Gold trades higher on weaker dollar but fails to rise above $1,200 as stronger equities

Gold trades higher on weaker dollar but fails to rise above $1,200 as stronger equities

Gold prices were trading higher on Monday on buying interest from Asia and as the dollar retreated, but held around the $1,200 threshold as the stronger equities that dulled the metal’s safe-haven appeal.

Strength on oil prices has also supported bullion, but the earnings in gold could be difficult to sustain because of the concerns of higher interest rates in the US and a strong prospect for the dollar.

On the Comex, US gold futures for February delivery was rose 0.34% to $ 1200.10.

Spot gold had edged up 0.4 percent to $ 1,199.86 an ounce, after losing 2 percent last week.

The greenback remained supported after the Federal Reserve noted last week it was on track to raise interest rates next year, but said he was taking a patient approach.

Support was also an increase in oil prices, which were fueled by expectations of Brent crude will probably to remain above $ 60 for the rest of the year.

Investors feared that petroleum prices could drive the demand for gold, seen as a hedge against inflation led by oil.

Gold has some early support of buying in top consumer of gold China, where local prices were at a premium of about $ 3 an ounce in world benchmark, although they slipped later in the session to close $1.

It is expected that trading volumes to stay light this week with many investors away for the Christmas holidays and ahead of New Year holidays.

“The effect of the decline in the international market is being witnessed in the domestic market. With the decline of 0.15 per cent on MCX gold is trading below Rs 27,000.” 100McxTips Analysts said.

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

Mcx intraday tips free trial

 

 

 

Posted in Commodity, MCX, Stocks Market

Gold futures remains under $1,200 on stronger dollar amid U.S. Fed rate hike expectations in 2015

Gold futures remains under $1,200 on stronger dollar amid U.S. Fed rate hike expectations in 2015

Prices of gold futures rose on Friday but have stabilized below $ 1,200 an ounce doorway as the dollar has strengthened on the expectations of a rate hike by US Fed in 2015.

But some purchasing interest from Asia can be supporting bullion at current levels, traders say, allowing it keep in spite of rising equity markets.

An increase in gold prices above $ 1,230 an ounce last weekend around $ 1140 a week earlier has boosted investors cautious, said the bank branch manager in Tokyo.

On the Comex, New York, gold futures for February delivery were up 0.38% to $1,199.30.

Spot gold little changed at $ 1,198.20 an ounce. Bullion missed nearly 2 percent so far this week, after having risen in the last two.

The greenback continued to benefit from the latest policy declaration from the Federal Reserve. On Wednesday, the Fed said that it would “patient” before hike rates, said the guidance is consistent with earlier statement assurances that rates will stay low “for a considerable time.”

Central bank recognized the improved in the labor market of the United States and said the economy is progressing towards its goals of inflation and employment.

The world’s second largest gold importers Asian country India, being offered a discount of $ 2 an ounce against London prices for the first time by almost five months due to an excess supply the market.

Importers often charge a premium over London prices, but is expected of demand in India fall strongly this month after shipments increased in the last three months.

At the Multi Commodity Exchange, gold for delivery in February 2015 contracts rose Rs 34, or 0.13%, to Rs 26,849 per 10 grams in futures trade today after participants created fresh positions taking cues from overseas markets.

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

Free trial crude oil tips

 

Posted in Commodity, MCX, Stocks Market

Gold holds gain below $1,200, before Fed decision as Oil assessed with Russia

Gold holds gain below $1,200, before Fed decision as Oil assessed with Russia

Gold held an advance at just below $1,200 an ounce on Wednesday before the outcome of the U.S. Federal Reserve’s last policy meeting of the year, when it may signal how soon it will raise interest rates, and slumping energy prices and potential Russian bullion sales.

The investors were also watching to Russia after the ruble collapsed more than 11 percent versus the dollar on Tuesday despite a considerably rise in interest rates by the central bank.

