Bullion in reverse gear as secure haven demand recede as on 10 July, 2015

The yellow metal lost bite as Gold trail back on Thursday after fears that Greece may be pushed out of the euro, and China’s stock market rout, ebbed, dimming the safe haven appeal of the bullion. Grexit fears waned as Greece submitted a fresh reform package that included spending cuts including those on pensions, and sales tax hikes, similar to those demanded by the country’s creditors aimed at winning new European bailout aid. Greece also proposed a debt restructuring proposal and a growth package of 35 billion euro.

The proposal will need a Greek Parliamentary vote due on Friday, while Greece’s request for fresh rescue aid will be discussed at an EU summit on Sunday.

China’s Shanghai Composite scripted the biggest rebound since 2009 as officials helped restore some confidence in the stock market after banning insiders from selling shares in listed companies while allowing banks to roll over loans backed by shares.

A powerful dollar also dimmed the lure for Gold as an alternative asset. powerful greenback makes Gold more costly for those holding other currencies.

However, speculation that the Fed may push back tightening rates for the first time since 2006 amid a spike in weekly jobless claims bolstered Gold’s appeal as a store of value, trimming losses in the precious metal. The FOMC minutes stressed that officials are awaiting a further evidence of     powerful economic growth including a pickup in consumer spending before deciding to tighten policy.

Gold may rebound today as a reduction in global growth forecasts by the IMF may revive Gold’s safe haven lure, while investors will eye Fed’s Yellen speech for more cues over timing of a rate hike.

At the MCX, Gold futures for August 2015 contract ended at Rs 26,064 per 10 gram, down by 0.57 %  after starting at Rs 26,202, opposed the previous closing price of Rs 26,213. It touched the intraday low of Rs 26,040 till the ended.

MCX GOLD/SILVER DAILY NEWS OF 29.04.2015

Precious Metals

GOLD/SILVER
Gold regained sheen with its price surging by Rs 305 to over 7-week high of Rs 27,355 per 10 grams at the bullion market here today, tracking a firm global trend along with brisk buying by jewellers to meet wedding demand. Silver also spurted by Rs 1,000 to Rs 37,500 per kg on increased offtake by industrial units and coin makers. Bullion traders attributed the sharp rise in gold prices to firm global cues where it rebounded from five-week low. Speculation that the US Federal Bank may wait longer before raising rates weakened the dollar to a seven-week low, boosting demand for gold. Besides, increased buying by jewellers in the local market to meet marriage season demand supported the gains in India. Gold in New York, which normally sets price trend on the domestic front, shot up by 1.80 percent to $1,201.70 an ounce and silver by 4.09 percent to $16.40 an ounce in yesterday's trade. In the national capital, gold of 99.9 percent and 99.5 percent purity spurted by Rs 305 each to Rs 27,355 and Rs 27,205 per 10 grams, respectively, a level last seen on March 2. Sovereign, however, remained steady at Rs 23,700 per piece of eight grams. Following gold, silver ready recorded significant jump of Rs 1,000 to Rs 37,500 per kg and weekly-based delivery by Rs 875 to Rs 37,055 per kg. Silver coins also spurted by Rs 1,000 to Rs 56,000 for buying and Rs 57,000 for selling of 100 pieces.

MCX GOLD SILVER TIPS BY RESEARCH VIA 13.04.2015

Precious Metals

GOLD

Gold futures rose in the domestic market on Friday amid a pickup in physical demand for the precious metal in Asia.Further, a rise the number of applications for seeking unemployment benefits in the US signaled a cooling labour market in the world’s biggest economy, raising bets of a delay in the US Fed interest rate lift-off, bolstering the appeal of the bullion as a store of value. Unemployment claims rose by 14,000 to 281,000 last week. At the MCX Gold futures for June 2015 contract was trading at Rs 26,570 per 10 gram, up by 0.18 percent after opening at Rs 26,577, against the previous closing price of Rs 26,521. It touched the intra-day high of Rs 26,604 till the trading.

