Gold futures prices decline as dollar climbs on rates speculation

Gold futures prices decline as dollar climbs on rates speculation

Prices of gold futures fell Friday, retreating profit since January as the greenback strengthened for second consecutive day. Jobless optimistic US report on Thursday, while tensions in Yemen continued to provide support to precious metal.

On the Comex, gold futures for April delivery dropped by 0.58% to $ 1197.70. Bullion for prompt delivery dropped for the first time in eight sessions, declining 0.4 percent to $ 1,200.35 an ounce in London.

The dollar is determined for a ninth month gain versus the euro, the longest in history, amid speculation that the Federal Reserve is nearing an increase in the interest rate, even as its European partner added stimulus.

The dollar found ample support on Thursday after data showed the number of people filing for unemployment assistance in the US last week slid to a five-week optimism unleashed by the strength of the labor market.

The rupee opened at 62.78 per dollar and touched a high and a low of 62.39 and 62.79, respectively, in intra-day trade, but closes 25 paise stronger against dollar at 62.42. The yield on India’s 10-year benchmark bond closed at 7.777% compared with its Thursday’s close of 7.798%.

At the MCX, the Gold June futures contracts fell by Rs 102, or 0.38%, to Rs 26,948 per 10 grams on profit-booking. Profiteers locked-in gains amid weak global trends.

The Department of Labor United States said that the number of individuals who filed initial jobless benefits in the week ended March 21 fell 9 thousand to 282 thousand to total 291,000 the previous week

Another report showed the US service sector grew at the fastest rate this month since September.

Gold prices met with the highest level of his long run on Thursday, as Yemen turmoil.

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Gold firms above $1,210 as Yemen turmoil boosts precious metals

Gold firms above $1,210 as Yemen turmoil boosts precious metals

On the Comex, gold futures for April delivery touched an Intraday peak of $1,219.00 a troy ounce. Image Source: http://bit.ly/1BrXfqA

Gold prices met with the highest level of his long run on Thursday, after Saudi Arabia launched air strikes in Yemen, boosting demand for a refuge. While the US dollar expanded its slide.

The shelling of the Shiite rebels in Yemen marks an escalation in regional tensions with Iran. Saudi Arabia could send ground troops to Yemen, Saudi state television, citing a person anonymous caller said.

On the Comex, gold futures for April delivery touched an Intraday peak of $1,219.00 a troy ounce. Gold for immediate delivery rose 1 percent to $1,207.84 an ounce by in London.

The demand for safe haven assets such was driven after Saudi Arabia and a coalition of allies in the Gulf region launched air raids on Yemen to counter Iranian-backed Houthi rebels besieging the southern city of Aden.

World oil prices soared over three dollars on the news. It is feared that an escalation of hostilities could trigger a conflict in the region and send oil prices skyrocketing.

Moreover, the dollar index, which measures the fortress greenback against a trade-weighted basket of six major currencies, was down 0.6% to 96.51 early Thursday. The index has fallen above 4% since hitting a 12-year high of 100.78 on March 13.

The Indian Rupee currency weakened on Thursday for a second session against the dollar after the local equity markets fell for the seventh straight day and the international oil rose to a maximum of two weeks.

The domestic currency closed at 62.67, down 0.53% from its previous close of 62.34. The local unit opens at 62.57 a dollar and touched a low of 62.73.

The dollar was pressurized as a recent slump in US economic data added to the uncertainty over the timing of a future increase in interest rates.

Data on Wednesday showed that orders for durable goods fell 1.4% last month, compared with expectations for a gain of 0.4%. Orders for core capital goods, a key barometer of business investment from the private sector fell 1.4%, the sixth consecutive monthly decline.

At the Multi Commodity Exchange, the metal for delivery in April contracts gained Rs 110, or 0.42%, to trade at Rs 26,593 per 10 grams.

