Gold heads for biggest weekly gain in two years

Federal Reserve Chairman Ben Bernanke said on Wednesday that the overall message from the central bank was that a “highly accommodative policy is needed for the foreseeable future”.

Gold rose for a fifth session on Friday, on track for its biggest weekly gain in nearly two years on easing fears of an early end to US monetary stimulus that as boosted bullion’s appeal as a hedge against inflation.

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Fundamentals

Spot gold had climbed 0.1 percent to USD 1,286.21 an ounce by 0016 GMT. It touched close to USD 1,300 on Thursday, its highest in three weeks.

Bullion has gained 5 percent so far this week, on course for its largest weekly climb since October 2011.

Comex gold and silver were also trading near multi-week highs hit on Thursday.

Federal Reserve Chairman Ben Bernanke said on Wednesday that the overall message from the central bank was that a “highly accommodative policy is needed for the foreseeable future”.

Financial markets, which had tumbled after Bernanke said last month that the Fed’s USD 85 billion in monthly bond purchases could be scaled back this year, jumped on Thursday with the Dow and S&P 500 indices hitting all-time closing highs.

Gold, still down nearly 25 percent this year, could face further headwinds as some investors jump to rallying stocks, dumping holdings in gold-backed exchange traded funds.

Investors pulled USD 998.8 million from commodities and precious metals funds, up from withdrawals of USD 92.6 million the prior week, data from Thomson Reuters’ Lipper service showed on Thursday.

Gold traders in India, the world’s biggest buyer of the metal, refrained from fresh purchases as prices climbed to their highest level in more than two weeks.

Market News

The US dollar fell to multi-week lows against the euro and yen on Thursday as traders scaled back expectations the Fed would slow its asset purchases in the coming months.

Source: www.moneycontrol.com

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Gold jumps to 2 week high after Bernanke speech; US Jobless claims data awaited

Data on US Initial Jobless Claims, Continuing Jobless Claims and Import Price Index are scheduled to be released at 06.00 PM IST today and gold investors may get clues from the data released for their further trading. Gold futures for August delivery on Globex division of Comex was seen trading up by 2.86% at $ 1283.25 per troy ounce as of 10.07 AM IST on Thursday.

MUMBAI (Commodity Online): Gold prices in the international market touched two week high on Thursday after US Federal Reserve Chairman Ben Bernanke hinted that the central bank may continue with its existing monetary stimulus despite recent positive trends in the US economy.

Gold futures for August delivery on Globex division of Comex was seen trading up by 2.86% at $ 1283.25 per troy ounce as of 10.07 AM IST on Thursday.

Silver futures for September delivery on Globex division of Comex was seen trading up by 3.55% at 19.845 per troy ounce as of 10.27 AM IST on Thursday.

Data on US Initial Jobless Claims, Continuing Jobless Claims and Import Price Index are scheduled to be released at 06.00 PM IST today and gold investors may get clues from the data released for their further trading.

US Dollar recorded a decline as Bernanke assured that the bank would continue to pump money in to the economy.

Ben Bernanke stated that highly accommodative policy is required for the near future as inflation remains low.

FOMC minutes showed that around half of the central bank’s FOMC members indicated that the monetary stimulus should be stopped by year end. Some of the policy makers wanted solid recovery in the job market.

Bullion fell this year after Federal Reserve Chairman hinted in June that the central bank may stop pumping money into the US economy. Year to date bullion has fallen almost 25% on an annual basis.

Holdings in SPDR Gold Trust fell 0.07% to 939.08 tons on Wednesday.

Gold futures for August delivery on India’s Multi Commodity Exchange (MCX) was seen trading up by 1.62% at Rs.26526 per 10 grams as of 10.19 AM IST on Thursday.

Source: www.commodityonline.com

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MCX gold futures prices remain unchanged on Monday

MCX GOLD October contract was trading at Rs 25799 down Rs 10, or 0.04 percent. The GOLD rate touched an intraday high of Rs 25928 and an intraday low of Rs 25750.