Crude oil prices in lows five years have growing concern that inflation could drop further below the 2 percent target laid down by central bank of the United States, which has kept its key rate near zero since 2008 after leaving incentive in October.

Spot gold was almost flat at $ 1197.20 an ounce after a choppy trade on Tuesday that put at least one week of $ 1188.41, before ending slightly higher.

Gold for February delivery gained 0.3 percent to $ 1,197.70 an ounce on the Comex in New York, after a fifth day of losses, it was the longest losing streak since November 6. Assets in the SPDR Gold Trust, the largest exchange-traded product backed by bullion, product shrank for a second day yesterday.

Fumble this phrase would mean that the Fed is preparing the market for a rate hike next year as the US economy strengthens, analysts say, which would reduce the prices of non-interest assets such as gold .

At the Multi Commodity Exchange, gold for delivery in far-month April was marginally up on global cues by Rs 21 to Rs 27,371 per 10 grams.

Oil prices are tanking. EM currencies were in a free fall. Venezuela was submerged into a financial crisis and Russia had plunged into debt default and devaluation. The year was 1998.

Here’s a look at the similarities and differences between 2014 to 1998

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

Commodity tips for gold

Posted in Commodity, MCX, Stocks Market

Gold futures falls to 1-week lows as US rate hike woes surface

Gold futures falls to 1-week lows as US rate hike woes surface

Gold futures edge fell to one-week lows on Monday, reversing all earnings of the previous week, as investors looked ahead to the outcome of the forthcoming session of the Federal Reserve later in the week.

The Fed follows a policy meeting this week and has recent series of data which points to a strong economy could exacerbate if the central bank to adopt a tougher stance.

The most recent evidenced came optimistic on Friday when the index of consumer confidence, Thomson Reuters / University of Michigan rose to a near eight years in December.

On the Comex, gold futures for February delivery was down 0.82% to $ 1212.50, the lowest since December 9 from $ 1.222.60 Friday night.

Spot gold was down 0.3 percent at $1,218.80 an ounce. The metal climbed 2.6 percent last week, its largest such rise since October.

At MCX gold by 0.25 per cent weakness is trading around Rs 27,150.

FOMC is hoped that the releases a statement by the end of its two-day meeting on Wednesday, the latest in the year, followed by a press conference by Fed President Janet Yellen.

The market sentiment was hit by worries over the financial impact of the continuing loss of oil prices and its effects on energy firms. Endpoint data last week showing other signs of a slowdown in China added to fears over the global economic landscape.

Concerns about the the euro zone economy and stagnant prospects for a political crisis in Greece also fueled widespread risk aversion, after a surprise decision by the governance to carry forward a parliamentary vote the Presidency this week.

 

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

Free trial commodity tips

Posted in Commodity, MCX

Gold futures slipped on U.S. rates outlook, crude slump

Gold futures slipped on U.S. rates outlook, crude slump

Gold slipped on Friday due to declining in oil prices and the dollar rose after sturdy economic data from the US, but the metal was on its way for its biggest weekly gain since June following gains in the early week from safe-haven demand. The outlook of rising interest rates in the US are higher evidence of increased demand in China.

Spot Gold lost as much as 0.8 percent today to $1,217.50 an ounce and traded at $1,219.96 in Singapore.

Gold for February delivery was dropped to 0.6 percent to $ 1,218 an ounce before trading at $ 1,220.50 on the Comex in New York. Futures rose to a six weeks of $1,239 on 9 December.

Holdings in the SPDR Gold Trust boarded 725.75 metric tons yesterday, the highest since November 7. This is still 9.1 percent lower of the year because investors lost interest on bullion after the Fed ended its bond buying program that failed to stimulate inflation.

US crude fallen more than $ 1 to 5-1 / 2 years in fresh low below $ 59 a barrel in early Asian trade on Friday, extending losses due to ongoing concerns about excess supply and an outlook for bearish sentiment.

