Gold prices dipped on Monday due to a stronger U.S. dollar and a recovery in equities, as major central banks around the world hinted at more stimulus, easing fears about a sharp economic downturn.
Showing posts with label Asia India Gold tips. Show all posts
Showing posts with label Asia India Gold tips. Show all posts
Monday, 19 August 2019
Saturday, 15 June 2019
India gold discounts at 5-month high; buying picks up in China, Singapore
Physical gold discounts in India widened to their biggest in five months this week as an upsurge in local prices dampened purchases, while China and Singapore saw demand rise from investors looking to hedge against a global slowdown.
Dealers in India, which is also the world's second biggest bullion consumer, were offering a discount of $7 an ounce over official domestic prices, the highest since mid-Jan.
This compares to a discount of 50 cents offered last week. The domestic price includes a 10% import tax and 3% sales tax.
"Multiple factors are hitting demand. Prices are rising. Urban consumers are busy in the admission of their kids. Farmers are focusing on sowing of summer crops. Gold buying is not a priority," said Daman Prakash Rathod, a director at MNC Bullion, a wholesaler in Chennai.
MCX Live Rates
Friday, 8 February 2019
Gold trading range for the day is 32913-33413
Gold fell pressured by a stronger dollar, but worries over slowing global economic growth and the spectre of another U.S. government shutdown kept the safe-haven metal above the key $1,300 level.
The U.S. Federal Reserve said it would be patient on further rate hikes, while the European Central Bank sounded less certain that it would start tightening policy later this year.
Trading Ideas:
* Gold trading range for the day is 32913-33413.
* Gold fell pressured by a stronger dollar, but worries over slowing global economic growth limited the downside.
* BOE looks set to trim its forecasts for Britain’s already sluggish growth, reflecting the approach of a still uncertain Brexit in just 50 days’ time.
* U.S. Fed said it would be patient on further rate hikes, while the European Central Bank sounded less certain that it would start tightening policy later this year.
Commodity Mcx Live Price
Thursday, 31 January 2019
Central banks bought more gold in 2018 than any year since 1967: WGC
A surge in gold purchases by central banks to the highest since 1967 helped push global demand for the metal up 4 percent last year, the World Gold Council (WGC) said on Thursday.
The world consumed 4,345.1 tonnes of gold in 2018, up from 4,159.9 tonnes in 2017, the WGC said in its latest quarterly demand trends report.
Driving the increase were central banks which bought 651.5 tonnes - 74 percent more than in 2017 and the second highest annual total on record - as countries including China and Poland joined Russia, Turkey and Kazakhstan in adding to their reserves, the WGC said.
Jewellery demand was relatively unchanged at 2,200 tonnes, with rising consumption in China, the United States and Russia offsetting a steep decline in the Middle East and a very slight fall in India.
Retail investment in gold bars and coins grew 4 percent to 1,090.2 tonnes - helped by a sharp 222-percent rise in demand in Iran to almost 62 tonnes, according to the WGC.
Interest from financial investors was lacklustre, with exchange-traded funds adding 68.9 tonnes to their holdings over the year, down 67 percent from 2017.
Daily Commodity Mcx Live Price
Tuesday, 22 January 2019
Gold futures trade tad higher on rise in demand
Gold futures traded marginally higher on MCX, due to fresh buying by local jewellers to meet the ongoing wedding season demand at domestic spot market. However, negative trend overseas capped the upside.
The contract for February delivery was trading at Rs 32066.00, up by 0.07% or Rs 23.00 from its previous closing of Rs 32043.00. The open interest of the contract stood at 9412 lots.
The contract for April delivery was trading at Rs 32183.00, up by 0.09% or Rs 29.00 from its previous closing of Rs 32154.00. The open interest of the contract stood at 10037 lots on MCX.
Daily Commodity Mcx Live Price
Tuesday, 15 January 2019
Gold steady on Fed pause hopes, equity recovery
Gold prices held steady on Tuesday, supported by market expectations of fewer interest rate hikes in the year by the U.S. Federal Reserve, while a bounce in Chinese equities stoked interest in riskier assets.
Spot gold edged about 0.1 percent lower to $1,290.80 per ounce at 0401 GMT, while U.S. gold futures were unchanged at $1,291.4 an ounce.
"We will see market resistance until we see some catalyst that will give some boost to safe haven assets," said Kyle Rodda, a market analyst at IG, Australia.
"Markets are sitting on their hands and waiting for more information about the subjects that matter to them."
Asian stocks recovered on Tuesday after Beijing signalled more supportive measures to stabilise a slowing economy, and emphasised that China is seeking a strong start in the first quarter.
