Demand for rice from top exporter India was subdued as buyers delayed purchases despite a dip in prices to four-month lows this week, while restricted supply kept rates for the Vietnamese variety at their highest in two months.
Showing posts with label Gold Trading Tips. Show all posts
Showing posts with label Gold Trading Tips. Show all posts
Friday, 18 October 2019
Wednesday, 16 October 2019
Gold edges higher on Brexit jitters, risk-on mood limits gains
Gold prices edged higher on Wednesday after shedding nearly 1% in the previous session, as some optimism about Britain's negotiations to leave the European Union ebbed, while a risk-on sentiment capped the bullion's gains.
Spot gold was up 0.2% at $1,484.10 per ounce as of 0427 GMT. U.S. gold futures were 0.3% higher at $1,487.90 per ounce.
"There are some uncertainties since there is a lot to go through on Brexit. For instance even if both EU and UK negotiators agree on terms it still has to go through the parliament," AxiTrader market strategist Stephen Innes said.
However, a signed Brexit deal could push yields higher, which fundamentally are significant headwinds over the near term for gold, Innes added.
Markets are still awaiting the outcome of talks that dragged on late into Tuesday night to see whether Britain and the EU can draft an agreement on Brexit before a summit later this week. It also remained unclear if London could avoid postponing its scheduled departure on Oct. 31.
MCX Live Rates
Wednesday, 26 June 2019
India`s gold demand could fall to three-year low as prices hit record high
India's gold demand could fall 10% in 2019 from a year ago to the lowest level in three years as a rally in local prices to a record high dents retail purchases during a key festive season, the head of an industry body.
Lower purchases by India, the world's second biggest consumer after China, could limit a rally in global prices that hit a 6-year high earlier this week.
"Of late, customers are not used to such a jump in prices," Anantha Padmanabhan, chairman of the All India Gem and Jewellery Domestic Council (GJC) told Reuters by telephone.
"They will not raise allocations to buy gold just because prices have risen. Volume-wise demand will drop 10% from last year."
India's gold consumption eased 1.5% in 2018 to 760.4 tonnes, below a 10-year average of 838 tonnes, according to data compiled by the World Gold Council.
Local gold prices hit a record 35,960 rupees per 10 grams on Tuesday, having jumped more than 10 percent over the past month.
MCX Commodity Live Tips
Monday, 3 June 2019
Gold trading range for the day is 31851-32501
Gold trading range for the day is 31851-32501.
Gold climbed as investors scurried into the safe-haven bullion following Washington's shock threat of tariffs on Mexico, which heightened fears of a global downturn.
The dollar briefly trimmed its losses as stronger-than-forecast data on U.S. consumer spending and income in April tempered some worries about a slowing U.S. economy.
Gold premiums in top consumer China rose as investors bought the metal as a safe-haven due to rising trade tensions with the United States.
U.S. interest rate futures rose as traders increased their bets on more than one rate cut from the Fed.
MCX Commodity Live Tips
Tuesday, 14 May 2019
Gold steadies near one-month peak as trade escalation lifts safe-haven demand
Gold prices held steady near one-month highs on Tuesday as an escalation in Sino-U.S. trade war sent investors looking for safe-haven assets.
Spot gold was mostly steady at $1,298.48 as of 0255 GMT, after hitting $1,303.26, its highest since April 11.
U.S. gold futures were down 0.2% at $1,299.20.
Asian shares extended losses on Tuesday, following sharp falls on the Wall Street overnight, the yen strengthened and U.S. Treasury yields ticked lower after Beijing on Monday announced retaliatory tariff-hike to counter Washington.
"Gold is moving because people are looking to find a safe harbour in the storm while they wait for the dust to settle," said Jeffrey Halley, senior market analyst, Asia Pacific at OANDA.
"Prices could further rise to $1,310-$1,312 if stock markets end lower. But, any sudden breakthroughs in the trade stand-off possibly could see investors stampeding for the exit as fast as they arrived."
On Monday, the metal rose 1.1% to mark its biggest one-day percentage rise since February 19. Prices broke through multiple technical resistances, which had acted as a barrier for bullion despite the slump in global markets over the past week.
MCX Commodity Live Tips
Thursday, 9 May 2019
Gold prices hold firm ahead of U.S.-China trade talks
Gold prices held steady on Thursday ahead of Sino-U.S. trade negotiations, while demand for government bonds and Japanese yen and a key technical resistance limited gains for the safe-haven metal.
