Gold bounces off 6-week as equities took a hit from weak Chinese economic data

Gold bounces off 6-week as equities took a hit from weak Chinese economic data

Spot gold ticked up 0.4 per cent to $1,183.20 an ounce, quoted up from a six-week low of $1,170.20 reached on Friday. Image Source; http://bit.ly/1I7hZuI

Gold futures prices rebounded of three days losing session on Monday, as equities had a stroke by weak Chinese economic data. But the metal was not too far from a six-week low as traders followed speculate on when the Federal Reserve may raise interest rates in the United States.

On the Comex, gold futures delivery in June hit an intraday peak of $1,184.20 a troy ounce. Spot gold ticked up 0.4 per cent to $1,183.20 an ounce, quoted up from a six-week low of $1,170.20 reached on Friday.

The Asian markets encountered divided on Monday after disappointing news about making China underlined the need for continued policy stimulus in the second largest economy in the world, fueling demand for safe-haven bullion.

The increase in gold was sharp losses last week after the Fed said it saw the recent slowdown in the United States economy as transitional and not a rise in interest rates this year is discarded.

Investors will be monitoring economic data due this week, including non-farm payrolls report on Friday April shall it be known.

The prices of gold ended up Friday’s session at least six weeks, as traders supervise the direction of the dollar, while speculating about the time of a rate hike by the Federal Reserve.

The greenback recovered ground amid signs that the United States economy may be stabilizing after a recent bout of weakness.

The dollar index, which measures the strength of the greenback versus a trade-weighted basket of six major currencies, rose 0.15% to trade at 95.52 early Monday. The index fell to a nine-week low of 94.47 on 30 April.

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Gold prices up in Asian trade as investors see continued easy monetary policies

Gold prices up in Asian trade as investors see continued easy monetary policies

Prices of gold futures quoted up in Asia on Friday in a busy data day, although a holiday (Labor Day) in many countries as investors saw continued accommodative monetary policy. While a weaker US dollar holds bullion prices on track for its first weekly rise after a sharp drop of almost 2 percent in the previous session.

On the Comex, gold for June delivery inched up 0.09% to $1,183.50 a troy ounce. Spot gold edged down 0.1 percent to $1,182.90 an ounce.

On earlier Thursday, the Labor Department said US initial jobless claims for the week ending April 25 fell by 34,000 to a 15-year low of 262K.

Analysts expected a fall of 6,000 for the week. It marked the lowest level since April 2000. The four-week average of initial claims fell by 1250-283750, slightly below its level of a month earlier.

On Wednesday, the FOMC said in a report that rates wanted to see improvements in the labor market prior to deciding to raise rates for the first time in nearly a decade.

The dollar index is currently plunged near a two months of low and is set to post its biggest weekly drop since the end of March amid uncertainty about when to a rate hike by the Federal Reserve of the United States.

In Asia, physical demand was light, with China and Singapore were closed down for holidays.

The domestic stock exchange will remain closed today because of Maharashtra Day that is being observed in the financial capital of Mumbai. The commodity exchanges also will be closed, but trading will resume in the afternoon session.

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Gold futures fall to $1,190 after U.S. jobs data, uncertainty over Fed rate hike

Gold futures fall to $1,190 after U.S. jobs data, uncertainty over Fed rate hike

On the Comex, gold futures for June delivery hit an intraday low of $1,191.20 a troy ounce, before trading at $1,202.70. Image Source: http://bit.ly/1OISd5u

Prices of gold futures fell below the level of $ 1,200 on Thursday, extending losses of the previous session after data demonstrated that the number of people who filed for unemployment assistance in the United States in the past week fallen to its lowest level since 2000, fueling the optimism over the strength of the job market.

In addition, the US Federal Reserve kept interest rates unchanged, but offered small hints about when the first rate hike in nearly a decade.

On the Comex, gold futures for June delivery hit an intraday low of $1,191.20 a troy ounce, before trading at $1,202.70. In Singapore, gold lost 0.18% to $1,202.40 an ounce today.

In their monthly policy testimony Wednesday, the Fed said it would take in mind the labor market terms, inflation pressures and expectations of the international financial progress when deciding about the moment of a rate hike.

The Central Bank eliminated all reference calendars on a potential window raise rates its press release by adding to the doubt about when to a rate hike from the Fed.

The Department of Labor of the United States said the number of individuals who filed for unemployment benefits was reduced by 34,000 last week to 262,000 from the previous week’s total of 296,000. Analysts had expected initial unemployment claims to drop to 6000-290000 last week.

Simultaneously, the Commerce Department said personal expenditures grew by 0.4% last month, below the expectations of a gain of 0.5%. Consumer spending is the main source of growth of the economy, accounting for two thirds of economic activity.

A separate report showed that job costing in the United States, or the change in the price enterprises and the government is charged civilian workforce, increased 0.7% in the three months ended March 31, by beyond expectations of a 0.6% rise.

Analysts said besides a weak trend in the overseas markets , Gold futures prices fell at the Multi Commodity Exchange, gold for delivery in June eased by Rs 106 or 0.39% to Rs 27,132 per 10 gm.

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Gold prices rebounds in Early Asia, investors look ahead to Fed rate outlook

Gold prices rebounds in Early Asia, investors look ahead to Fed rate outlook

The Fed begins a two-day meeting on Tuesday after reports on the housing market and commercial equipment orders. Image Source: http://bit.ly/1EIrQb7

The prices of gold advanced on Monday in Asia as investors looked ahead to the policy makers of the Federal Reserve meeting this week, as conflicting U.S. data clouded the outlook for higher interest rates.