Meanwhile, the dollar weakened on heightened expectations the Fed will hold off on raising rates this year due to a slowdown in global growth.
Market participants think that worries of slowing domestic and global growth as well as tame U.S. inflation will make Fed policymakers hesitant to raise interest rates.
Daily Commodity Mcx Live Price
Thursday, 10 January 2019
Gold gains as dovish Fed, U.S. political impasse drag dollar
Gold prices rose on Thursday as growing expectations that the U.S. Federal Reserve will pause its rate tightening cycle this year and an impasse between U.S. President Donald Trump and Democrats on funding for a border wall weighed on the dollar.
Spot gold was up 0.2 percent at $1,295.85 per ounce as of 0436 GMT, hovering near Friday's peak of $1,298.42 - a level last seen in mid-June.
U.S. gold futures gained 0.4 percent to $1,297.2 per ounce.
Minutes from the Fed's Dec. 18-19 policy meeting showed that several policymakers said they could be patient about future interest rate hikes and a few did not support the central bank's rate increase that month.
"Gold is getting a bit of support out of a dovish Fed and institutional instability in the United States," said Kyle Rodda, a market analyst at IG, Australia.
"We have got the markets pricing in the possibility of a Fed rate cut rather than a hike in the year ahead," Rodda said, adding that the Fed minutes gave the dollar a bit of a "kick down" and there were chances for gold prices to break the $1,300 level with the present sentiment.
The dollar index, which tracks the greenback against major currencies, hit its lowest level in nearly three months.
Gold prices are highly sensitive to declining interest rates which decrease the opportunity cost of holding the non-yielding bullion while pressuring the dollar.
Daily Commodity Mcx Live Price
Tuesday, 8 January 2019
Gold steady as dollar sags on Fed rate pause bets
Gold held steady on Tuesday as bets on a pause in U.S. interest rate hikes and hopes of a Sino-U.S. trade deal put pressure on the dollar, but an improved risk appetite capped gains for the safe-haven metal.
Spot gold was little changed at $1,287.70 by 0148 GMT. It hit a more-than 6-month peak at $1,298.42 on Friday.
U.S. gold futures eased slightly at $1,288 per ounce.
"A weakening dollar and falling U.S. Treasury yields should keep gold pushing higher," said INTL FCStone analyst Edward Meir.
"Gold still has some room to move higher as the dollar is weakening and that would be an offset to stabilizing stocks," Meir said, adding if prices move above $1,300, it would reassure investors to add more long positions.
The dollar index stood near 2-1/2-month lows as investors grew increasingly convinced that the Federal Reserve will not raise interest rates this year amid uncertainties over the U.S. economy.
On Friday, U.S. central bank chief Jerome Powell told the American Economic Association that the Fed was not on a preset path of rate hikes and it would be sensitive to the downside risks markets were pricing in.
The 10-year U.S. Treasuries yield are down more than 50 basis points from its October peak of 3.261 percent.
Lower Treasury yields can translate into less demand for the dollar since the currency is used to buy bonds, a traditional safe haven.
Gold gains when expectations of interest rate hikes ease because lower rates reduce the opportunity cost of holding non-yielding bullion and weigh on the dollar, in which it is priced.
Meanwhile, U.S. Commerce Secretary Wilbur Ross predicted on Monday that Beijing and Washington could reach a trade deal that "we can live with" as officials resumed talks.
Asian shares extended gains for a third day on Tuesday.
Daily Commodity Mcx Live Price
Thursday, 3 January 2019
Gold off six-and-a-half month peak on equity rebound, stronger dollar
Gold prices inched down from their highest level in over six months on Wednesday after a rebound in equity markets and a stronger dollar dented the precious metal's appeal.
Spot gold was down 0.1 percent at $1,280.81 an ounce at 3:20 p.m. EST (2020 GMT), having earlier touched its highest since June 15 at $1,288.66.
U.S. gold futures settled up 0.2 percent at $1,284.10 per ounce.
"The equity markets turned around. Secondly, the dollar index got very strong; it is testing the 97 level again. Both of these factors are putting pressure on the price of gold," said Walter Pehowich, executive vice president of investment services at Dillon Gage Metals.
"I think gold will have a very good 2019. The dollar will continue to weaken. Even though it's up today, it is just an aberration."
The U.S. benchmark S&P 500 stock index was trading lower but was above the day's trough after dropping as much as 1 percent earlier in the session.
The dollar index rose 0.7 percent against the euro and sterling on Wednesday.
Meanwhile, euro zone manufacturing activity barely expanded at the end of 2018 in a broad-based slowdown, while China's factory activity also contracted for the first time in 19 months in December.
