Yellow Metal down on strong US dollar in market

In the domestic market Gold futures closed low on Thursday among a rallying U.S. dollar index & upbeat U.S. economic data which continued to produce selling in the precious metals markets.

The weekly U.S. jobless claims report Thursday showed a sharp fall in claims in the latest week and added to a batch of generally better U.S. data released this week and helped to push gold prices to new low.

 At the MCX, gold futures for October 2016 contract ended at Rs 29564 per 10 grams, downward by 1.18 %, after opening at Rs 29,835, against a previous close of Rs 29,916. It touched the intra-day low of Rs 29,550.

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Gold loses sheen on global cues today

Gold futures were trading low during the morning trade in the domestic market on Friday as investors and speculators trimmed their positions in the precious metal in the domestic markets tracking a weak trend overseas.

Further, a weak trend in overseas markets, profit-booking by traders too influenced gold prices at futures in the domestic markets.

At the MCX, gold futures for October 2016 contract is trading at Rs 31,217 per 10 grams, downward by 0.37 %, after opening at Rs 31,242, against an earlier close of Rs 31,332. It touched the intra-day low of Rs 31,215.

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Gold futures Closed with Slim Losses in the Domestic Market

Bullions Tips - Gold futures closed with slim losses in the domestic market on Tuesday as bullion traders stuck to the sidelines ahead of the much anticipated two-day US Federal Reserve monetary policy meet on December 15-16, in which the world’s top central bank is almost certain to lift interest rates for the first time in almost a decade, dimming the lure for the precious metal as a store of value.

Last week’s upbeat jobs data which signaled the momentum in US labour market recovery bolstered the case for monetary tightening while most Fed officials have also dropped strong hints that the world’s leading central bank is all set to exit the era of zero interest rates.
 

Gold, a non-interest bearing asset loses sheen in a rising interest rate scenario.
Plunging oil prices, which hit a seven-year low earlier this week dented gold’s appeal as an inflation hedge while concerns that demand from China, one of the biggest bullion consumers in the world, may weaken early next year amidst a worsening slowdown, indicated by Tuesday’s tepid trade data, also weighed on the yellow metal.
 

However, gold received some support from a global equity sell-off and a weaker dollar which bolstered the appeal of the bullion as an alternative asset. Weaker greenback makes gold cheaper for those holding other currencies, thus bolstering demand.
 

Gold may trade on a cautious note today amidst speculation of a US rate hike next week. At the MCX, Gold futures for February 2016 contract closed at Rs 25,526 per 10 gram, down by 0.10 per cent after opening at Rs 25,500, against the previous closing price of Rs 25,552. It touched the intra-day low of Rs 25,387.

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Weekly MCX Commodity Market Report 25 March 2013

Gold prices fell by 0.25 per cent to Rs 29,752 per ten grams in futures trading today as speculators trimmed their positions in tandem with a weak global trend. At the Multi Commodity Exchange, gold for delivery in April fell by Rs 75, or 0.25 per cent to Rs 29,752 per ten grams in business turnover of 8,063 lots. 

In a similar fashion, the yellow metal for delivery in June lost Rs 72, or 0.24 per cent to Rs 30,315 per ten grams in 1,178 lots. Silver prices moved down by Rs 0.59 per cent to Rs 54,737 per kg in futures trade today as speculators offloaded their positions, tracking a weak global trend. 

At the Multi Commodity Exchange, Silver for delivery in May moved down by Rs 326, or 0.59 per cent to Rs 54,737 per kg in business turnover of 10515 lots. Similarly, the white metal for delivery in July lost Rs 308, or 0.55 per cent to Rs 55,987 per kg in 325 lots.

Lead futures prices today rose by 0.68 per cent to Rs 119 per kg on higher spot demand and positive cues from global markets. At the Multi Commodity Exchange, lead for delivery in March traded 80 paise, or 0.68 per cent higher, at Rs 119 per kg, with a turnover of 2,099 lots. 

The metal for delivery in April also rose by 75 paise, or 0.67 per cent, to Rs 119.75 per kg in a turnover of 360 lots. Taking positive cues from the global markets and better domestic demand, zinc futures prices today edged up by 0.58 per cent to Rs 104.50 per kg as speculators enlarged positions. 

At the Multi Commodity Exchange, zinc for delivery in March up by 60 paise, or 0.58 per cent, to Rs 104.50 per kg, with a business turnover of 1,219 lots. The metal for delivery in April also rose by 55 paise, or 0.52 per cent, to Rs 105.85 per kg in a business volume of 103 lots.

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Intraday MCX Commodity Market Tips for Today 10 Feb 2012

Precious metals (Gold and Silver) are trading flat on MCX commodity market today. We expect prices to remain under pressure on account of increasing worries over the Greece bailout package and a stronger dollar. Industrial metals are trading lower on International bourses today. We expect prices to trade lower for the day. All base metals are trading on a positive note today. Support for February copper is seen at Rs. 426 while Resistance is seen at Rs. 440. Crude oil is trading lower on NYMEX today. We expect prices to trade lower for the day.

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MCX Commodity Market Updates for Today 01 Feb 2012

MCX Gold Tips, Silver Tips, NCDEX Tips, Copper Updates, Crude Updates:
Precious/Bullion metals (Gold and Silver) are trading sideways. Today Gold is trading in range of Rs. 27,900-28,250 while silver may trade in range of Rs. 56,500-57,200 in MCX. All base metals are trading on a negative note today. Today Copper can trade in range of 415-418 in MCX while lead may remain in range of 108-112. Crude oil may trade on mixed note while selling pressure in natural gas may continue due to mild demand and ample supply. Crude oil is trading in the range of Rs. 4870-4950 today.

NCDEX - Agri Commodity Pepper, Guar, Turmeric, Chana, Jeera News:
Pepper futures may trade downside. Pepper futures to trade lower for the day.  Turmeric futures may trade sideways. Guar Complex is expected to trade higher for the day. Outlook for Chana is up for the day. Chana futures may trade sideways holding support above 3,100 levels. Outlook for Jeera is down for the day.

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MCX Commodity Updates for Today 31st Jan 2012

Bullion metals (Gold and Silver) may trade sideways today. Gold can trade in range of 27,800-28,300 while silver can trade in range of 56,700-57,500 in MCX. Base metals can remain on mixed note. Copper can trade in range of 418-425 in MCX while lead may remain in range of 109-115. Support for February copper is seen at Rs.414 while resistance is seen at Rs.425. Crude oil may trade with positive path while natural gas may open in red amid selling pressure. Crude oil is trading in the range of Rs. 4940-5000 today.

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Live Commodity Market Price and Trading Tips Today

Today Gold is trading in the range of Rs. 27,400-27,700 and MCX Silver March contract is trading in range of Rs. 52,200-52,800. Copper and Crude oil are also trading at positive prices today. Copper is trading above Rs. 400 and crude oil is trading above Rs. 5300 today. Support for February copper is seen at Rs.394 while resistance is seen at Rs.405. All base metals are trading at higher prices today.

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