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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MCX Gold Tips: Yellow metal down on weak global cues

MCX Gold Tips: Gold futures were trading lower during the afternoon trade in the domestic market on Tuesday as traders trimmed their positions amid weak trend in universal markets. Traders indulged in profit booking at existing levels amid global weakness in precious metals, too weighed on bullion futures. At the MCX, Gold futures for August 2016 contract is trading at Rs 30,360/kg, down by 0.13%, after opening at Rs 30,350, against a previous close of Rs 30,399. It touched the intra-day low of Rs 30,270.

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MCX Gold Tips: Gold edges higher on Brexit worries

MCX Gold Tips: Gold futures closed higher in the domestic market on Friday supported by weaker Asian stocks as investors turned towards safe haven-assets ahead of this week's central bank meetings and Britain's June 23 referendum on its European Union membership. Investors all but ruled out a rate hike at the Federal’s June 14-15 meeting after U.S. employment data earlier this month showed the economy added just 38,000 jobs previous month, the smallest increase since September 2010. The CME Group's Federal Watch tool indicated on Friday that there is a 1.9% chance the FOMC will raise rates in its June meeting this week. The probability of at least 1 rate hike in 2016 stood at 58.8%. At the MCX, Gold futures for August 2016 contract closed at Rs 30,130, per 10 gram, up by 0.64 per cent after opening at Rs 29,901, against the previous closing price of Rs 29,937. It touched the intra-day high of Rs 30.141.

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MCX Gold Tips: Gold rises as Fed Rate hike seems unlikely

MCX Gold Tips: Gold futures closed higher during in the Indian market on Thursday finding support from expectations that the Federal Reserve will keep United State interest rates on hold in the coming months. The Fed which meets next week is highly unlikely to announce a rate hike given previous week’s insipid jobs data. Meanwhile, a gauge of US consumer optimism slid to 48.2 for June from 48.7 in May, further raising calls for a delay in monetary tightening. The possibility that the United Kingdom may leave the European Union, inviting universal market and economic volatility, also bolstered the yellow metal. At the MCX, Gold futures for August 2016 agreement closed at Rs 29,926, per 10 gram, up by 1 per cent after opening at Rs 29,710, against the last closing price of Rs 29,629. It touched the intra-day high of Rs 29,970.

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MCX Gold Tips: Gold rises on weak US job data

MCX Gold Tips: Gold futures were trading higher during the morning trade in the domestic market on Monday after May unemployment data showed that United State economy created the least number of jobs in almost six years. The Fed monetary policy and moves in the greenback will continue to be the main drivers of gold during the week . Investors, however, also will be looking closely at the latest United State economic data, overseas precious-metals demand and developments tied to the United Kingdom’s potential exit from the European Union to help gauge demand, and prices, for gold. At the MCX, Gold futures for August 2016 contract is trading at Rs 29,426 per 10 gram, up by 0.13 per cent after opening at Rs 29,370, against the previous closing price of Rs 29,387. It touched the intra-day high of Rs 29,455.

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MCX Gold Tips: Gold drops prior to Fed meeting

MCX Gold Tips: Gold prices fell as investors remained cautious ahead of this month's Federal Reserve review of interest rates. Investors have digested strong suggestions from the Fed Reserve that it will raise short-term interest rates at some point this summer. Any rate hikes by the Fed this year are viewed as bearish for gold, which struggles to compete with high-yield bearing assets in rising rate environments. Prices also fell as the European Central Bank and OPEC ended a pair of closely-watched meetings on Thu without enacting any major policy changes.

However, a weaker dollar raised the appeal of gold as an alternative asset. Weaker greenback makes the bullion cheaper for those holding other currencies, thus increasing demand.

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Mcx Gold futures overview for 10 feb, 2016

Mcx Gold futures ended with slim losses in the local market on yesterday as investors and speculators resorted to profit booking in the precious metal, at existing levels, after a stellar rally in the previous session when prices increased over 3 per-cent as heightened worries over global economic growth bolstered gold’s secure haven appeal.