SILVERSilver futures rose in the domestic market on Friday as investors and speculators booked fresh positions in the precious metal after an uptick in US jobless claims last week added to evidence of a faltering labour market recovery in the world’s biggest economy, fuelling speculation that the US Federal Reserve may refrain from a rate hike in the near-term, bolstering the appeal of Silver as a store of value. Unemployment claims rose by 14,000 to 281,000 last week. At the MCX, Silver futures for May 2015 contract is trading at Rs 36,465 per 1 kg, up by 0.50 percent after opening at Rs 36,444, against the previous closing price of Rs 36,283. It touched the intra-day high of Rs 36,570.

Precious Metals REPORT BY RESEARCH VIA

DATE: 10.04.2015

Gold futures fell by 0.89 percent on Thursday at the domestic markets after US Federal Reserve minutes revealed that an interest rate hike could take place as early as June, causing the dollar to turn higher. The March meeting concluded with the Fed opening the door to a June rate hike, and the minutes said that "several participants" went on record saying they expected that upcoming economic data would warrant an initial rate increase that month. A stronger dollar reduced the appeal of the commodity as an alternative asset. Stronger greenback makes gold expensive for those holding other currencies thus reducing demand. At the MCX Gold futures for June 2015 contract was trading at Rs 26,522 per 10 gram, down by 0.89 percent after opening at Rs 26,700, against the previous closing price of Rs 26,760. It touched the intra-day low of Rs 26,466 till the trading. 

Silver futures tumbled in the domestic market on Thursday as investors and speculators exited positions in the precious metal after minutes from the Fed’s latest policy meet, in March, released on Wednesday, signaled that many FOMC policymakers called for a rate lift-off in June, dimming the appeal of the bullion as a store of value.“Several participants judged that the economic data and outlook were likely to warrant beginning normalization at the June meeting,” the minutes showed. At the MCX, Silver futures for May 2015 contract is trading at Rs 36,470 per 1 kg, down by 1.32 percent after opening at Rs 36,777, against the previous closing price of Rs 36,958. It touched the intra-day low of Rs 36,290.

RESEARCH VIA PRECIOUS METALS UPDATES

DATE: 02/04/2015

Gold futures were trading with modest gains in the domestic market on Wednesday as investors continue to monitor events in the Middle East as Saudi Arabia prepares for a ground incursion in Yemen to dislodge Iran backed Shiite rebels, boosting the safe haven demand for the bullion. Traders eyed the key US private payrolls data which may show acceleration in hiring in the world’s biggest economy, adding the heat on the Federal Reserve to raise interest rates in the near-term, curbing the demand for the bullion as a store of value, trimming gains in Gold futures. At the MCX Gold futures for April 2015 contract is trading at Rs 26,253 per 10 gram, up by 0.19 percent after opening at Rs 26,295, against the previous closing price of Rs 26,204. It touched the intra-day high of Rs 26,300.

Silver futures climbed in the domestic market on Wednesday as heightened tensions in the Middle East with Saudi Arabia and allies preparing for a ground invasion in Yemen to dislodge Iran-backed Shia militias boosted the safe haven demand for silver. However, expectation of a US interest rate hike in June following comments by a top US Federal Reserve official dimmed the appeal of the bullion as a store of value, curbing gains in the precious metal. At the MCX Silver futures for May 2015 contract is trading at Rs 37,270 per 1 kg, up by 0.27 percent after opening at Rs 37,344, against the previous closing price of Rs 37,169. It touched the intra-day high of Rs 37,456 till the closing.