Spot gold firm at $1,280.76 per ounce at 0317 GMT. U.S. gold futures were also steady at $1,281.30.
"We are not in the flight to safety or panic mode despite the risk averse market we are seeing right now and that's why we are not seeing gold prices rally," said David Song, an analyst at DailyFX.
Gold prices closed near session lows on Wednesday after climbing to their highest since April 15 at $1,291.39.
"There is still some hope that there could be a deal between U.S. and China. We are watching $1,250-$1,260 levels with 200-day moving average a key factor for gold," Song said, adding that the Japanese yen's uptick has benefited from the risk-off sentiment in global markets.
The dollar has sagged against the Japanese currency, stocks have retreated and government bonds have surged in turn.
MCX Live Rates
Wednesday, 17 April 2019
Gold near four-month low as stocks, dollar weigh
Gold steadied around a 4-month trough on Wednesday, after falling nearly 1 percent in the previous session due to a surge in global equities, while a stronger dollar piled pressure on the metal.
FUNDAMENTALS
- Spot gold was down 0.1 percent at $1,286.38 per ounce, as of 0104 GMT. In the previous session, the metal sank to $1,272.70, its lowest since Dec. 27.
- U.S. gold futures edged up 0.1 percent to $1,278.10 an ounce.
- Stocks around the globe rose on Tuesday to six-month highs as positive economic data in China and Germany boosted investor sentiment.
- Japan's Economy Minister Toshimitsu Motegi said on Tuesday that no agreement had been reached on individual trade issues with the United States after two days of talks with U.S. Trade Representative Robert Lighthizer.
- Standard Chartered on Tuesday forecast the palladium market deficit widening in 2019 and 2020.
MCX Commodity Live Tips
Saturday, 13 April 2019
Gold prices inch lower as strong equities weigh
Gold inched lower on Friday, having posted its biggest daily decline in two weeks in the previous session, as the impact of a weak dollar was offset by gains on Wall Street.
The metal had broken below the key psychological level of $1,300 on Thursday to hit a one-week low due to sharp gains in the dollar.
"The dollar strength really hurt precious metals and we're seeing some of that reverse with most currencies running a little higher versus the dollar," said Chris Gaffney, president of world markets at TIAA Bank.
"We've got tame inflation, the trade situation is getting resolved and Brexit looks like it's going to be pushed down the road. So right now investors don't have any incentive to buy gold," Gaffney added.
U.S. stocks climbed back to near record highs on Friday after the largest U.S. bank, JPMorgan Chase & Co, soothed worries that the first-quarter earnings season would pour cold water on Wall Street's big rally back from last year's slump
MCX Commodity Live Tips
Tuesday, 9 April 2019
Gold holds near one-week high on subdued dollar, equities
Gold inched higher on Tuesday, trading just below a more than one-week peak hit in the previous session, as Asian equities eased and the dollar weakened following sombre U.S. economic data.
FUNDAMENTALS
Spot gold was up 0.2 percent at $1,299.34 per ounce as of 0101 GMT, after touching its highest since March 28 at $1,303.61 in the previous session.
U.S. gold futures gained 0.1 percent to $1,302.80 an ounce.
The dollar sagged on Tuesday after weak U.S. economic data while commodity-linked currencies such as the Canadian and Australian dollars drew support from an ongoing surge in crude oil prices.
British shoppers cut back spending for the first time in almost a year last month, reflecting a mix of seasonal pressures and Brexit worries, the British Retail Consortium said on Tuesday.
Turkey raised its gold holdings by 17.11 tonnes to 495.86 tonnes in March, while Ecuador revised its January figures by 10.58 tonnes to 16.95 tonnes, according to a data from International Monetary Fund.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell about 0.2 percent to 760.49 tonnes on Monday from 761.67 tonnes on Friday.
MCX Commodity Live Tips
Wednesday, 3 April 2019
Gold trading range for the day is 31604-31916
Gold on MCX settled down -0.27% at 31756 as waning global economic slowdown concerns lifted the dollar and equity markets. Strong manufacturing data from the United States and China triggered a massive sell-off in the U.S. bond market, which in-turn lifted Asian equities to seven month highs.
Trading Ideas:
* Gold trading range for the day is 31604-31916.