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Gold trades above $1,190 highest in 2 weeks in longest run with weaker dollar

Gold trades above $1,190 highest in 2 weeks in longest run with weaker dollar

Gold tumbled to a four-month low of $ 1141.60 on March 17 on concerns that the Fed starts raising rates….Image Source: http://cnb.cx/1BfWSA1

Gold prices rose to a maximum of two weeks at the longest track on Tuesday, as a broadly weaker US dollar pushed prices amid speculation US policy makers hold off raising interest rates until late this year.

The greenback was down for a third day against 10 currencies, as of Fed Vice Chairman Stanley Fischer said on Monday that higher interest rates justified this year, economic developments will drive the pace and scale of the gains. Bullion also won last season as concern that Greece could leave the euro boosted demand for a haven.

On the Comex, gold futures for April delivery touched an Intraday high of $1,192.40 a troy ounce, the most since March 6. While, Gold for immediate delivery rose 0.4 percent to $1,194.06 an ounce in London.

Gold tumbled to a four-month low of $ 1141.60 on March 17 on concerns that the Fed starts raising rates as early as June before rebounding more than 4% after the Fed forecasts a slower pace of rate hikes.

Holdings in gold-backed exchange-traded products rose for the first time in a month. Assets added 0.2 metric ton to 1,626.6 tons as of Monday.

The rupee rises for the seventh consecutive session, tracking the rise in Asian currencies and weakness in the US dollar. The benchmark bond yield closed unchanged at 7.75%. It opened at 7.754% and touched a high and a low of 7.754% and 7.736%, respectively. This is the longest winning streak for the rupee since June 2011.

In domestic and international market, gold is traded on the edge. Gold had have support from a fall in the dollar. MCX gold is trading up 0.5 per cent to Rs 26,300.

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Gold futures hold steady, domestic and international market pressures

Gold futures hold steady, domestic and international market pressures

On the Comex, gold futures for April delivery were steady at $1,168.70.While, Spot gold was steady at $1,171.20 an ounce. Image Source: http://bit.ly/1EAbP3z

Gold is visible pressure today at Asian trade. In domestic and international market pressures. Gold prices remained unchanged near two-week highs and lower expectations of rising short-term rates in the United States continued to provide support the precious metal.

On the Comex, gold futures for April delivery were steady at $1,168.70.While, Spot gold was steady at $1,171.20 an ounce.

The Fed, however, sounded a wary rating for the health of U.S. economic recovery after its policy meeting two days this week, and cut its average estimate for the federal funds rate and expressed concern about dollar strength.

Meanwhile, market players followed after focus on developments on the front of the Greek debt. EU leaders told beforehand Friday that Greece is committed set a new reform agenda in the coming days to secure additional bailout funds necessary to stave off bankruptcy of the country.

Before the talks, President of the European Parliament, Martin Schulz, has noticed that the financial situation in Greece was “dangerous” with debt payments ahead.

Gold’s rise on Thursday despite a higher dollar and weaker oil prices could signal underlying strength.

SPDR Gold Trust, backed exchange-traded on the world’s largest gold fund, saw their first innings since February 20, also boosting sentiment.

In physical markets, purchases of China remained stable, with premiums in the Shanghai Gold Exchange stay at a strong $ 6- $ 7 an ounce on Friday.

At MCX gold, with 0.2 per cent decline is trading around Rs 25,900.

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Gold jump two-week high in Asia as Fed shows no hurry to hike rates

Gold jump two-week high in Asia as Fed shows no hurry to hike rates

In a statement following their policy meeting on Wednesday, the Fed lowered its forecast on growth and inflation and slashed its interest rate. Image Source: http://abcn.ws/1x46z8d

Gold quoted to a high of two weeks in Asia on Thursday after the Federal Reserve said an extensively expected increase in interest rates this year may not come in the first half.

US Fed’s Chair Yellen move to remove the word ‘patient’ from its rate outlook statement and moving the goalpost for raising interest rates further has seen as an immediate positive by traders to cut their short positions in gold. Shortly after the statement yesterday the Federal Reserve gold was recovered.

On comex, gold futures for April delivery rose 1.69% to trade at $1,170.70 a troy ounce. A day earlier, gold stuck to $ 3.10, or 0.27%, to close at $ 1151.30.