Gold is slightly changed earlier this month after dropping during February and March, as investors gauge data for indications as to when the Fed rate increases may begin. The Fed begins a two-day meeting on Tuesday after reports on the housing market and commercial equipment orders. Investors gold holdings for the second consecutive week expanded, while Greece is seeking ways to earn enough money to pay its pensioners and employees.

At comex, gold futures for June delivery rose 0.41% to $1,179.80. Bullion for immediate delivery rose as much as 0.4 percent to $1,183.83 an ounce in London

Orders for business equipment declined in March for a seventh straight month, Commerce Department data showed on Friday, a sign of US business spending will still be slow. The demand for all durable goods rose 4% in aircraft and automobiles. The reports last weekend showed that sales of existing homes rose in March, while new purchases fell more than anticipated.

Holdings in bullion exchange-traded products backed by bullion increased for the sixth longest consecutive day since 29 January.

On the week, market participants will focus on holding the monetary policy meeting of the Federal Reserve two days on Wednesday, which could give some indication of what could as soon raise interest rates.

Investors will also be looking ahead to the producing preliminary data on first quarter growth figures in the United States for more indications over the strength of the economy.

Gold prices rose in domestic futures trade today amidst positive cues from the global market. At the Multi Commodity Exchange, gold June futures quoted higher by Rs 64, or 0.24%, at Rs 26,765 per 10 grams.

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Gold trades lower below $1190, as disappointing manufacturing activity data from China

Gold trades lower below $1190, as disappointing manufacturing activity data from China

China’s HSBC (LONDON:HSBA) flash manufacturing purchasing managers’ index slipped to 49.2 in April from March’s final reading of 49.6. Image Source: http://bit.ly/1Fgu6Fp

Gold prices fell on Thursday, but expected to remain restricted benefits as factory activity data from China weighed out and disappointing US existing home sales on Wednesday have continued to support the dollar.

On comex, gold futures delivery in June were down 0.09% at $1,185.80.

The data previously shown that the index HSBC flash manufacturing, purchasing managers ‘China’ slipped to 49.2 in April from March’s final reading of 49.6, lower for the third straight month.

Gold prices is showing slightly improved, but prices are still at lower levels of a week. Comex gold is under $1190.

However, about 0.5 per cent increase in the domestic market MCX gold is trading over Rs 26 730. Domestic prices are getting support from weakness in the rupee.

Amidst a weakness in the local equity market, the Indian rupee ended at three-month low on sustained dollar demand from abroad and nationalized banks related to Daiichi Sankyo’s stake sale in Sun Pharmaceutical Industries Ltd.

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Gold futures prices ranged near the $1,200-level as dollar slips

Gold futures prices ranged near the $1,200-level as dollar slips

Spot gold was little changed at $1,203.11 an ounce, after earlier dipping to a session low of $1,198.65. Image Source: http://bit.ly/1EbIZrA

Prices of gold futures ranged bound near the level of $ 1.200 on Wednesday, as the  greenback weakened and amidst concerns about the lack of an agreement on economic reforms of bailout funds between Greece and its creditors were left in focus.

The dollar was down versus a basket of major currencies was down 0.3% to trade at 97.91 early on Wednesday, after placing in a mixed performance overnight.

Spot gold was little changed at $1,203.11 an ounce, after earlier dipping to a session low of $1,198.65. On the Comex, gold futures delivery in June decline $3.70, or 0.31%, to trade at $1,199.40 a troy ounce.

Indian rupee recovered from its intraday sesion lows after the stock market reversed its losses and ended higher. The Indian Rupee currency had opened at 62.85 a dollar and closed at 62.83 a dollar, up from its previous close of 62.85.

The Japanese stocks rallied to a maximum of 15 years on Wednesday on expectations of improved corporate earnings.

In a reflection of investor sentiment, SPDR Gold Trust, backed exchange-traded on the world’s largest gold fund said its holdings jumped 0.45 percent to 742.35 tonnes on Tuesday.

The operators were also monitoring the activity in physical markets.

Gold futures traded Rs 96 down at Rs 27,007 per 10 gm at the Multi Commodity Exchange today, amid a weakening global trend.

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Gold prices stays below $1,200 on Weak global cues

Gold prices stays below $1,200 on Weak global cues

 

Gold futures prices held below the $1,200-level on Tuesday, as a stronger U.S. dollar pared early gains diverted some interest from the metal.

On the Comex, gold futures delivery in June inched up 60 cents, or 0.05%, to quoted  at $1,194.30 a troy ounce, while Spot gold was $1,201.63 an ounce up 0.5 per cent.

The dollar index, which measures the strength of the greenback versus a trade-weighted basket of six major currencies, rose 0.5% to trade at 98.65 early on Tuesday.

Concerns about Greece lobbied the euro in early trading, but later losses compared against the dollar. That prompted some pressure off gold, which is priced in the US currency.

The prices of gold this year have been burdened on expectations that the Fed is prepared to raise interest rates for the first time in nearly a decade.

Physical demand in China, the second largest consumer of gold, was a dull night, traders said, with the precious metals house MKS reports “slow moving or modest price tag action” during the Asian session.

The operators were also looking at physical demand in top consumer India, which on Tuesday celebrated Akshaya Tritiya festival, considered one of the most conducive day to purchase gold.

Sales on Tuesday Akshaya Tritiya, seen by over 900 million Hindus in the country as a traditional day to buy precious metals may increase as much as 20 percent since 2014, Manish Jain, president of the All India Gems & Jewellery Federation Trade, said.

“Gold remains a reliable hedge against inflation and remains a valuable purchase” for indigenous said.

Taking weak cues from the global markets, Gold prices fell marginally by 0.15 per cent to Rs 26,797 per ten grams in futures trade on MCX.

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