Gold Bulls have been resurgent in latest sessions as plunging world equities and a worsening oil rout bolstered the investment appeal of the bullion.

An appreciation in the indian rupee against the dollar more than offset the gains witnessed in the precious metal in the overseas market. Stronger INR(rupee) comparion to greenback tends to exert upward pressure on domestic bullion prices.

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Gold adding some gains after equity markets fell 21 Dec, 2015

Today, Gold edged up, adding more gains from the previous trading session, as weakness in the dollar and equities helped the metal regain some losses from a US interest rate lift last week. Concerns that requirement for non-interest-paying bullion will take a hit from the rate increase continue to cast a shadow, and going to limit any rally in gold.

Spot gold had mark off up 0.3 per-cent to USD 1,069 an ounce by 0339 GMT, contributing to the 1.4 per-cent gain on Friday last week.  We believe that trading conditions will start to thin out, but that does not mean trading ranges will necessarily narrow.

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Gold Futures Surged By Over 1 % in the Domestic Market

Bullions Tips - Gold futures surged by over 1 per cent in the domestic market on Friday as a sharp depreciation of the Indian rupee, which tumbled to a two-year low against the greenback, magnified the gains in the yellow metal, which advanced modestly in the overseas market.

 

A weaker rupee against the US dollar pushed up prices of the bullion in the domestic market.  Gold ended modestly higher in the overseas market as a weaker dollar and plunging equities bolstered the appeal of the bullion as an alternative asset. Weaker greenback makes gold cheaper for those holding other currencies, thus bolstering demand.
 

The gains in the bullion were curbed by fears that plummeting oil prices which hit a fresh seven-year low may reignite the risk of deflation, denting the appeal of Gold, a hedge against inflation.
 

Upbeat US economic data amidst a rebound in US wholesale inflation and a pickup in retail sales bolstered the case for the US Fed to raise interest rates for the first time since 2006, this week, dimming the lure for the bullion as a store of value, trimming gains in Gold futures in the overseas market.
 

While US retail sales climbed by 0.2 per cent in November 2015, the most in four months, producer prices increased the most since June, up by 0.3 per cent in November 2015 from October when they fell 0.4 per cent.
 

Gold may succumb to fresh losses today as traders remain anxious ahead of the two-day Fed meet that begins tomorrow.
 

At the MCX, Gold futures for February 2016 contract closed at Rs 25,679 per 10 gram, up by 1.03 per cent after opening at Rs 25,357, against the previous closing price of Rs 25,418. It touched the intra-day high of Rs 25,714.

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PRECIOUS METALS & BASE METALS REPORT FOR 19 MAY 2015

Gold: Gold’s gains came amidst a stronger dollar which tends to dampen the lure for the bullion as an alternative asset. Weaker greenback makes gold cheaper for those holding other currencies, thus fading desired. Strong physical demand continued to support the bullion as India’s love affair with the precious metal continued into the first quarter, with jewellery demand rising 22 per cent to 151 tonnes, a report by the World Gold Council said, bolstering sentiment. Gold may increase a rally today on hopes of a delayed US interest rate hike. At the MCX, Gold futures for June 2015 contract closed at Rs 27,617 per 10 gram, up by 0.56 per cent after opening at Rs 27,519, against the last closing price of Rs 27,463. It touched the intra-day maximum of Rs 27,685 till the closing.

Zinc: Zinc futures logged slim gains in the domestic market on Monday after an easing property price decline in China, the world’s biggest metals consumer, raised hopes that the country’s economic slowdown may be bottoming-out, with better days ahead for metal demand. New home prices fell in 47 out of the 70 Chinese cities tracked by a government survey, in April, compared to 49 in March, month on month, government data showed on Monday. However subdued physical demand for zinc in the domestic spot market curbed gains in the industrial metal. At the MCX, Zinc futures for May 2015 contract closed at Rs 145.65 per 1 kg, up by 0.07 per cent after opening at Rs 145.75, against the last ending price of Rs 145.55. It touched the intra-day maximum of Rs 147 till the closing.

