Gold edges higher from 8-month low - The Economic Times

Gold edges higher from 8-month low - The Economic Times

Gold edges higher from 8-month low

Gold futures edged higher on Tuesday recovering partly from their last week's lowest level in eight months, driving away importers amid liquidity crunch ahead of the financial year-end.

The government has been trying to curb imports of gold, which has been called a dead investment by the federal government, to put a lid on record high current account deficit by hiking import duty by 50 percent to 6 percent in January.

At 0640 GMT, the actively traded gold contract for April delivery on the Multi Commodity Exchange (MCX) was 0.18 percent higher at 29,373 rupees ($540) per 10 grams, helped by gains in overseas markets. The contract hit a low of 29,111 rupees last week, a level last seen on July 20.

The rupee, which traded stronger, limited the upside. The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal.

Overseas gold inched up on physical buying in Asia, but it struggled to break above a recent range as improved economic outlook and a stock market rally capped sentiment for the precious metal.

Silver contract for May delivery on the MCX was 0.15 percent higher at 54,677 rupees per kg.

Source : The Economic Times

Gold importers wait for attractive price levels

Gold importers wait for attractive price levels - The Economic Times

Gold importers in the country, the world's biggest buyer, waited for attractive price levels ahead of the wedding season next month, as a stronger rupee weighed on the yellow metal.

Weddings and festivals season will re-start in April and continue untill the first week of June. The rupee, which continued to rise on Thursday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

"Rupee will remain the dominating factor for local prices of Gold I doubt if there will be any big appreciation on the rupee front, so gold sales will be subdued," said a dealer with a private bullion importing bank.

As of 1001 GMT, the most-active gold contract for April delivery on the Multi Commodity Exchange (MCX) was 0.22 percent lower at 29,529 rupees per 10 grams.

Silver for May delivery on the MCX was 0.09 percent higher at 55,017 rupees per kg.

Source : The Economic Times

Gold futures up on global cues

Gold futures up on global cues - The Economic Times

Gold futures prices today rose by 0.23 per cent to Rs 29,660 per 10 grams as speculators enlarged their positions, driven by a firming trend in the Asian region.

At the Multi Commodity Exchange, Gold for delivery in April rose by Rs 67, or 0.23 per cent, to Rs 29,660 per 10 gm in business turnover of 929 lots.

The metal for delivery in the June moved up by Rs 63, or 0.21 per cent, to Rs 30,200 per 10 gm in a turnover of 35 lots.

Market analysts said a firming trend in the global market mainly influenced gold futures here

Meanwhile, gold rose by 38 cents higher at USD 1,584.28 an ounce in Singapore in early trade today.

Source : The Economic Times

Gold snaps 4-day fall on prospects of further easing - The Economic Times

Gold snaps 4-day fall on prospects of further easing - The Economic Times

Gold snaps 4-day fall on prospects of further easing

Gold prices rose on Tuesday, snapping four days of losses, as expectations that central banks would opt to maintain ultra-loose monetary policy this week helped push European stocks to a two-year high and weighed on the dollar.

Successive rounds of quantitative easing and similar monetary stimulus measures have kept liquidity high and interest rates low in the United States, the euro zone and Japan in recent years, fuelling a rally in gold prices.

Hopes that stimulus would continue were boosted by comments from Federal Reserve official Janet Yellen on Monday, as well as expectations new economic forecasts in the euro zone could open the way to looser policy from the European Central Bank (ECB).

Spot gold was up 0.5 percent at $1,581.84 an ounce at 1104 GMT, while U.S. gold futures for April delivery were up $9.50 an ounce at $1,581.90.

ECB policymakers meet in Frankfurt on Thursday as political deadlock in Italy fuels fears the euro zone crisis could reignite. The bank is likely to hold off quick-fire action, but could hint at looser policy in future.

The Bank of Japan and the Bank of England are also set to hold two-day monetary policy meetings from Wednesday.

SPDR SEES FRESH OUTFLOW Appetite for gold-backed exchange-traded funds remained soft, with the largest, New York's SPDR Gold Shares, reporting a ninth straight daily outflow of metal on Monday, this time of 0.6 tonnes.

The fund reported its largest ever monthly outflow last in February and has seen holdings fall by 97.5 tonnes since the start of the year, compared to a 39-tonne rise in the same period of 2012.

Buying in key Asian physical markets has also been hurt by recent price volatility, dealers said.

Bank of America-Merrill Lynch cut its gold price forecasts on Tuesday, saying it now sees gold at $1,680 an ounce this year, against a previous forecast of $1,805, and at $1,838 in 2014, against $2,038. It slashed its 2015 forecast by more than 10 percent to $1,675 an ounce, from $1,900.

Among other precious metals, silver was up 1.2 percent at $28.87 an ounce. Spot platinum was up 1 percent at $1,580.24 an ounce, while spot palladium was up 1 percent at $721.90 an ounce.

Platinum prices rose sharply after news of fresh labour unrest at the world's number three platinum miner Lonmin , which said on Tuesday around 6,000 workers at its Marikana mine had gone on an illegal strike.

However, it swiftly retraced as news broke that the strike had been resolved.

The Economic Times

Gold seen falling further this week

Gold seen falling further this week - The Economic Times

Gold futures in India, the world's biggest buyer of the yellow metal, are likely to fall further, weighed by a strong dollar and as investors chase riskier assets like equities.

The dollar and gold often move in opposite directions as the two compete for funds globally.

Investors are waiting to see the impact of the U.S. spending cuts known as the "sequester", although the $85-billion cuts, a fraction of the federal government's total spending of $3.7 trillion, are unlikely to become a huge drag on the economy.

"We are still holding a downside view in gold and silver due to U.S. budget cuts. Money is generally flowing out of commodities," said Subhrasom De, an analyst with Karvy Comtrade in Hyderabad.

Local gold is down about 4 per cent this year, pressured by perceptions that stocks and other higher-yielding assets may offer better return as global growth recovers.

At 1053 GMT, the actively traded gold for April delivery on the Multi Commodity Exchange (MCX) was 0.28 per cent lower at 29,657 rupees per 10 grams.

Selling is advised at 29,800/29,830 rupees, for a target of 29,450, with a stop loss above 30,295 rupees, said De.

Silver for March delivery on the MCX was 0.07 per cent lower at 53,830 rupees per kg.

Selling is advised in silver at 55,600 rupees, for a target of 53,600 rupees, with a stop loss above 56,400 rupees, De added.

Source : The Economic Times

Market Pulse - Nov 23, 2012

Fri, Nov 23, 2012 at 14:00PM
Markets closes flat.
Markets closed on a flat note with a negative bias with the Sensex down 11 points at 18,505 and the Nifty slipped five points at 5,623. (provisional)on recovery.

Fri, Nov 23, 2012 at 14:00PM
Markets on recovery.
Markets on recovery, Sensex, which declined to 18,402.49, sliding more than 150 points from the day's high of 18,556.50, is now at 18,437.99, down 79.35 points or 0.43% from its previous closing mark. Nifty index of the National Stock Exchange is down 23.60 points or 0.4% at 5604.15, around 10 points off the day's low of 5594.65.

GAIL India, Cipla, ITC, Sterlite Industries, Wipro, Bharti Airtel, NTPC, Larsen & Toubro, Infosys, Jindal Steel & Power and Tata Steel are the prominent losers in the Sensex, besides the three heavyweights from the banking space.

Fri, Nov 23, 2012 at 13:00PM
Markets extends losses.
Markets have extended the losses led by weakness among financials, PSU shares and index heavyweight Infosys. Meanwhile, investors remain cautious on expectation of reforms announcement during the ongoing winter session of the Parliament. At 13:00 AM, the Bombay Stock Exchange's Sensex index was down 84 points at 18,433 while the National Stock Exchange's 50-share Nifty fell 25 points to 5,602.

Fri, Nov 23, 2012 at 12:30PM
Markets turns negative.
Markets break narrow range of trades and plunges into red. Sensex down by 39.44 to 18478.20 and Nifty down by 13.25 to 5614.75.

Fri, Nov 23, 2012 at 11:00AM
Markets trading flat.
Sensex and the Nifty are trading flat, as investors wait for announcements regarding proposed bills to open up the insurance, pension and banking sectors in the ongoing winter session of parliament.Nifty that gained 1.78 percent outperforming the 50 share NSE index in the last three trading sessions was trading lower, ICICI Bank down 0.4 percent. Hindustan Copper Ltd down 12.46 percent, after government set the base price at 155 rupees a share for its 4 percents stake sale, way below Thursday's closing price of 266.15 rupees.

Fri, Nov 23, 2012 at 10:30AM
Market pares gains.
Market pares gains and traded flat in early morning trades on uncertainty over government's ability to push through key reforms in the winter session of the Parliament but hopes of global growth recovery prevented a sharp decline in shares. At 10:30AM, Sensex has declined 8.55 points to 18,508.79 and the 50-share Nifty down by 1.75 points to 5,625.