Market Update

Market Watch

Thursday, 31 October 2013

MCX Market Latest News

Gold fell in choppy trade on Thursday despite the U.S. Federal Reserve vowing to maintain its economic stimulus measures, with investors taking profits from a recent
run-up in prices.

On Wednesday, Gold was also hurt by a sharp slide in silver due to technical selling and strength in the U.S. dollar.Spot gold pared some losses after falling as much 0.3 percent to trade down 0.12 percent at $1,340.59 an ounce by 0022 GMT. Gold is heading for a 1-percent monthly gain.

Elsewhere on the Comex, silver for December delivery was up 1.09% at USD22.737 a troy ounce, while copper for December delivery was up 1.11% and trading at USD3.314 a pound.

Copper futures rose to a one-week high on Wednesday, as investors awaited the outcome of the Federal Reserve's latest policy meeting later in the trading day. Platinum rose 0.6 percent to $1,468.24 an ounce, while palladium edged up 25 cents to $744.25 an ounce.

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Monday, 28 October 2013

Mcx Commodity Market Updates

Today gold fluctuated near the highest level in five weeks before the U.S. Federal Reserve begins a meeting where policy makers may decide on the pace of monetary stimulus. Russia cut gold holdings for the first time in a year. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 4.50 tonnes to 872.02 tonnes on Friday.

Spot gold had eased 0.3 percent to USD 1,348.44 an ounce by 0010 GMT, after posting a near 3-percent gain the week before.

Gold prices may cross the Rs 33,000 level on 'Dhanteras', a day considered auspicious for buying the precious metal, on account of rising demand amid tight supplies, experts and bullion traders say. Currently, gold prices are ruling at Rs 32,570 in the national capital and around Rs 31,700 in Mumbai, trade data showed.

To contain gold demand, the government has raised import duty to 10 per cent and stipulated that 20 percent of imports should be used for exports. It has also banned import of coins, bars and medallions.

Spot silver traded at $22.5788 an ounce from $22.5435 on Oct. 25, when prices dropped 0.7 percent.

Platinum was little changed at $1,453.63 an ounce, while palladium slid 0.1 percent to $742.35 an ounce, Platinum gained as much as 0.7 percent on fears that strikes in South Africa could curb supply.

Copper fell to a two-week low as an unexpected drop in U.S durable-goods orders and concern that China is tightening monetary policy dimmed demand prospects.
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Thursday, 24 October 2013

Today's Gold Market News in India

Gold was little changed after its biggest loss in more than a week as investors weighed the outlook for the Federal Reserve’s stimulus measures before a government report today that may show about jobless claims decreased.

Gold edged up on Thursday after tracking oil lower in the previous session, hovering near a four-week high. Gold added $3.32 an ounce to $1,335.06 by 0331 GMT.

Gold futures fell on signs of slowing purchases of bars and jewelry in China, the world’s second-biggest consumer, while the dollar’s rebound eroded demand for the metal as an alternative investment.

A shortage of gold triggered by the government's move to curb imports and control a rising trade deficit has sent premiums in India to more than $100 an ounce over London prices this month. Gold is an integral part of Indian culture, given as a dowry for marriages, which tend to be timed around auspicious days that are often religious festivals. 

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Wednesday, 23 October 2013

MCX Market - Gold Silver Trend Today

Today Mcx Market :
·Gold futures rose to a three-week high
·Silver futures for December delivery climbed 2.3 percent
·Crude is poised to extend its slide below $100
·Copper for delivery in three months rose as high as $7,350
·Zinc and lead reached the highest prices since August
Gold traded near the highest level in more than three weeks on speculation that the Federal Reserve may delay stimulus cuts until next year after U.S. payrolls gained less than projected. Gold premiums in India hit $120 an ounce to London prices on Tuesday as the domestic market failed to get enough supply to meet strong festive demand.
Today’s Silver Trend:
Trend: Consolidate
Strategy: Buy on dips
R1- 30250, R2- 30650
 S1-29730, S2- 29250
Silver for immediate delivery rose 0.2 percent to $22.7402 an ounce after climbing to $22.8185 yesterday, the highest since Sept. 20
Today’s  Silver Trend:
Trend: Consolidate
 Strategy: Buy on dips
R1- 50950 R2- 52500
S1-48750, S2- 47280

