Yellow Metal Regains Some lost Luster

Gold Update - Gold futures were trading higher in the domestic market during noon trade on Tuesday as investors and speculators booked fresh positions in the precious metal tracking positive cues from the overseas market, where the bullion regained some bite even as it suffered the biggest monthly percentage loss since 2013, falling nearly 7 per cent in November as fears that the US Fed may raise interest rates in the near-term dimmed the lure for Gold as a store of value.

The focus this week is on US jobs data for November, Fed Chair Janet Yellen’s speech, both of which may offer further cues over the likelihood of a mid-December rate hike, while the ECB policy decision is also being eyed.

At the MCX, Gold futures for December 2015 contract is trading at Rs 25,177 per 10 gram, up by 0.43 per cent after opening at Rs 25,183, against the previous closing price of Rs 25,069. It touched the intra-day high of Rs 25,218.

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Bullion Hits Reverse Gear on Fed Rate Hike Bets

 Gold futures ended lower in the Local market on Wednesday as investors and speculators exited positions in the precious metal as Fed Chair Janet Yellen’s remarks overnight in which she signaled that a December interest rate hike was a “live possibility weighed on the Bullion which becomes less attractive in a rising interest rate scenario.
 

Federal Reserve Chair Janet Yellen signaled that borrowing costs may be raised before the end of 2015 amidst a strengthening US labour market recovery, curbing the lure for Gold as a store of value and boosting the dollar which made the bullion more expensive for those holding other currencies.
 

Fed Vice Chairman Stanley Fischer stressed that inflation wasn’t too far below the central bank’s goal while New York Fed President William Dudley echoed Yellen’s remarks over a rate lift-off in December if economic data continued to remain strong.
 

Private payrolls in the US climbed 182,000 in October, following a revised 190,000 in September, and beating forecasts for an 180,000 gain, signaling a strengthening US labour market recovery that bolstered the case for policy tightening for the first time in almost a decade.  Gold futures may trade on a cautious note today as investors remain jittery ahead of Friday’s US non-farm payrolls data.
 

At the MCX, Gold futures for December 2015 contract closed at Rs 25,771 per 10 gram, down by 0.58 per cent after opening at Rs 25,940, against the Before closing price of Rs 25,922. It touched the intra-day low of Rs 25,732.

 

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Gold futures Ended lower in the Domestic Market on Thursday

Gold futures ended lower in the domestic market on Thursday after minutes from the Federal Reserve’s September policy-setting meeting showed that central-bank officials held off on an interest-rate hike because downside risks had climbed. That implied the central bank may further delay raising rates, which is supportive for gold. Some of the selling may have been due to Chinese traders taking some profits on the recent strength in gold, following the end to the country’s “Golden Week” holiday. A reading of U.S. weekly jobless claims, which showed that the number of people applying for unemployment benefits marked its lowest level since mid-July, did little to change gold’s downward slide Thursday. At the MCX, Gold futures for December 2015 contract closed at Rs 26,446 per 10 gram, down by 0.41 per cent after opening at Rs 26,501, against the previous closing price of Rs 26,555. It touched the intra-day low of Rs 26,337.
 

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Gold Notched up Impressive Gains in the Domestic Market

The yellow metal notched up impressive gains in the domestic market on Monday as investors and speculators booked fresh positions in Gold as tepid US jobs data for September pushed back bets of a hike in interest rates by the US Federal Reserve, bolstering the lure for the bullion as a store of value.

American employers added fewer than expected jobs in September while wages grinded to a halt and factory orders fell in August, a sign that the global financial rout has reached the shores of the US economy, prompting the case for the Fed to delay tightening policy until next year.

Non-farm payrolls in the US advanced by 142,000 in September, following a downwardly revised 136,000 gain in August from 173,000 reported earlier, while wages were little changed.

Further, hopes that China may announce fresh policy easing to stem a worsening slowdown in the world’s second biggest economy following a reduction in the country’s growth estimates by the World Bank also augured well for gold, a hedge against the inflationary risk of monetary stimulus.

Gold futures may extend a rally today amid bets that global monetary policy may remain accommodative to prop up sluggish growth.

At the MCX, Gold futures for Oct 2015 contract closed at Rs 25,953 per 10 gram, up by 0.70 per cent after opening at Rs 26,173, against the previous closing price of Rs 25,773. It touched the intra-day high of Rs 26,201.

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Gold News Updates

Gold futures snapped a rally on Tuesday as a sharp rebound in the dollar made the precious metal less attractive for those holding other currencies.The yellow metal plunged to end at near a one-week low in the overseas market on Tuesday as a stronger greenback dimmed the lure for the bullion as an alternative asset.Worries over China eased a bit after the country’s central bank unleashed fresh monetary stimulus to help revive confidence among investors and arrest a steep rout in equities and help prevent the world’s second biggest economy from falling off a cliff, curbing the appetite for Gold as a safe haven asset. China cut interest rates by 25 basis points with the key lending rate now at 4.6 per cent while the bank reserve ratio was slashed by 50 basis points.

