Bullion Tips : Gold ended low as China GDP grows 20 Jan, 2016

Bullion Tips : Prices of Gold ended flat in the local market on yesterday as yearly GDP in China grew at its slowest pace in a quarter century last year, dampening requirement enthusiasm for the precious metal in the world's 2nd-largest economy.

China's National Bureau of Statistics told the national economy grew by 6.8 per cent in the fourth quarter, down slightly from the preceding quarter and the weakest since the Q1(first quarter) of 2009.

A powerfull dollar decreased the appeal of gold as an alternative asset. Stronger greenback makes the bullion expensive for those holding other currencies, thus reducing requirement.

MCX : Gold futures for Feb 2016 contract ended at Rs 26,057 per 10 gms, went down by 0.03 per-cent after opening at Rs 26,023, as compared to the previous closing price of 26,065. It reached the intra-day low of Rs 25,860.

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Bullion tips & market updates for 28 Dec, 2015

Bullion tips & calls

Bullion traders told the pick-up in buying kept gold prices higher, but gains were prohibited due to closure of world wide markets for Christmas festival.

Lending support to previous day gains, gold prices rose further by Rs 15 to Rs 25,690 per 10 gms at the bullion market today following a buying surge by retailers & jewellers.

Moreover, silver prices went down Rs 25 to Rs 34,300 per kg due to lack of buying support from industrial units & coin-makers.

In the national capital, gold of 99.9 per-cent & 99.5 per-cent purity advanced by Rs 15 each to Rs 25,690 & Rs 25,540 per 10 gms, respectively. It has gained Rs 125 yesterday.

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MCX & NCDEX Agri Commodity Market Updates Today

In MCX Bullions Gold prices can open with positive bias. Base metals may open in green tracking positive opening in SHFE. MCX Copper prices can test 375 while MCX lead nickel can test Rs. 1000. MCX Crude oil can also trade on mixed note however bias will remain on upside and the prices can test Rs. 4400.

MCX Gold Dec settled yesterday at Rs. 26458, it lost Rs. 135 for the day. MCX Silver Dec settled yesterday at Rs. 52228, it lost Rs. 929 yesterday. MCX Crude Oil settled yesterday at Rs. 4357 however, it is expect to open in a negative territory today. All base metals are likely to open in a negative territory today.

Pepper futures may trade bearish tracking weak spot markets. Pepper futures to trade higher for the day. Cardamom futures may trade in red zone. Jeera futures may trade sideways. Guar complex may trade sideways. Guar Complex is expected to trade lower for the day. Domestic oilseeds may trade sideways. Outlook for Soybean is seen down for the day. CPO is expected to trade lower.  Outlook for Chana is sideways to up for the day. Outlook for Jeera is sideways to down for the day.

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