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Tuesday, 22 October 2013

Recent Updates of MCX Market

Gold importers in India, the world's biggest physical buyer of the metal, struggled to get supplies on Monday, paying record premiums just ahead of the peak festival season next month.
Indian sellers have struggled to source supplies for domestic use for almost three months, since the central bank introduced a rule that required 20 percent of all imports be re-exported.
In the bazaar, jewelers wander around trying to get hold of a dealer who can find them gold right away, and wholesalers ask the same of banks. Retailers in half-empty showrooms try to dissuade customers from asking for immediate delivery.

Gold hovered in a tight range on Tuesday as traders awaited the release of U.S. jobs data to gauge the strength of an economic recovery, while the market was also on edge as holdings in the biggest gold exchange-traded fund dropped the most in 15 weeks.

Spot gold slipped 0.07 percent to $1,314.19 an ounce by 0013 GMT, after ending flat in the previous session. Silver futures for December delivery rose 1.7 percent to $22.278 an ounce. Earlier, the price reached $22.335, the highest for a most-active contract since Oct. 9.

Copper rose for a second day in London after imports of refined metal climbed in China, the world’s biggest user. Zinc and lead reached the highest prices since August in London. Aluminum and tin advanced.

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Friday, 18 October 2013

Highlights of Mcx Market

• Gold demand across Asia will keep expanding as inflation spurs investment purchases, said HSBC Holdings Plc, estimating that the region’s share of worldwide consumption jumped in the past decade.

• Gold was trading near one-week highs on Friday and headed for its best weekly gain in two months on hopes that uncertainties in Washington would delay Federal Reserve stimulus tapering after U.S. lawmakers reached only a temporary budget deal.   

• Gold has added 3.5 percent for the week, largely on Thursday’s.

• Spot gold eased 0.2 percent to $1,316.31 an ounce by 0015 GMT, after gaining 3 percent in the previous session.

• SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 3.3 tonnes to 882.23 tonnes on Thursday.

• Silver futures for December delivery advanced 2.7 percent to $21.947 an ounce.

• Copper rose, heading for the first advance in three weeks, as Chinese economic data may show a recovery in the world’s biggest metals user. On the LME, aluminum rose, while nickel, lead and zinc were little changed

• Demand for jewelry, bars and coins in India, Greater China, Indonesia and Vietnam increased to about 60 percent of the global total compared with 35 percent in 2004.

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Thursday, 17 October 2013

Today's Mcx Market - Gold Silver Update

Gold is looking positive on bargain hunting and prospects of good demand from India ahead of the peak festive season. The metal surged in electronic moves today as US senate leader’s restarted talks to reopen the government and hike the US debt ceiling.

Gold was little changed on Thursday as U.S. lawmakers moved closer to passing a deal that would end a two-week long government shutdown and deflect the country from defaulting on its debt. Gold will drop in each of the next four quarters and reach a four-year low as reduced U.S. stimulus in response to faster growth curbs demand for bullion as a haven, the 10 most-accurate forecasters.

Mcx silver future on last trading session closed at 47321 with gains of 40 rupees. Mcx silver future intraday high was at 47540 while low was near 600 rupee intraday range and closed with gains. Here expect technical bounce back upto 48500.

Mcx gold future on last session closed at 28959 with gains of 73 rupees.mcx gold future intraday high was 29089 while low was 400 rupee intraday range and closed with gains.Here expect rally to continue upto 29200-29500.

The metal has tumbled 29 percent this year. West Texas Intermediate crude rose after Senate leaders reached a deal to increase the U.S. debt ceiling and end the government shutdown. Copper climbed to the highest level in two weeks after the U.S. Senate endorsed an accord aimed at preventing a debt default in the world’s second-largest user of the metal.

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