Gold futures hold gains near $1,200 on sluggish US Data

Gold futures hold gains near $1,200 on sluggish US Data

The Commerce Department said on Tuesday, the US trade gap increased 43.1 percent to $ 51.4 billion in March, the highest since Oct 2008. Image Source: http://bit.ly/1JPTK6m

Prices of gold futures traded slightly higher near $1,200 on Wednesday, as market participants sought ahead of the release of key US data later in the session, which is added to speculation that the Federal Reserve will not be elevated interest rates soon.

On the Comex, gold futures for June delivery quoted up $1.90, or 0.16%, to trade at $1,195.10 a troy ounce. While, Spot gold was steady at $1,193.86 an ounce before a session high of $1,199.60 on Tuesday.

The Commerce Department said on Tuesday, the US trade gap increased 43.1 percent to $ 51.4 billion in March, the highest since Oct 2008. Other data showing activity in the services sector quickened to a maximum of five months in April.

The trade data spooked the markets, thus increasing safe-haven bids for gold.

Investors were looking past ADP report on employment growth in the private sector for April later in the day as well as an address by President of the Federal Reserve Janet Yellen, it would be followed closely for any indication about the moment of the first rise in interest rates.

The operators were also awaiting Friday US non-farm payrolls report for more clues about when the Fed might raise interest rates.

The US trade deficit was significantly higher to the provisions in the initial government estimate of first-quarter growth last week, fueling fears that the US economy may have acquired over the first three months of the year.

To a recent dismal run economic data dampened optimism about the recovery, which fueled speculation that the Fed may delay hiking interest rates until the end of 2015, instead of midyear tighten.

The Indian rupee weakened for the fourth straight session versus the dollar after the local equity markets fell.

The Sensex fell 2.63%, or 722.77 points, to close at 26717.37 points. Since April 13, the Domestic Stock Markets have been reduced by over 2,200 points in the expectation of weak monsoon, the off profits and the threat of the AMT on foreign funds.

Gold rose 0.39 per cent to Rs 26,984 per 10 grammes in futures trade today on the Multi Commodity Exchange, as bullion players created fresh positions, taking positive cues from global markets.

For commodity market tips, MCX live tips, Gold-Silver prices and trading market latest news & updates  with 100McxTips, 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

Advertisements

100Mcxtips an experienced commodity advisory to predict investors buying and trading trends at various market environments. For more information on commodity bullions Gold, Silver and all Indian Commodities. Kindly visit us fill an query form at 100mcxtips.com.

Posted in Commodity, MCX, Stocks Market

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Free Crude Oil Tips
Free Trial Crude Trading Tips
Contact & Visit Info
+91-761-4012307
M-Sat : 10am - 7pm
NG Trading Tips
Free Trial Commodity Tips
Disclaimer: 100McxTIps would like to remind you that the data contained in this website is not necessarily real-time nor accurate. Bulloin Futures prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore 100McxTips doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .
%d bloggers like this: