Gold jumped more than 1.5% on Friday, breaking above $1,400 for the first time since September 2013, as hints of a rate cut from the U.S. Federal Reserve took a toll on the greenback and U.S. Treasury yields.
Showing posts with label Daily Gold Live Tips. Show all posts
Showing posts with label Daily Gold Live Tips. Show all posts
Friday, 21 June 2019
Wednesday, 19 June 2019
Natural gas trading range for the day is 158.7-169.9.
* Natural gas trading range for the day is 158.7-169.9.
* Natural gas fell despite forecasts for higher liquefied natural gas (LNG) exports and warmer weather next week.
* However warmer weather should boost the amount of gas power generators burn to keep air conditioners humming.
* Despite small price increases over the past week or so prices remained under pressure due to near-record production and moderate weather
* Utilities likely added 113 bcf of gas to inventories during the week ended June 14.
MCX Live Rates
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
Monday, 14 January 2019
Natural gas trading range for the day is 210.8-220.8
Natural gas on MCX settled up 2.75% at 217 on forecasts for much colder weather and more heating demand than previously expected for the rest of January. Meteorologists said the weather would remain seasonally cold through Jan. 18 before turning extremely frigid during the following week.
With more cold coming, Refinitiv projected demand for gas in the Lower 48 states would rise to 116.7 billion cubic feet per day (bcfd) next week and 124.5 bcfd in two weeks from just 104.3 bcfd during the warmer-than-usual weather this week.
Trading Ideas:
* Natural gas trading range for the day is 210.8-220.8.
* Natural gas gained on forecasts for much colder weather and more heating demand than previously expected for the rest of January.
* Meteorologists said the weather would remain seasonally cold through Jan. 18 before turning extremely frigid during the following week.
* Gas output in the Lower 48 has averaged near a record high of 86.7 bcfd over the past 30 days.
Commodity Mcx Live Price
Saturday, 12 January 2019
India imported a record 4.6 million bpd oil in 2018
India imported 4.8 percent more oil in 2018 to a record 4.58 million barrels per day (bpd) as the country increased purchases to feed its expanded refining capacity, ship-tracking data reviewed by Reuters showed.
In December the country's oil imports totalled 4.86 million bpd, an increase of about 15 percent from the previous month and about 11 percent more than a year earlier, the data showed.
In 2018 Iraq continued to be the top supplier to India on an annual basis for a second year in a row while Saudi Arabia maintained the second position, the data showed.
Iran remained the third-biggest oil supplier to India in 2018.
India's imports from Iran in 2018 totalled about 531,000 bpd, about 13 percent higher than a year ago, the data showed.
The Middle East remained the biggest oil supplier to India, with the region's share in imports rising to about 65 percent from 63 percent a year ago. Oil supplies from Africa fell slightly, accounting for about 14.5 percent of overall imports, while supplies from Latin America declined for a fourth year, with the region's share shrinking to about 13.7 percent from 15 percent.
U.S. oil accounted for about 2.5 percent of India's oil import in 2018 compared with 0.5 percent a year earlier, the data showed.
Commodity Mcx Live Price
Friday, 11 January 2019
Oil rises again but global economic concerns cap gains
Crude prices edged higher on Thursday, supported by comments from the U.S. Federal Reserve chairman that lifted equity markets, but a more than week-long oil rally slowed as optimism surrounding U.S.-China trade talks faded.
Brent crude futures rose 24 cents, or 0.4 percent, to settle at $61.68 a barrel. The global benchmark posted its first consecutive nine-day winning streak since September 2007.
West Texas Intermediate crude ended 23 cents, or 0.4 percent, higher at $52.59 a barrel, also its ninth straight day of gains, that beats a 2010 record.
Earlier in the session, both benchmarks hit their highest in nearly a month. WTI hit a session high of $52.78 per barrel and Brent rose to $61.91 a barrel.
Global financial markets have climbed recently on hopes that Washington and Beijing would avert an all-out trade war. The two superpowers concluded three days of talks on Wednesday.