At 12:24 hours IST, MCX GOLD August contract was trading at Rs 25666 per 10 gram, down Rs 3, or 0.01 percent. The GOLD rate touched an intraday high of Rs 25789 and an intraday low of Rs 25610. So far 7884 contracts have been traded. GOLD prices have moved down Rs 6561, or 20.36 percent in the August series so far.

MCX GOLD October contract was trading at Rs 25799 down Rs 10, or 0.04 percent. The GOLD rate touched an intraday high of Rs 25928 and an intraday low of Rs 25750. So far 386 contracts have been traded. GOLD prices have moved down Rs 6051, or 19.00 percent in the October series so far.

MCX GOLD December contract was trading at Rs 25942 down Rs 13, or 0.05 percent. The GOLD rate touched an intraday high of Rs 26059 and an intraday low of Rs 25910. So far 31 contracts have been traded. GOLD prices have moved down Rs 4998, or 16.15 percent in the December series so far.

Source: www.moneycontrol.com

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MCX Gold: Bear of the day

MCX gold for August delivery may trade on negative note. The commodity may witness short covering at 24900-24800 levels.

By John Godson
Gold prices at India’s Multi Commodities Exchange (MCX) have breached 25,000 levels; the commodity witnessed high selling as prices plummeted.

Gold for August delivery is trading at Rs 24,970 per 10gm with loss of 1.15% as of 01.21 P.M IST.

Indian Rupee has appreciated 1.06% to 59.55 against dollar witnessed further fall in yellow metal prices. Weakness in dollar index accounted for further fall in metal prices.

Gold dropped as rallying U.S equity markets further cut into demand for bullion as a hedge against economic uncertainty. Official data showed that the U.S. economy grew significantly less than expected in the first quarter of 2013.

Demand in India is likely to fall this quarter as the government moves to curb gold imports to reduce a record current account deficit.

On COMEX, gold is trading down at $ 1,201.7 per oz as of 03.47 am CT.

MCX gold for August delivery may trade on negative note. The commodity may witness short covering at 24900-24800 levels.

— Support: 24800, 24730
— Resistance: 25350, 25500

In the evening session, release of Chicago Purchasing Managers Index and University of Michigan/Thomson Reuters consumer-sentiment index data may put further pressure on gold prices.

Source: www.commodityonline.com

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Gold slips over 1% on MCX

MCX GOLD October contract was trading at Rs 26840 down Rs 322, or 1.19 percent. The GOLD rate touched an intraday high of Rs 27131 and an intraday low of Rs 26810.

At 11:54 hours IST, MCX GOLD August contract was trading at Rs 26692 per 10 gram, down Rs 328, or 1.21 percent. The GOLD rate touched an intraday high of Rs 27000 and an intraday low of Rs 26662. So far 11665 contracts have been traded. GOLD prices have moved down Rs 5535, or 17.18 percent in the August series so far.

MCX GOLD October contract was trading at Rs 26840 down Rs 322, or 1.19 percent. The GOLD rate touched an intraday high of Rs 27131 and an intraday low of Rs 26810. So far 371 contracts have been traded. GOLD prices have moved down Rs 5010, or 15.73 percent in the October series so far.

MCX GOLD December contract was trading at Rs 26985 down Rs 316, or 1.16 percent. The GOLD rate touched an intraday high of Rs 27035 and an intraday low of Rs 26965. So far 17 contracts have been traded. GOLD prices have moved down Rs 3955, or 12.78 percent in the December series so far.

Source: www.moneycontrol.com

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MCX Gold sideways to bearish; support 26950 and 26800

For intra-day, support for the commodity is seen at 26950 while resistance is seen at 27050. If commodity breaks 26950 level then it may move towards 26800 level. MCX Gold futures for August delivery was seen trading slightly up by 0.23% at Rs. 27004 per kilogram as of 11.41 PM on Saturday. Next week, gold investors in the international market are expected to closely watch treasury bond yields, physical demand and key US data releases as gold prices recorded a steep fall in the last week. Analysts expect a sideways trend in gold.

MUMBAI (Commodity Online): The trend in gold futures for August delivery on India’s Multi Commodity Exchange (MCX) looks sideways to bearish for the day and traders are advised to sell on rise.