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TODAY BASE METAL & ENERGY REPORT 15 MAY 2015

Base Metals & Energy

CRUDE OIL

Fears of a global supply glut returned to spook oil traders on Thursday, with crude futures plunging more than 7 per cent in the domestic market after a warning from the International Energy Agency (IEA) over accelerating OPEC supplies and an increase in Non-OPEC production, countering falling US production as a shale oil boom peaks. The Paris-based agency said that supply from OPEC producers, which together account for 40 per cent of the global oil market, surged by 160,000 barrels per day to the highest level since September 2012 at 31.21 million barrels per day in April 2015.

The IEA also raised its estimates for Non-OPEC oil production growth in 2015 by 200,000 barrels per day, on higher production from countries such as Russia, China, Colombia, Vietnam and Malaysia. Non-OPEC producers may pump 57.8 million barrels of oil per day this year, up by 830,000 barrels per day from 2014. The IEA also warned that the battle for global oil market share between the OPEC and Non-OPEC producers has just begun, meaning a global supply glut is only going to get bigger, triggering panic among oil investors and traders. Investors brushed aside data showing a drop in the number of Americans seeking unemployment benefits that signaled an improving labour market in the world’s biggest economy. Jobless claims edged lower by 1,000 to 264,000 last week while the four-week average slid to the lowest level since 2000.

Oil may rebound today as the sharp losses in the previous session trigger value buying.

At the MCX, Crude oil futures, for the May 2015 contract, closed at Rs 3,863 per barrel, down by 7.74 per cent, after opening at Rs 3,960, against the previous close price of Rs 3,992. It touched an intradaylow of Rs 3,856 till the closing.

ZINC

Zinc futures declined 0.63 per cent to Rs 149.25 per kg today as participant’s trimmed positions on weak cues from the global markets amid subdued demand in domestic spot markets. Zinc futures for May 2015 contract, at MCX, were trading at Rs 149.25 per kg, down by 0.63 per cent after opening at Rs. 149.85 against the previous closing price of Rs. 150.20. It touched the intra-day low of Rs. 148.75 till the trading. (At 4.00 PM today). However, losses were curbed due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME zinc stocks fell by 3875 metric tonnes to 446025 metric tonnes as on May 14, 2015. Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.

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TODAY BASE METAL & ENERGY REPORT 2 APRIL 2015

Base Metals & Energy

ZINC

Zinc prices rose by 1.10 per cent on Wednesday at the domestic markets after France’s manufacturing PMI rose unexpectedly last month, data showed on Wednesday signaling improving sentiment in the region which raised the demand outlook for the metal. In a report, Markit Economics said that French manufacturing PMI rose to a seasonally adjusted 48.8, from 48.2 in the preceding month.Zinc futures for April 2015 contract, at MCX, were trading at Rs 115.15 per kg, up by 1.10 per cent after opening at Rs. 114.05 against the previous closing price of Rs. 113.90. It touched the intra-day high of Rs. 115.70 till the trading. (At 3.45 PM).

NATURAL GAS

Natural Gas futures closed higher in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity as forecasts for cooler weather in parts of the US lifted the demand outlook for the heating fuel. Latest weather forecasting models called for colder temperatures in the US East Coast and the Midwest from April 4 to April 6, 2015. At the MCX, Natural Gas futures for April 2015 contract closed at Rs 167 per 1 kg, up by 0.18 per cent after opening at Rs 166.6, against the previous closing price of Rs 166.7. It touched the intra-day high of Rs 169.3 till the closing.

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WEEKLY COMMODITY REPORT 30 MARCH 2015

Precious Metals

GOLD

Gold prices fell by 0.38 per cent to Rs 26,948 per 10 grams in futures trade today as speculators locked-in gains amid weak global trends.At the Multi Commodity Exchange, the June contracts of gold fell by Rs 102, or 0.38 per cent, to Rs 26,948 per 10 grams in a business turnover of 115 lots.The April contracts shed Rs 96, or 0.36 per cent, to Rs 26,705 per 10 grams in 436 lots. The April contracts shed Rs 96, or 0.36 per cent, to Rs 26,705 per 10 grams in 436 lots. Analysts attributed the fall in gold futures to profit-booking by speculators at prevailing levels and weak global trends.Meanwhile, gold prices fell by 0.4 per cent to $1,200.10 an ounce in Singapore today.