But the rise in global markets began to dwindle after the world's two largest economies issued vaguely positive statements that lacked concrete details.
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, 13 November 2018
Gold prices firm from over 1-month low on bargain-hunting
Gold prices edged higher on Tuesday as investors resorted to bargain-hunting after the precious metal fell to over one-month lows, weighed down by a stronger dollar.
Spot gold was up 0.3 percent at $1,204.22 per ounce at 0339 GMT, having touched its lowest since Oct. 11 at $1,199.72 earlier in the session.
U.S. gold futures inched up 0.1 percent to $1,204.7 per ounce.
"It's been some time that we have seen this level, so we are seeing some buying here," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.
"However, a stronger dollar has capped the market."
The dollar index, which measures the greenback against a basket of six major currencies, was sitting just shy of its 16-month high of 97.69 hit on Monday, benefiting from save-haven flows as investors shunned riskier assets because of political uncertainties in Europe, fears of a global economic slowdown and U.S.-Sino trade tensions.
A firmer greenback makes bullion expensive for holders of other currencies as the commodity is priced in dollars.
Daily Commodity Mcx Live Price
Monday, 5 November 2018
Gold prices hold steady ahead of U.S. elections
Gold prices held steady on Monday as investors were cautious ahead of the U.S. congressional elections due on Tuesday which will determine whether the Republican or Democratic Party controls Congress.
Spot gold was steady at $1,232.08 per ounce, as of 0415 GMT, while U.S. gold futures were flat at $1,233.4 per ounce.
"Traders don't want to extend any risk because of the growing uncertainty around the elections," said Stephen Innes, APAC trading head at OANDA in Singapore.
Opinion polls show strong chances that the Democratic Party may win control of the House of Representatives in the Nov. 6 midterm elections after two years of wielding no practical political power in Washington, with Republicans likely to keep the Senate.
"We are seeing increasing weariness that the U.S. dollar could run out of steam, which naturally plays into gold... If we get a little bit of escalation of U.S. political risk that plays even more favourably into gold," Innes added.
Meanwhile, the dollar lost ground against most of its major peers, as growing expectations of an orderly Brexit bolstered the pound, euro and broader global investor sentiment.
Commodity Mcx Live Price
Thursday, 1 November 2018
Gold prices recover from three-week low on softer dollar
Gold recovered on Thursday from a three-week low hit in the previous session as the recent fall in the metal prices and an easing dollar from multi-month highs induced some bids.
Spot gold was 0.3 percent higher at $1,217.66 per ounce at 0424 GMT, after falling for three sessions in a row. Gold touched its lowest since Oct. 11 at $1,211.52 per ounce on Wednesday.
U.S. gold futures were up 0.4 percent at $1,219.2 an ounce.
"Bargain hunters are buying on the dips. The dollar being slightly off is also helping," a Singapore-based trader said.
The dollar index, which measures the greenback against a basket of six major currencies, was down 0.3 percent after hitting a 16-month high in the previous session.
"Yesterday, a stronger dollar kept gold under pressure. The market was overdone and gold prices fell to about $1,211 ... There is some buying interest in the Asian markets at the lower levels," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.
A stronger dollar makes dollar-denominated bullion more expensive for users of other currencies.
Daily Commodity Mcx Live Price
Monday, 10 September 2018
Gold holds losses on rate hike views, trade worries
Gold held on to a small loss from the previous session on Monday, as the dollar firmed amid expectations of a U.S. Federal Reserve interest rate hike in September and fears of escalating trade tensions between the United States and China.
Spot gold was down 0.1 percent at $1,194.61 at 0225 GMT, having fallen 0.4 percent in the previous session.
U.S. gold futures were almost flat at $1,200.30 an ounce.
"The strong U.S. nonfarm payrolls led to some modest downward pressure on gold ... Going forward though, the U.S dollar will continue to weigh on gold, and as long as the dollar is strong, gold will remain constrained," said John Sharma, an economist at National Australia Bank.
