had been a key factor in keeping supports gold prices over recent months.

The dollar index, which tracks the performance of the greenback versus a basket of six major currencies, hit a 13-month high of 83.07 earlier in the day, prior to trimming gains to last trade at 82.93.

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

 

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

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