WEEKLY COMMODITY NEWS: Silver Prices Fell Sharply

DATE: 28/03/2015

Precious Metals

Silver prices fell sharply by Rs 197 to Rs 38,900 per kg in futures trade today due to profit- booking at existing levels and weak trend overseas.At the Multi Commodity Exchange, MCX Silver for - delivery in July traded lower by Rs 197, or 0.50 per cent, to Rs 38,900 per kg in a business turnover of just three lots.Also, the white metal for delivery in May declined by Rs 171, or 0.44 percent, to Rs 38,442 per kg in a business volume of 478 lots. In international market, silver prices fell by 0.4 percent to $17.05 an ounce in Singapore.Market analysts said apart from the profit-booking by participants, a weak trend in global markets led to the fall in silver prices at futures trade here.

Base Metal

Crude Oil futures tumbled in the domestic market on Friday as investors and speculators booked profits in the energy commodity after a surge in prices in recent sessions as bombing by Saudi Arabia and its allies against Shiite rebel targets in Yemen sparked fears over disruptions of oil supplies from the Middle East. China’s industrial profits fell by 4.2 percent in the first two months of 2015 from the same period a year ago, signaling weakness in the world’s second biggest economy, darkening the demand outlook for the fuel. At the MCX Crude oil futures, for the April 2015 contract, is trading at Rs 3,187 per barrel, down by 2.03 percent, after opening at Rs 3,214, against the previous close price of Rs 3,253. It touched an intraday low of Rs 3,176.

Agro

Chana edged up by 0.19 percent to Rs 3,618 per quintal in futures trade today as speculators created fresh positions on improved demand in the spot market. Besides, expectations of lower output fuelled the upside. At the National Commodity and Derivatives Exchange, NCDEX Chana for delivery in April moved up by Rs 7 or 0.19 percent, to Rs 3,618 per quintal with an open interest of 1,36,550 lots. Similarly, the commodity for delivery in May traded higher by a similar margin to Rs 3,641 per quintal in 1,06,030 lots. Analysts said apart from a firm trend at spot market on pick up in demand, lower output reports helped chana prices to trade higher at futures trade.

COMMODITY MCX GOLD SILVER TIPS

DATE: 25.03.2015

Precious Metals

Gold futures were trading with slim losses in the domestic market on Tuesday as investors weighed the pace of US interest rate increases while a rebound in the dollar curbed the demand for the bullion as an alternative asset.Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand. At the MCX Gold futures for April 2015 contract is trading at Rs 26,177 per 10 gram, down by 0.08 per cent after opening at Rs 26,169, against the previous closing price of Rs 26,198. It touched the intra-day low of Rs 26,135 till the closing. 

Silver futures were trading little changed in the domestic market on Tuesday as investors and speculators were cautious over booking fresh positions in the precious metal ahead of key US economic data to be released today including February consumer prices, March manufacturing PMI, new home sales for February and Fed’s Bullard speech, which may offer some cues over the timing for the world’s top central bank to raise interest rates for the first time since 2006. At the MCX, Silver futures for May 2015 contract is trading at Rs 37,800 per 1 kg, up by 0.05 percent after opening at Rs 37751, against the previous closing price of Rs 37781. It touched the intra-day high of Rs 37842 till the closing.

Base Metals & Energy

Zinc futures fell in the domestic market on Tuesday after a renewed contraction in China’s manufacturing sector clouded the demand outlook for the base metal. China’s private factory gauge fell below the mark of 50 in March to 49.2, an eleven-month low. At the MCX, Zinc futures for March 2015 contract closed at Rs 129.55 per 1 kg, up by 1.25 percent after opening at Rs 127.70, against the previous closing price of Rs 127.95. It touched the intra-day high of Rs 129.90 till the closing.

Natural Gas futures plummeted in the domestic and overseas market on Monday as forecasts for mild spring weather threatened to curb the demand for the heating fuel. The Commodity Weather Group expects mostly average temperatures in the contiguous US from April 2 to April 6. At the MCX, Natural Gas futures for March 2015 contract closed at Rs 170.40 per 1 kg, down by 2.46 per cent after opening at Rs 173.50, against the previous closing price of Rs 174.70. It touched the intra-day low of Rs 167.90 till the closing.