Earlier this week, gold had gained as global equity markets and the dollar dropped on global growth concerns and political uncertainty over Greece, plus some profit taking.

In domestic market, at the Multi Commodity Exchange, gold for delivery in far-month April fell by Rs 50, or 0.18 per cent, to Rs 27,341 per 10 grams.

 

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

Free commodity tips on mobile

Posted in Commodity, MCX

Gold futures drop as dollar recovers and oil, equities rebound

Gold futures drop as dollar recovers and oil, equities rebound

Gold futures were down a seven-week high on Thursday as the US dollar took a break versus the yen, dulling the metal’s appeal as hedging. The oil markets and equity markets rallied from recent losses, dampening the appeal of the precious metal.

The weakness in oil prices has influenced the sentiment. While in energy prices  marked higher on Thursday, they were still near five-year lows.

Gold tends to fall in tandem with oil as the weaker energy prices tired the metal’s appeal as a hedge against inflation fueled by oil.

On the Comex, Gold futures edge for February delivery dropped $ 5.70, or 0.46%, to trade at $ 1223.80 a troy ounce.

Spot gold had eased 0.2 percent to $ 1,224 an ounce. The metal rose to a seven-week high of $ 1238.20 on Wednesday but failed to hold onto such gains and ended the day down by 0.3 percent.

An upgrade in sentiment was seen in the holdings of SPDR Gold Trust. The fund saw the influx of nearly 3 tonnes on Wednesday, bringing the total holdings of 724.80 tonnes.

Market operators downplayed concerns about political instability in Greece and new restrictions on the bond markets of China ahead of a statement of key data from the European Central Bank.

The ECB will publish the results of its second round of cheap loans to banks in the region, known as an operation of long term financing directed or TLTRO later in the session long term.

A lower than expected occupy will add to the expectations of QE by the ECB.

“Weekly unemployment figures in the US is going to come today. Retail sales and business as well as the inventory data will be released today. Earlier, gold has come under pressure. Gold is still around tomorrow level. Silver is a mild decline. The holding of gold ETFs is increasing for the past two days. With 0.2 per cent decline on MCX gold is trading below Rs 27,140.” 100McxTips Analysts said.

 

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

Free trial mcx tips

Posted in Commodity, MCX

Gold futures halts rally close to 7-week high on safe-haven demand

Gold futures halts rally close to 7-week high on safe-haven demand

Gold rally halted near a seven-week high on Wednesday as a weaker dollar and global equities led investors to seek safety in the precious metal.

The dollar index cared steep losses after a brutal shake long positions, with investors to find excuses to take profits as the year end is in sight.

Global shares plummeted yesterday by concerns that growth may slow down in China and an election will be called in Greece, helping to spark two days, the 3.3 percent gain in gold that it was the highest since November 7.

Bloomberg dollar spot index declined more than one month day before yesterday the Fed would meet next week to discuss the timing of the first interest rate hike since 2006 amid a fall of the energy. Oil prices in New York and London have broken down in falling markets as of global supplies services increased, curb appeal of gold as a hedge against inflation.

On the Comex, Gold for February delivery dropped 0.1 percent to $1,231.30 an ounce after gaining 3.5 percent the past two days.

On domestic at Multi Commodity Exchange, gold for delivery in far- month April was up by Rs 58, or 0.21%, to Rs 27,336 per 10 gram.

Robust latest economic data from the United States had led investors to think a rate hike could come soon. Gold tumbled to a four and a half year low last month duration.

As an asset  non-interest bearing, gold had been struck by higher rates, but comments this week from Fed policy makers helped calm the nerves of investors.

The operators were also eyeing Govt regulatory developments in major Indian consumers, which could herald changes in import policies, according to a source.

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

MCX free trial

Posted in Commodity, MCX
Contact & Visit Info
+91-761-4012307
M-Sat : 10am - 7pm
Follow

Get every new post delivered to your Inbox.