“For intra-day, support for the commodity is seen at 26950 while resistance is seen at 27050. If commodity breaks 26950 level then it may move towards 26800 level” said Amrita Mashar, Research Analyst at Commodity Online.

MCX Gold futures for August delivery was seen trading slightly up by 0.23% at Rs. 27004 per kilogram as of 11.41 PM on Saturday.

Gold futures for August delivery on Globex platform of Comex closed up by 0.89% to $ 1297.70 per troy ounce on Friday.

Next week, gold investors in the international market are expected to closely watch treasury bond yields, physical demand and key US data releases as gold prices recorded a steep fall in the last week. Analysts expect a sideways trend in gold. For more detail about gold commodity trading tips just visit here: http://maxcommodity.com/gold-updates/

The yellow metal prices recorded a steep fall after US Federal Reserve Chairman Ben Bernanke stated that the Central Bank may end its monetary stimulus partially this year and potentially withdrew it by the middle of next year on the assumption that US economy is improving.

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Gold fell more than 6% last week. However a slight recovery was seen on Friday on fresh physical buying from China and speculation that current fall in the prices may result in rise in physical demand.

Gold futures for August delivery on Globex platform of Comex closed up by 0.73% at $1295.55 per troy ounce on Friday.

Investors would closely watch key US data releases which are scheduled for the next week. Data on Durable Goods, Consumer Confidence and New Home Sales are scheduled to be released on Tuesday. A data on Gross Domestic Product is expected on Wednesday.

Then weekly Jobless Claims, Personal Income and Spending are scheduled for Thursday. Next Friday is expected to bring the Chicago Purchasing Managers Index and University of Michigan/Thomson Reuters consumer-sentiment index.

Source: www.commodityonline.com

MCX Gold, MCX Silver: Short covering underway

“MCX Gold may face resistances at 27235 and 27610 and support at 26465, 26062 levels,” said John Godson, Technical Analyst at Commodity Online. “Silver meanwhile may find resistances at 41882 and 42449 levels and support at 40708 and 40392 levels, ” he said. The shortcovering in silver is relatively weak when compared to gold and may not give the futures a sufficient fillip, he continued to add.

MUMBAI (Commodity Online): Gold and silver futures are witnessing short covering after a blood bath in the commodities front yesterday.

“MCX Gold may face resistances at 27235 and 27610 and support at 26465, 26062 levels,” said John Godson, Technical Analyst at Commodity Online. “Silver meanwhile may find resistances at 41882 and 42449 levels and support at 40708 and 40392 levels, ” he said. The shortcovering in silver is relatively weak when compared to gold and may not give the futures a sufficient fillip, he continued to add.

On India’s MCX, gold for delivery on August 5 was seen trading at Rs.26911 registering a gain of 0.16% as of 10.55 AM IST. Silver for delivery on July was seen trading at Rs.41142 a kilogram, a loss of 0.4%. Click here to get more MCX Gold Silver Tips

Gold on the Comex for delivery on August 13 was seen trading at $1,296.85/oz, a gain of $0.65 or 0.83% as of 10.52 AM IST. Silver for delivery on July 13 was seen trading at $19.788/oz, a loss of $0.035 or 0.18%.

The shortcovering in silver is relatively weak when compared to gold.

The futures had slid after Ben Bernanke hinted a phase out of QE measures starting next year.

“If the incoming data are broadly consistent with (Federal Reserve) forecast, the Committee currently anticipates that it would be appropriate to moderate the monthly pace of purchases later this year; and if the subsequent data remain broadly aligned with our current expectations for the economy, we would continue to reduce the pace of purchases in measured steps through the first half of next year, ending purchases around midyear.” noted Ben Bernanke on Wednesday.

However, the US labour department revealed yesterday that first-time jobless claims showed a surprising jump, thereby raising concerns about the growth of labour market in the US.

The data announced by the US labour department today in Washington showed, jobless claims rose by 18,000 to 354,000 in the week ended June 15 from a revised 336,000 in the earlier period.