Agro Outlook 

Coriander prices rose by 3.99 per cent on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the limited stocks on account of restricted arrivals from the major growing belts. At the NCDEX DHANIYA futures for April 2015 contract was trading at Rs. 7,945 per quintal, up by 3.99 per cent after opening at Rs. 7,550 against the previous closing price of Rs. 7,640. It touched the intra-day high of Rs. 7,945 till the trading.

WEEKLY COMMODITY NEWS OF 23/03/2015

Precious Metals

Gold prices recovered by Rs 293 to Rs 25,930 per 10 grams in futures trade today as participants created fresh positions after the precious metal recovered from three-month lows. At the Multi Commodity Exchange, mcx gold for delivery in April rose by Rs 293, or 1.14 per cent, to Rs 25,930 per 10 grams in a business turnover of 1,132 lots.The metal for delivery in June moved up by Rs 273, or 1.06 percent, to Rs 26,038 per 10 grams in a turnover of 35 lots. The metal for delivery in June moved up by Rs 273, or 1.06 percent, to Rs 26,038 per 10 grams in a turnover of 35 lots. Analysts said fresh positions created by participants taking a lead from the overseas markets after the US Federal Reserve indicated that interest rates may rise at a slower pace than estimated, influenced gold prices at futures trade here.Meanwhile, gold added as much as 0.9 percent to USD 1,177.96 an ounce in Singapore.

Base Metals & Energy

Crude oil prices rose by 0.37 percent on Friday at the domestic markets following the re- opening of the Houston Shipping Channel for oil imports. The channel closed after a vessel collision between a tanker and a Liberian bulk carrier earlier this week prompted a refinery rate cut. Elsewhere in Houston, progress in negotiations between a union representing refinery workers and the Shell Oil Company provided encouraging signs that the two sides could end a 40-day work stoppage. At the MCX, crude oil futures for March 2015 contract were trading at Rs. 2,971 per barrel, up by 0.37 percent, after opening at Rs. 2,964 against the previous closing price of Rs. 2,982. It touched the intra-day high of Rs. 2,974 till the trading.

Agro Outlook

Turmeric settled up by 0.37% at 8068 on concerns over production. Lower arrivals and demand from domestic buyers are supporting prices. Availability of good quality spice is lower. According to traders, though carryover stocks are ample, traders are holding the produce on expectations of a surge in prices. Also, due to high moisture content in the newly-arrived produce, demand for the carryover stocks from last year is on the higher side. Agriculture Department estimates put turmeric production this year at around 3.7 million bags compared with 5.2 million bags a year ago. 

Click on the image for more details

RESEARCH VIA COMMODITY UPDATES

Precious Metals

GOLD

Gold futures rose in the domestic and overseas market on Wednesday as the US dollar weakened following comments from Federal Reserve chair Janet Yellen. While Ms. Yellen indicated that its benchmark Federal Funds Rate could be increased later this year, she emphasized that it will not occur until after the Federal Open Market Committee’s next meeting in April, at the earliest. Yellen added that the timing of the decision will be “data dependent,” and that a rate hike will not necessarily be made in June. A weaker dollar boosted the demand for gold as an alternative asset, trimming losses in the bullion. Weaker greenback makes gold cheaper for those holding other currencies, thus boosting demand. Gold may trade on a higher note today after the US Fed policy meet. At the MCX Gold futures for April 2015 contract closed at Rs 25,637 per 10 gram, up by 0.08 per cent after opening at Rs 25,631, against the previous closing price of Rs 25,617. It touched the intra-day high of Rs 25,697 till the closing.

Base Metals & Energy

COPPER

Copper prices rose by 2.40 per cent on Thursday at the domestic markets after the Federal Reserve projected a slower pace of rate hikes. The Fed downgraded its forecasts for growth and inflation and lowered its interest rate projections. The Fed dropped a reference to being "patient" on the timing of rate hikes, but added that the change in its forward guidance did not mean it has decided on the timing for an initial rate increase. At the MCX copper futures for April 2015 contract were trading at Rs. 366.90 per 1 kg, up by 2.40 per cent, after opening at Rs. 360.20 against the previous closing price of Rs. 358.30. It touched the intra-day high of Rs. 367.70 till the trading.