Gold priced in euros jumped to 1,134.08 euros an ounce, its highest level since mid-June 2017. In sterling terms, gold climbed to its highest level since early September 2017, at 1,022.80 pounds an ounce.
Daily Commodity Mcx Live Price
Saturday, 29 December 2018
Gold jewellery demand growth projected at 6%-7%: ICRA
Despite subdued demand for gold jewellery during the current fiscal, the outlook for the retail industry of jewellery made of the yellow metal remained positive, and over the medium to long term the gold jewellery demand growth is projected at 6-7 per cent, said a report released on Friday.
"There will be stable outlook on gold jewellery retail industry. Gold jewellery demand in India varies across rural and urban markets, right from the type of jewellery bought, timing of purchases," said a report by rating agency ICRA.
Following a strong nine per cent volume growth in the last fiscal, gold jewellery demand has been subdued in 2018. Jewellery sales during the critical festive period (August to November) were relatively sluggish due to various factors like elevated gold prices and floods in Kerala.
"Over the medium to long term, gold jewellery demand growth is projected at 6-7 per cent supported by the cultural underpinnings, evolving lifestyle, growing disposable income, favourable demographic dividend and the growing penetration of organised sector.
Being a price-sensitive market, higher gold prices result in deferment of purchases by consumers. Gold prices increased by over six per cent in the last one year with consequent impact on consumption demand, the rating agency said.
This apart, financing to the gems and jewellery sector has been under increased scrutiny in the last one year following reporting of fraud by a few lenders on exposures to leading diamond jewellers, and on exposures to a couple of gold jewellery retailers in south India.
According to it, tightened credit has affected the store expansion plans and working capital position of industry players, especially the unorganised ones.
The agency also said the performance of many organised players has been relatively better.
Commodity Mcx Live Price
Tuesday, 18 December 2018
Gold gains as dollar, stocks slide; markets eye Fed
Gold rose on Monday as a slide in the dollar made bullion more attractive for holders of other currencies, while some investors took cover as stocks globally slipped into the red ahead of the U.S. Federal Reserve's two-day policy meeting.
Palladium climbed to an all-time high of $1,269.50 early in the session on a prolonged deficit in the market and increased speculative interest, with prices trading at a premium to bullion.
Spot gold was up 0.6 percent at $1,246.10 per ounce by 01:36 p.m. EST (1836 GMT). The metal touched its lowest since Dec. 4 at $1,232.39 an ounce on Friday.
U.S. gold futures settled up 0.8 percent at $1,251.80 per ounce.
The dollarslipped ahead of the Fed's policy meeting, which ends on Wednesday. Investor focus will be on the central bank's policy outlook for 2019 and future interest rate hikes.
"One of the drivers that is pushing gold higher right now is the flight to safety (due to lower equities), along with the dollar being sold-off a bit," said Michael Matousek, head trader at U.S. Global Investors.
"Some traders are also positioning themselves so that if the Fed does not raise rates, gold might spike."
Weak stock markets and slowing global growth have raised speculation that the Fed will need to pause its tightening cycle or risk harming the U.S. economy.
Stocks fell on concerns over global growth that sent world equity markets to 17-month lows last week. Markets were also concerned about a possible U.S. government shutdown.
Investor sentiment toward gold showed signs of optimism.
Speculators switched to a net long position in gold of 10,252 contracts, adding 11,791 contracts in the week to Dec. 11, data showed on Friday.
This was the first time gold speculators have held a net long position since July, and the strongest since June.
Daily Commodity Mcx Live Price
Tuesday, 11 December 2018
Gold prices hold steady as stronger dollar weighs
Gold prices held steady early on Tuesday, supported by hopes that the U.S. Federal Reserve could pause its rate hike cycle sooner than previously thought, but a stronger dollar amid Brexit worries weighed on the precious metal.
- Spot gold was steady at $1,244.71 per ounce, as of 0114 GMT.
- U.S. gold futures were little changed at $1,250.1 per ounce.
- The dollar index , which measures the greenback against a basket of six major currencies, advanced 0.75 percent on Monday and was back firmly above 97.00.
- British Prime Minister Theresa May on Monday postponed a parliamentary vote on her Brexit deal to seek more concessions but the European Union refused to renegotiate and lawmakers doubted her chances of winning big changes.
- The Federal Reserve's plans to continue raising interest rates next year were met with more scepticism on Wall Street on Monday, with futures traders betting on a pause and one major bank partially walking back a hawkish prediction.
- U.S. job openings rebounded in October, but hiring continued to lag, suggesting a recent slowdown in job growth was most likely because employers could not find qualified workers.
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