Stronger-than-expected U.S. payrolls data on Friday cemented expectations that the U.S. Fed will raise interest rates in September, in what would be its third hike this year.
The dollar firmed against a basket of major currencies on Monday thanks to the jobs data and after U.S. President Donald Trump warned tariffs on a further $267 billion worth of Chinese imports, on top of earlier promises to levy duties on $200 billion worth of Chinese goods.
Commodity Mcx Live Price
Friday, 7 September 2018
Gold edges higher as dollar slips against yen on trade jitters
Gold extended gains on Friday as the dollar fell against the yen after a report suggested that U.S. President Donald Trump would next take up trade issues with Japan, while investors feared a new round of Sino-U.S. tariffs could come at any moment.
Spot gold was up 0.2 percent at $1,202.14 as of 0219 GMT, after it hit a near one-week high on Thursday at $1,206.98, and headed for a third straight session of gains.
U.S. gold futures rose 0.3 percent to $1,208.0 an ounce.
The dollar declined further against the yen following a CNBC television report on Thursday that Trump told a Wall Street Journal columnist he might take on trade issues with Japan.
"The stronger yen versus dollar is leading to some buying in gold ... The recent low of around $1,160 in August is really the bottom in gold for now," said Yuichi Ikemizu, Tokyo branch manager, ICBC Standard Bank.
Commodity Mcx Live Price
Wednesday, 5 September 2018
Gold drops as trade, emerging market worries lift dollar
Gold slipped on Tuesday as concerns over an escalating trade war between the United States and China battered emerging market currencies and prompted investors to seek perceived safety in the dollar.
A stronger greenback makes dollar-priced gold costlier for non-U.S. investors.
The U.S. dollar index rallied as the public comment period on a U.S. proposal for new tariffs on Chinese goods is set to end on Thursday, after which Washington can follow through on plans to impose tariffs on $200 billion more of Chinese imports.
Emerging market currencies such as the Argentine peso, Turkish lira, South African rand, Brazilian real, Indonesian rupiah and Indian rupee sank as investors fear these export-oriented economies will be caught in the escalating trade war.
The dollar's status as the chief reserve currency makes it the primary beneficiary of trade conflicts.
"As long as the dollar focus remains strong, upside potential seems limited (for gold)," said Saxo Bank's head of commodity strategy Ole Hansen.
He added, however: "I don't really see a new low in gold (either). The Chinese yuan has been major driver for weakness (in gold) and it has stabilized over the past couple of weeks after the central bank signaled they're prepared to stabilize it."
Daily Commodity Mcx Live Price
Friday, 31 August 2018
Gold prices edge up, but still set for longest monthly losing streak since 2013
Gold prices inched up on Friday but remained on course to rack up their longest monthly losing streak since 2013, hit by worries over lingering U.S.-Sino trade tensions.
Spot gold was up 0.2 percent at $1,202.04 an ounce at 0321 GMT, after touching a near one-week low of $1,195.95 on Thursday. Prices are down 1.7 percent so far this month, on track for a fifth straight monthly decline.
U.S. gold futures were up 0.2 percent at $1,207.90 an ounce.
"As $1,200 is always a psychological level, there will be some battle to regain that ... It is going to be critical whether prices are going to close above or below that level today," said Brian Lan, managing director at dealer GoldSilver Central in Singapore.
Analysts and traders said gold would closely track moves in the dollar, in which the metal is priced, especially with investors bracing for the next round of the U.S.-China trade conflict.
Gold prices have declined about 7.7 percent so far this year amid international trade disputes and the Turkish currency crisis, with investors preferring the dollar as a safe-haven.
The dollar index against a basket of six major currencies stood little changed at 94.731 on Friday.
The greenback was boosted overnight by data that showed U.S. consumer spending increased in July.
"We think that the spate of the more consequential news headlines we are seeing of late will likely force another dollar rally and conceivably pressure gold prices lower," said INTL FCStone analyst Edward Meir.
"We would therefore favour the short-side for the time being, especially going into the long Labor Day weekend in the U.S."
Commodity Mcx Live Price
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