SILVER

Silver prices fell sharply by Rs 197 to Rs 38,900 per kg in futures trade today due to profit-booking at existing levels and weak trend overseas.At the Multi Commodity Exchange, silver for delivery in July traded lower by Rs 197, or 0.50 per cent, to Rs 38,900 per kg in a business turnover of just three lots.Also, the white metal for delivery in May declined by Rs 171, or 0.44 per cent, to Rs 38,442 per kg in a business volume of 478 lots. In international market, silver prices fell by 0.4 per cent to $17.05 an ounce in Singapore.Market analysts said apart from the profit-booking by participants, a weak trend in global markets led to the fall in silver prices at futures trade here.

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DAILY PRECIOUS METALS REPORT 26 MARCH 2015

Precious Metals

D A I L Y B U Z Z

GOLD

Gold futures were trading lower in the domestic market on Wednesday after better than expected US inflation data upped bets of US monetary tightening, dimming the appeal of the bullion as a store of value. US consumer prices rose for the first time in four months, up 0.2 per cent in February 2015 from the previous month, raising bets that inflation may gradually move towards the Fed’s 2 per cent target, boosting the case for an interest rate hike in the coming months. At the MCX, Gold futures for April 2015 contract is trading at Rs 26,270 per 10 gram, down by 0.31 per cent after opening at Rs 26,280, against the previous closing price of Rs 26,351. It touched the intra-day low of Rs 26,212. (At 12:09 PM).

SILVER

Silver futures fell in the domestic market on Wednesday as investors and speculators exited positions in the precious metal amid caution after US core inflation data for February beat estimates, raising bets of US monetary tightening, dimming the appeal of the bullion as a store of value. Meanwhile, core consumer prices which strip out the effect of food and energy climbed 0.2 per cent in February, topping expectations of a 0.1 per cent rise while overall consumer prices rose for the first time in four months, up 0.2 per cent in February 2015 from the previous month, raising bets that inflation may gradually move towards the Fed’s 2 per cent target, boosting the case for an interest rate hike in the coming months. At the MCX, Silver futures for May 2015 contract is trading at Rs 37,941 per 1 kg, down by 0.13 per cent after opening at Rs 37870, against the previous closing price of Rs 37991. It touched the intra-day low of Rs 37,750 till the closing. (At 15:14 PM).

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REPORT ON GOLD, SILVER & NATURAL GAS 25 MARCH 2015

Precious Metals

Precious Metals

D A I L Y B U Z Z

GOLD

Gold futures were trading with slim losses in the domestic market on Tuesday as investors weighed the pace of US interest rate increases while a rebound in the dollar curbed the demand for the bullion as an alternative asset. Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand.Federal Reserve Bank of San Francisco President John Williams saw the case for a hike in rates in mid - summer, curbing the lure for gold as a store of value. At the MCX, Gold futures for April 2015 contract is trading at Rs 26,177 per 10 gram, down by 0.08 per cent after opening at Rs 26,169, against the previous closing price of Rs 26,198. It touched the intra - day low of Rs 26,135 till the closing. (At 11:38 AM).

SILVER

Silver futures were trading little changed in the domestic market on Tuesday as investors and speculators were cautious over booking fresh positions in the precious metal ahead of key US economic data to be released today including February consumer prices, March manufacturing PM I, new home sales for February and Fed’s Bullard speech, which may offer some cues over the timing for the world’s top central bank to raise interest rates for the first time since 2006. At the MCX, Silver futures for May 2015 contract is trading at Rs 37,800 per 1 kg, up by 0.05 percent after opening at Rs 37751, against the previous closing price of Rs 37781. It touched the intra - day high of Rs 37842 till the closing. (At 11:51 AM).