In a statement following their policy meeting on Wednesday, the Fed lowered its forecast on growth and inflation and slashed its interest rate.

Chairman of the Federal Reserve Janet Yellen said that although the Fed has not decided on when to a rate hike is possible that there could come at any meeting of the Federal Open Market Committee this year after the FOMC concludes its next meeting in April.

Yellen recalled that the Fed is keeping a close watch on global markets as it decides how soon it will wait before hike rates.

Gold prices increased in futures trading today on the Multi Commodity Exchange as speculators enlarged positions amid a better trend overseas. Gold for delivery in June rose by Rs 40, or 0.15%, to Rs 25,796 per 10 grams.

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Gold trades near 4-month low, as Fed meeting expectations rate hike in June

Gold trades near 4-month low, as Fed meeting expectations rate hike in June

Fed President Janet Yellen will to accomplish what will be a press conference followed by about 30 minutes following the release of the statement. Image Source: http://bit.ly/1wZQb8N

Gold futures traded near its lowest level in more than four months on Wednesday amid expectations that the session of the Federal Reserve will indicate a rate increase in June by dropping a promise to be “patient “his statement later in the day.

But HSBC said the next inflation figures in the United States may not be strong adequate to provoke a rate hike in June, and policymakers may wait until September before taking any action.

On the Comex, gold futures for April delivery declined $1.90, or 0.17%, to trade at $1,146.20 a troy ounce. Gold futures prices held in a range between $1,144.90 and $1,152.00.

Spot gold was off 0.2 per cent at $1,146.20 an ounce in Singapore.

The Fed will release its fed funds rate and publish its rate statement, which summarizes the economic forecast and factors influencing the monetary policy decision.

Fed President Janet Yellen will to accomplish what will be a press conference followed by about 30 minutes following the release of the statement.

Whereas the US economy has been strengthened as shown by a firming labor market, the shelter sector continued to perform weakly, suggesting that the Fed is unlikely to be involved in aggressively hiking cycle after an increase initial rate.

The data on Tuesday showed housing starts United States fell to their lowest level in a year in February.

SPDR Gold Trust, backed exchange-traded on the world’s largest gold fund, said its holdings dropped 0.4 percent to 747.98 tonnes on Tuesday.

Gold futures prices for June delivery increased by 0.15% to Rs 25,796 per 10 grams, at the Multi Commodity Exchange today as speculators enlarged positions amid a better trend overseas.

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Investors sell gold holdings in longest run, ahead of Fed meeting

Investors sell gold holdings in longest run, ahead of Fed meeting

On the Comex, gold futures for delivery in April marginally up 90 cents, or 0.08%, to trade at $1,154.10 a troy ounce. Image Source: http://bit.ly/18Wz78u

Investors sold off stakes in gold-backed funds for a day 14, the longest run in over a year, after the Federal Reserve began a two-day meeting later in the day. Gold was little changed near a three-month low on Tuesday.

On the Comex, gold futures for delivery in April marginally up 90 cents, or 0.08%, to trade at $1,154.10 a troy ounce. Similerly, Gold for immediate delivery was little changed at $1,154.16 an ounce in London.

The bullion investors are waiting to see if the Fed decides that the US economy has gained enough momentum to justify the elimination of a promise to be “patient” in raising borrowing costs, which wet lure of gold as usually offer refunds only through the price increases.

The dollar has rallied with very little rest on the expectations of rising interest rates, and that the European Central Bank provided in contrast to the US.

Major Asian currencies ended higher against the dollar ahead of Fed is scheduled to begin its two-day policy meeting starting later on Tuesday.

Today local Indian currency opened at 62.78 per dollar and touched a high of 62.67;  closed at 62.72, up 0.16% from previous close of 62.81.

At the Multi Commodity Exchange, gold for delivery in April, lost by Rs 54 (or 0.21 per cent), to trade at Rs 25,729 per 10 grams, as bullion traders engaged in trimming positions amid weak global cues, before the Federal Reserve begins a two-day monetary policy meeting.

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