* Gold prices slipped as waning global economic slowdown concerns lifted the dollar and equity markets.
* Strong manufacturing data from the United States and China triggered a massive sell-off in the U.S. bond market.
* China’s private business survey showed that the economy’s manufacturing sector unexpectedly returned to growth for the first time in four months in March.
Commodity Mcx Live Price
Monday, 1 April 2019
Gold inches up as dollar eases; surge in equities caps gains
Gold prices inched up on Monday as the dollar backed off three-week highs, but gains in the metal were limited as equities rose on signs of progress in the Sino-U.S. trade talks and upbeat Chinese economic data.
Spot gold was up 0.1 percent at $1,293.15 per ounce by 0337 GMT, after touching its lowest since March 8 at $1,286.35 in the previous session.
U.S. gold futures were down about 0.1 percent at $1,297.90 an ounce.
The U.S. dollar slipped 0.1 percent against key rivals, after hitting its highest since March 11 on Friday, while Asian stocks rallied as positive Chinese factory data and signs of progress in Sino-U.S. trade talks supported sentiment.
"The most extreme part of the global growth slowdown panic has subsided a little bit and the Chinese data is responsible for that, but it is a single data point which should be backed by more data," said Kyle Rodda, a market analyst with IG Markets in Melbourne.
Commodity Mcx Live Price
Monday, 11 March 2019
Gold holds near 1-week peak on global slowdown worries
Gold traded in a tight range on Monday, hovering below a more than one-week peak hit last week, as the dollar firmed and poor U.S. jobs data increased concerns about a slowdown in global economic growth.
As of 0533 GMT, spot gold was down about 0.1 percent at $1,297.35 per ounce, after briefly breaching the $1,300 ceiling for the first time since March 1 in the previous session.
It rose 1 percent on Friday, in its biggest one-day gain since Feb. 19.
U.S. gold futures were down 0.1 percent at $1,297.50 an ounce.
The dollar rose 0.1 percent against major currencies and traded close to a near three-month peak registered in the previous week, making gold costly for holders of other currencies.
"The fall this morning is a temporary occurrence due to some early morning profit taking after Friday's move up. The U.S. dollar is mostly stronger and that is adding some downward pressure on gold," said Jeffrey Halley, a senior market analyst at OANDA.
Commodity Mcx Live Price
Tuesday, 26 February 2019
Palladium soars above $1,550 on mine strike fears; gold rises
Palladium hit a record high on Tuesday, surging above $1,550 as a threatened strike by South African mineworkers added to supply risk concerns in an already tight market, while gold prices edged up on a subdued dollar.
Spot palladium traded as high as $1,554.50 per ounce and was up 0.8 percent at $1,554 as of 0548 GMT.
The metal has risen 23 percent so far this year on a sustained supply deficit.
At least 15 mining firms in South Africa, a major producer of the autocatalyst metal, have received notices of strikes to be held later this week.
"Support comes from supply side issues, mainly from South Africa where a strike by the union has a potential to disrupt output further," ANZ analyst Daniel Hynes said, adding that positive news on Sino-U.S. trade is also providing support.
Daily Commodity Mcx Live Price
Saturday, 16 February 2019
Gold scales two-week peak; palladium matches record high
Gold jumped to a two-week high on Friday after weak U.S. economic data boosted expectations the U.S. Federal Reserve would hold pat on monetary tightening, while palladium matched an all-time high on a prolonged deficit.
Spot gold was up 0.7 percent at $1,321.31 an ounce at 2:21 p.m. EST (1921 GMT), having touched its highest level since Feb. 1 at $1,321.88.
U.S. gold futures settled up 0.6 percent at $1,322.10.
While gold is on track for a small weekly gain, it was rangebound for most of the week, with gains on Friday stemmed by a rebound in stocks.
"Gold (price action) is like watching oil evaporate. The market is continually bearish at lows and bullish at highs with actual breaks infrequent," said Tai Wong, head of base and precious metals derivatives trading at BMO.
"The end of the (Fed) tightening cycle now looms which improves the overall backdrop for gold significantly. With the Fed on hold, there is less pressure for the rest of the globe to keep pace."
The metal gained 0.5 percent in the previous session after weak U.S. retail sales data added to disquiet about slowing growth, which could prompt the Fed to hold interest rates steady for a while.
Commodity Mcx Live Price
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