CRUDE OIL

Crude oil prices rose by 2.18 per cent on Thursday at the domestic markets after the Federal Reserve said it will likely raise interest rates at some point this year by removing a reference of staying patient from its minutes. However, gains were limited after US crude oil inventories rose more-than-expected last month, official data showed on Wednesday signaling weak demand in US which reduced the demand prospects for the fuel. In a report, Energy Information Administration said that US Crude Oil Inventories rose to a seasonally adjusted annual rate of 9.622M, from 4.512M in the preceding month. At the MCX, crude oil futures for February 2015 contract were trading at Rs. 2,724 per barrel, up by 2.18 per cent, after opening at Rs. 2,673 against the previous closing price of Rs. 2,666. It touched the intra-day high of Rs. 2,743 till the trading. 

Agro Outlook

CASTOR SEED

Castorseed prices rose by 0.39 per cent on Thursday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the rise in demand from consuming industries against restricted arrivals in domestic markets which in turn encouraged the investors to enlarge their holdings. At the NCDEX, castor seed futures for March 2015 contract were trading at Rs. 3,625 per quintal tonnes, up by 0.39 per cent, after opening at Rs. 3,659 against the previous closing price of Rs. 3,611. It touched the intra-day high of Rs. 3,660 till the trading.

CORIANDER

Coriander prices rose by 0.78 per cent on Thursday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the limited stocks on account of restricted arrivals from the major growing belts. At the NCDEX, coriander futures for April 2015 contract was trading at Rs. 7,270 per quintal, up by 0.78 per cent after opening at Rs. 7,285 against the previous closing price of Rs. 7,214. It touched the intra-day high of Rs. 7,320 till the trading. 

CLICK ON THE IMAGE FOR MORE DETAILS

17.03.2015 COMMODITY NEWS

Precious Metals

 

 

Gold futures closed higher in the domestic market on Friday as the sharp depreciation of the Indian rupee against the US dollar exerted upward pressure on prices of the bullion in the domestic market; more than offsetting the flat closing in the overseas market. The yellow metal closed little changed in the overseas market on Friday as investors and speculators shied away from booking fresh positions in the bullion as a stronger dollar curbed the demand for gold as an alternative asset. Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand. Caution ahead of the US Federal Reserve’s policy meet this week where the Fed may drop the word “patient” over monetary tightening, and probably signal a rate hike towards the middle of the year also curbed the demand for the bullion as a store of value. Meanwhile, US wholesale prices fell for a fourth straight month, down 0.5 per cent in February, dimming the bullion’s appeal as a hedge against inflation. Gold may fall today as investors stick to a cautious stance ahead of the FOMC meet this week. At the MCX Gold futures for April 2015 contract closed at Rs 25,890 per 10 gram, up by 0.92 per cent after opening at Rs 25,720, against the previous closing price of Rs 25,655. It touched the intra-day high of Rs 25,918 till the closing.

 

Precious Metals (Gold) Details Of 5.02.2015

GOLD 

Gold futures for February 2015 contract, at MCX, were trading at Rs. 27,573 per 10 grams, up by 0.27 percent after opening at Rs. 27,560 against the previous closing price of Rs. 27,498. It touched the intra-day high of Rs. 27,610 till the trading. MCX GOLD April contract was trading at Rs 27572 up Rs 170, or 0.62 percent. The Gold rate touched an intraday high of Rs 27580 and an intraday low of Rs 27450. So far 703 contracts have been traded. Gold prices have moved down Rs 1668, or 5.70 percent in the April series so far. Gold prices rose by 0.27 percent on Wednesday at the domestic markets.