Meanwhile experts say that gold may find a firm support at $1200/oz levels which indeed is the cost of production of the commodity and hence difficult to get breached in a psychological way and given the economic sense behind it.

Back in May reports had suggested that George Soros did reduce his holdings in SPDR Gold Trust in the month of March. This caused a slide in futures and since then gold has been plagued by slides.

Source: www.commodityonline.com

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Gold Settles After A Strom

Gold futures are trading slightly higher in Asia electronic trading today aided by weakness in the US Dollar. Yesterday, it collapsed by more than 6% as investors continued to price in the Federal Reserve’s possible trimming of its monetary stimulus later this year.

After settling Nymex trade at $1,286.20 an ounce — the lowest close since September 2010 — August gold took further damage on news exchange operator CME Group Inc. CME was hiking margin requirements.

The CME, which owns the Nymex’s metals-trading Comex division, said following Thursday’s close that it would hike initial and maintenance margins for gold by 25%, according to reports. The CME’s decision came after August gold futures plunged $87.80, or more than 6%, to end at $1,286.20 an ounce on Thursday, the futures’ lowest closing level since September 2010. The new margins would come into effect after Friday’s close, CME said.

MCX Gold for August delivery is trading up $3 at $ 1289.2 an ounce on the COMEX division of the New York Mercantile Exchange. The contract had tumbled to as low as $1275.4 an ounce marking its lowest level in 2 ½ years.

By late morning in East Asia, the ICE dollar index had edged down to 81.642 from its 81.823 level late Thursday. The dollar had rallied since the Federal Reserve’s statement late Wednesday, signaling it could slow its asset purchases this year if the economy improves further.

A weaker U.S. currency tends to support gold and other dollar-denominated commodities, as it makes them less expensive for holders of euros, yen and other units.

MCX August gold futures may open today’s session near Rs 27000 with resistance near Rs 27100 levels and support near Rs 26700 levels.

Source: www.commoditytrademantra.com

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Gold In Cautious Mode Ahead Of Fed

Gold futures are trading in a cautious mode today as traders remain uncertainty that how long the central bank will maintain its $85 billion a month in bond purchases.

Investors are closely watching for any comments by the Fed about the future of its program of purchasing $85 billion a month in bonds, which is intended to stoke economic growth. The Fed will conclude its two-day meeting Wednesday and Fed Chairman Ben Bernanke will hold a news conference.

On the data front today, Japan’s exports surged in May, as the yen traded at its weakest levels of the year, with the result leading to a smaller-than-expected trade deficit. Japanese exports rose 10.1% from a year earlier, the Finance Ministry reported Wednesday.

Gold for August delivery is trading down $1 at $ 1366 per ounce on Comex Division Of New Yrok Mercantile Exchange.

It dropped $16.20, or 1.2%, to close at $1,366.90 an ounce in Nymex floor trading as Fed officials began a two-day monetary-policy meeting. During the session, gold traded as low as $1,360.20, the lowest level for a most-active futures contract since May 23.

Economic data on Tuesday offered a mixed bag for Fed experts. Housing starts rebounded by a stronger-than-expected 6.8% in May, but consumer price inflation was more subdued than expected, posting a monthly rise of 0.1%.

MCX Gold August futures may open today’s session below Rs 28000 with support around Rs 27850 levels and resistance near Rs 27970-90 levels.

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MCX Gold, MCX Silver, MCX Crude Oil, MCX Copper: What to expect this week

MCX gold August contract may trade neutral this week;MCX silver July contract may trade bearish.

Commodity Online

MCX GOLD August contract may trade neutral this week
Support: 27063, 26698; Resistance: 28420, 28500

MCX SILVER July contract may trade bearish this week
Support: 42096, 41640; Resistance 44850, 45000

MCX CRUDE OIL July contract may trade bearish this week
Support: 5320, 5200; Resistance 5810, 5899

MCX COPPER July contract may trade bearish this week
Support: 402, 392 ; Resistance: 418, 420

MCX CORIANDER July contract may trade sideways to down this week
Support: 6200, 6109; Resistance: 6750, 6800

Source: www.commodityonline.com

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