Energy

NATURAL GAS

Natural Gas futures plummeted in the domestic and overseas market on Monday as forecasts for mild spring weather threatened to curb the demand for the heating fuel. The Commodity Weather Group expects mostly average temperatures in the contiguous US from April 2 to April 6. At the MCX, Natural Gas futures for March 2015 contract closed at

Rs 170.40 per 1 kg, down by 2.46 per cent after opening at Rs 173.50, against the previous closing price of Rs 174.70. It touched the intra - day low of Rs 167.90 till the closing.

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REPORT ON MCX GOLD & SILVER FOR 24 MARCH 2015

Precious Metals

D A I L Y B U Z Z

GOLD
Gold prices fell by 0.25 per cent to Rs 26,200 per 10 grams in futures trade today amidst a weak trend overseas and profit-booking by speculators.

At the Multi Commodity Exchange, gold for delivery in June eased by Rs 65, or 0.25 per cent, toRs 26,200 per
10 grams in a business turnover of 24 lots.

Likewise, the metal for delivery in April shed Rs 62, or 0.24 per cent, to Rs 26,120 per 10 gramsin 606 lots.

Globally, gold traded lower at USD 1,182.30 an ounce in Singapore today.

SILVER
Silver prices fellsharply by Rs 318 to Rs 37,471 per kg in futures trade today as speculators reduced their positions amidst a weak global trend.

At the Multi Commodity Exchange, silver for delivery in May moved down by Rs 318, or 0.84per cent, to Rs 37,471 per kg in a business turnover of 1,317 lots.

Also, the white metal for delivery in July fell by Rs 312, or 0.82 per cent, to Rs 37,927 per kg in 76 lots. 

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DAILY COMMODITY REPORT FOR 23 MARCH 2015

Precious Metals

GOLD

Gold futures rose in the domestic and overseas market on Thursday as investors continued to ponder Federal Reserve tea leaves on the prospects of a rate hike by June. Prices rose after somewhat dovish comments from Federal Reserve chair Janet Yellen regarding a potential interest rate hike helped the precious metal rebound from an extended slump. Further, weaker dollar boosted the demand for gold as an alternative asset, trimming losses in the bullion.Weaker greenback makes gold cheaper for those holding other currencies, thus boosting demand. Gold may trade on a higher note today after the US Fed policy meet. At the MCX, Gold futures for April 2015 contract closed at Rs 25,962 per 10 gram, up by 1.28 per cent after opening at Rs 25,740, against the previous closing price of Rs 25,637. It touched the intra-day high of Rs 25,997 till the closing.

Energy

CRUDEOIL

Crude oil prices rose by 0.38 per cent on Friday at the domestic markets as the dollar weakened, but gains were limited by supply concerns after Kuwait said OPEC had no choice but to main tain output levels. A weaker dollar typically supports prices for commodities denominated in the greenback, making them cheaper for holders of other currencies. Gains were also limited after Iraq's southern oil exports have risen in March as poor weather that delayed cargoes in February cleared, putting OPEC's second-largest producer back within sight of record shipments. At the MCX, crude oil futures for February 2015 contract were trading at Rs. 2,873 per barrel, up by 0.38 per cent, after opening at Rs.2,885 against the previous closing price of Rs. 2,862. It touched the intra - day high of Rs. 2,887 till the trading. (At 11.45 AM).

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PRECIOUS METALS & BASE METALS REPORT 20 MARCH 2015

GOLD

Gold futures rose in the domestic and overseas market on Wednesday as the US dollar weakened following comments from Federal Reserve chair Janet Yellen. While Ms. Yellen indicated that its benchmark Federal Funds Rate could be increased later this year, she emphasized that it will not occur until after the Federal Open Market Committee’s next meeting in April, at the earliest. Yellen added that the timing of the decision will be “data dependent,” and that a rate hike will not necessarily be made in June. A weaker dollar boosted the demand for gold as an alternative asset, trimming losses in the bullion. Weaker greenback makes gold cheaper for those holding other currencies, thus boosting demand. Gold may trade on a higher note today after the US Fed policy meet. At the MCX, Gold futures for April 2015 contract closed at Rs 25,637 per 10 gram, up by 0.08 per cent after opening at Rs 25,631, against the previous closing price of Rs 25,617. It touched the intra-day high of Rs 25,697 till the closing.