Gold-Silver News of 23rd January 2015

the precious metals space, gold prices rise above USD 1300 dollars an ounce post the ECB decision as gold is usually seen as a hedge against inflationary concerns.

Read more at: http://www.moneycontrol.com/news/market-cues/global-cues-positive-can-nifty-see-new-record-highs-today_1282078.html?utm_source=ref_article

the precious metals space, gold prices rise above USD 1300 dollars an ounce post the ECB decision as gold is usually seen as a hedge against inflationary concerns.

Read more at: http://www.moneycontrol.com/news/market-cues/global-cues-positive-can-nifty-see-new-record-highs-today_1282078.html?utm_source=ref_article

Silver

Multi Commodity Exchange SILVER February contract was trading at Rs 40129 up Rs 39, or 0.10 percent. The SILVER rate touched an intraday high of Rs 40135 and an intra day low of Rs 40000. So far 1594 contracts have been traded. SILVER prices have moved down Rs 3938, or 8.94 percent in the February series so far. 

MCXSILVER April contract was trading at Rs 40799 up Rs 29, or 0.07 percent. The SILVER rate touched an intraday high of Rs 40799 and an intraday low of Rs 40697. So far 44 contracts have been traded. SILVER prices have moved up Rs 1573, or 4.01 percent in the April series so far.

Gold

The precious metals, gold prices rise above USD 1300 dollars an ounce post the ECB decision as gold is usually seen as a hedge against inflationary concerns.

the precious metals space, gold prices rise above USD 1300 dollars an ounce post the ECB decision as gold is usually seen as a hedge against inflationary concerns.

Read more at: http://www.moneycontrol.com/news/market-cues/global-cues-positive-can-nifty-see-new-record-highs-today_1282078.html?utm_source=ref_artOn the similar lines, the white metal for delivery

On the similar lines, the white metal for delivery in March contracts rose by Rs 490, or 1.24 per cent, to Rs 40,012 per kg in 3,148 lots.

19th January 2015 Precious Metal Weekly Report

GOLD /SILVER

Gold prices today soared by Rs 565 to trade at over two-month highs at Rs 27,885 per ten grams at the bullion market on brisk buying by jewellers and retailers to meet wedding season demand amidst a firming trends overseas. Silver also rose sharply by Rs 620 to Rs 37,900 per kg on increased offtake by industrial units and coin makers. Bullion traders said sentiment turned better after gold rallied to the highest since September in global markets as the dollar weakened after Switzerland decoupled its currency to the euro and lowered the deposit rate.

Gold Silver Report of 12/01/2015

GOLD/SILVER
Gold futures fell by 0.13 percent on Friday at the domestic markets as investors looked ahead o U.S. jobs data as a sign post for the Federal Reserve to hike interest rates as expected sometime in the middle of this year. Non-farm payrolls are seen posting 240,000 jobs in December and the unemployment rate is expected to edge down to 5.7 per cent from 5.8 percent.

At the Multi Commodity Exchange, silver for delivery in March fell by Rs 397, or 1.05 percent, to Rs 37,365 per kg in a business turnover of 2,018 lots. In a similar fashion, the white metal for delivery in May traded lower by Rs 358, or 0.93 percent, to Rs 38,025 per kg in 11 lots.

Get Tips on Gold As of 5th January 2015

GOLD

Gold futures fell in the domestic market on Friday as the free fall in oil prices has hit the demand for gold as a hedge against inflation. Stronger dollar makes the precious metal expensive for those holding other currencies, thus reducing demand. At the MCX, Gold futures for February 2015 contract was trading at Rs 26,685 per 10 gram, down by 0.06 percent after opening at Rs 26,740, against the previous closing price of Rs 26,700. It touched the intra-day high of Rs 26,642 till the trading. At the MCX, Gold futures for February 2015 contract closed at Rs 26,700 per 10 gram, down by 0.01 percent after opening at Rs 26,698, against the previous closing price of Rs 26,703. It touched the intra-day low of Rs 26,670 till the closing.