Meanwhile, mostly upbeat US economic data including a surge in July new home sales, solid services growth in August and a jump in consumer confidence this month signaled the strong progress made by the world’s biggest economy, backing up the case for an uptick in interest rates by the Fed sometime this year, dimming the appeal of Gold as a store of value.Gold may rebound today as markets in China extended the steepest four-day rout since 1996 despite fresh policy easing measures.

At the MCX, Gold futures for October 2015 contract closed at Rs 26,740 per 10 gram, down by 2.60 per cent after opening at Rs 27,300, against the previous closing price of Rs 27,448. It touched the intra-day low of Rs 26,662.

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Bullion Update - Yellow metal loses its polish on Fed rate

Gold futures ended lower on Friday as a stronger dollar cut the demand for the precious metal as an alternative asset while upbeat US economic data fueled speculation of the Federal Reserve moving closer to raising interest rates for the first time in nine years, curbing the lure for the bullion as a store of value.Stronger greenback makes Gold more expensive for those holding other currencies, thus dimming demand.US producer prices rose for the third month on the trot, up by 0.2 per cent in July from June, while American factories boosted production at a swifter pace in July, signaling a pickup in the world’s biggest economy, bolstering the case for policy tightening in the near term.Meanwhile, gains in equities signaled a return of risk taking appetite as concerns over China eased after the People’s Bank of China raised the Yuan’s reference rate by 0.05 per cent following three devaluations of over 1 per cent each earlier in the week, dimming the safe haven appeal for Gold.
 

The bullion may extend a slide today as traders weigh the chances of a possible interest rate hike by the Fed in September amidst a return to calm at currency markets after China’s policymakers helped stabilize the currency following a severe rout last week.
 

At the MCX, Gold futures for October 2015 contract closed at Rs 25,768 per 10 gram, down by 0.49 per cent after Starting at Rs 25,825, against the previous closing price of Rs 25,895. It touched the intra-day low of Rs 25,740.

 

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Gold closes lower on strong US dollar

Gold futures ended lower in the domestic market on Thursday as investors locked into profits earned in the prior session and the People's Bank of China soothed markets by insisting there is no basis for further devaluation of the yuan. Sentiment weakened further as the US dollar regained bite after a top Fed official signaled that the world’s leading central bank remained on course for an interest rate lift-off in the near future despite the Yuan devaluation saga, dimming the luster for the bullion as a store of value. New York Fed President William Dudley stressed that while the China devaluation move had huge implications for the global economy, the Fed remains on track for a maiden hike in policy rates in nine years in the near future, with the exact timing for policy tightening dependent on the quality of economic data. A stronger dollar curbs demand for Gold as an alternative asset. Stronger greenback makes Gold more expensive for those holding other currencies, thus dimming demand. At the MCX, Gold futures for October 2015 contract closed at Rs 25,895 per 10 gram, down by 0.46 per cent after opening at Rs 25,882, against the previous closing price of Rs 26,014. It touched the intra-day low of Rs 25,835.

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Todays Updated Post Of Gold for the Market lovers

The yellow metal extended an advance on Tuesday as China’s currency devaluation by the most in two decades sparked an emerging market currency rout, while taking toll on metal & energy commodities and hitting stock markets across the globe, fueling safe haven inflows into the bullion. The People’s Bank of China cut its daily reference rate by a record 1.9 per cent, prompting the biggest slide in the yuan since January 1994. The surprise devaluation followed dismal data over the weekend that showed that China’s overseas shipments fell 8.3 per cent in July 2015 from the same month a year ago in dollar terms, more than reversing a 2.8 per cent increase in June, while imports fell 8.1 per cent. Further, the China Yuan devaluation lowered bets that the US Federal Reserve will raise interest rates in September amidst heightened global financial volatility coupled with plunging commodity prices which will keep inflation benign, bolstering the lure for the bullion as a store of value. Gold may continue to benefit from safe haven demand today as China devaluated the yuan for a second day.

At the MCX, Gold futures for October 2015 contract closed at Rs 25,426 per 10 gram, up by 1.21 per cent after opening at Rs 25,150, against the previous closing price of Rs 25,122. It touched the intra-day high of Rs 25,529.

 

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MCX Commodity Tips - NCDEX Agri Commodity Market Data

Precious metals are trading higher on International bourses today. We expect prices to trade higher for the day. All base metals are trading on a positive note today. We expect prices to trade higher for the day on account of heavy risk appetite in the market. Crude oil is trading flat on NYMEX today. We expect prices to trade higher for the day.

NCDEX Agri Commodity Market Updates Today:

Guar Complex is expected to trade higher for the day. Outlook for Chana is down for the day. Outlook for Jeera is sideways to up for the day. Pepper futures to trade higher for the day. Outlook for Soybean is seen down for the day. CPO is expected to trade lower.

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MCX Commodity Market News and NCDEX Agri Tips Today

Precious metals are trading lower on COMEX today. Industrial metals are trading flat on International bourses today. We expect prices to trade lower for the  day on account of concerns over euro zone debt worries. Crude oil is trading higher on NYMEX today. We expect prices to trade lower for the day.

Outlook for Jeera is sideways to up for the day. Pepper futures to trade higher for the day. Guar Complex is expected to trade higher for the day. Outlook for Chana is down for the day. Outlook for Soybean is seen down for the day. CPO is expected to trade lower.

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