COPPER

Copper prices rose by 2.40 per cent on Thursday at the domestic markets after the Federal Reserve projected a slower pace of rate hikes. The Fed downgraded its forecasts for growth and inflation and lowered its interest rate projections. The Fed dropped a reference to being "patient" on the timing of rate hikes, but added that the change in its forward guidance did not mean it has decided on the timing for an initial rate increase. At the MCX, copper futures for April 2015 contract were trading at Rs. 366.90 per 1 kg, up by 2.40 per cent, after opening at Rs. 360.20 against the previous closing price of Rs. 358.30. It touched the intra-day high of Rs. 367.70 till the trading. (At 4.05 PM).

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DAILY COMMODITY GOLD & ZINC REPORT FOR 19 MARCH 2015

Precious Metals

D A I L Y B U Z Z

GOLD

Gold prices fell by 0.21 per cent on Wednesday at the domestic markets as investors unloaded their holdings of the precious metal in advance of today’s critical Federal Open Market Committee meeting.The Federal Reserve could remove a reference to remaining patient from its minutes, which would provide an indication that the U.S. central bank is ready to raise interest rates at some point this year. However, weak dollar raised the appeal of the bullion as an alternative asset. Weaker dollar makes the precious metal cheaper for those holding other currencies, thus increasing demand.Gold futures for April 2015 contract, at MCX, were trading at Rs. 25,562 per 10 grams, down by 0.21 per cent after opening at Rs. 25,631 against the previous closing price of Rs. 25,617. It touched the intra-low low of Rs. 25,541 till the trading. (At 11.50 AM).

Base Metals

D A I L Y B U Z Z

ZINC

Zinc prices fell by 0.43 per cent on Wednesday at the domestic markets as speculators trimmed positions. Also, low demand at domestic spot markets influenced the sentiment. However, losses were limited due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME zinc stocks fell by 3050 metric tonnes to 530600 metric tonnes as on March 18, 2015. Zinc futures for March 2015 contract, at MCX, were trading at Rs 126.15 per kg, down by 0.43 per cent after opening at Rs. 126.35 against the previous closing price of Rs. 126.70. It touched the intra-day low of Rs. 125.50 till the trading. (At 4.00 PM).

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DAILY COMMODITY REPORT FOR 18 MARCH 2015

Precious Metals

D A I L Y B U Z Z

GOLD

Gold futures prices today fell by 0.21 per cent to Rs 25,729 per 10 grams as participants engaged in trimming positions amid weak global cues. Besides, subdued demand at domestic spot markets, too, weighed on the prices. At the Multi Commodity Exchange, gold for delivery in April, fell by Rs 54, or 0.21 per cent, to trade at Rs 25,729 per 10 grams in a turnover of 323 lots. Similarly, the metal for delivery in June shed Rs 55, or 0.20 per cent, to Rs 25,854 per 10 gm in 20 lots. Globally, gold traded lower at USD 1,154.48 an ounce from USD 1,154.81 in Singapore yesterday. Analysts said off-loading of positions by speculators on sluggish spot demand and a weak trend overseas as investors weighed the outlook for higher US interest rates before the Federal Reserve begins a two-day meeting, mainly put pressure on gold prices in futures trade here. 

SILVER

Amid a weakening trend overseas, silver prices fell by Rs 184 to Rs 35,379 per kg in futures trade today as speculators reduced their exposures. At the Multi Commodity Exchange, silver for delivery in May traded lower by Rs 184, or 0.52 per cent, to Rs 35,379 per kg in business turnover of 623 lots. On similar lines, the white metal for delivery in July declined by Rs 183, or 0.51 per cent, to Rs 35,865 per kg in business volume of six lots. In the international market, silver lost 0.5 per cent at USD 15.57 an ounce in Singapore. Market analysts said a weak trend in precious metals in the global markets as investors weighed the outlook for higher US interest rates before the Federal Reserve begins a two-day meeting, kept pressure on silver futures here. 

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