Market Update

Market Watch

Thursday, 28 November 2013

Mcx News Today: Silver Price will Drop Down

Silver prices fall on sluggish demand. A weak global trend on speculation that signs of a strengthening US economy might reduce demand for the precious metals as safe haven also influenced the sentiment.

Silver markets tried to rally during the session on Wednesday, but as you can see found a lot of trouble above the $20.00 level, and formed a shooting star. Silver futures for March delivery declined 1.1 percent to $19.682 an ounce on the Comex. The price has tumbled 35 percent this year.

Today’s Trend for Silver:
Trend: Consolidate | Strategy: Buy on dips
R1- 45550, R2- 46700| S1-43150, S2- 42280

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Tuesday, 26 November 2013

Recent Trends and Wrap on MCX Market

•Gold recovered from four-month low
•Silver sank to the lowest in more than 15 weeks
•Crude rising for the first time in three days
•Nickel, zinc, lead and aluminum fell in London.

Gold prices held onto overnight gains early in Asia Tuesday on price levels seen as favorable against demand. Gold rebounded from a four-month low to the highest level in almost a week as the dollar weakened and lower prices spurred demand in China.
Trend: Consolidate | Strategy: Buy on dips
R1- 30450, R2- 30880| S1-29960, S2- 29630

Silver was up 0.7 percent at $20 an ounce, having touched its lowest since mid-August at $19.54 earlier.
Trend: Consolidate | Strategy: Buy on dips
R1- 45550,R2- 46700| S1-44150, S2- 43280

Copper futures rose to the highest in two weeks in New York on speculation that a drop in crude-oil prices will help underpin economic growth, brightening demand prospects for the metal.  
Trend: Consolidate | Strategy: Buy on dips
R1- 449, R2- 457| S1-437, S2- 429

Oil rebounded, with West Texas Intermediate crude rising for the first time in three days on speculation the U.S. will post a drop in inventories. Platinum edged up 0.2 percent to $1,380.99 an ounce, while palladium rose 0.6 percent to $718.47 an ounce.

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Friday, 22 November 2013

Recent Updates on MCX Market: Gold Prices Declines Today in Asia

Gold prices fell in Asia on Friday in a continuation of sentiment that the Federal Reserve will move relatively soon to taper its USD85 billion bond-buying program following upbeat initial jobless claim figures. Global demand for the precious metal fell 21 percent in the third quarter as investors continued to dump holdings through exchange-traded funds and central banks slowed purchases, the World Gold Council said.

Spot gold had risen slightly to $1,245.09 an ounce by 0249 GMT on Friday, after hitting a fresh four and a half month low of $1,236.29 the session before.

Silver rose 0.3 percent at $19.84 an ounce, having touched its lowest since mid-August on Wednesday. Spot platinum rose 0.3 percent to $1,393.99 an ounce, while spot palladium gained 0.7 percent to $713.75 an ounce.

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Tuesday, 19 November 2013

News for Mcx Market Today 19-Nov-2013

•Gold and silver lost more than 1 percent
•U.S. Dollar Index slipped to the lowest level in 1 1/2 weeks
•Crude oil slide below 93$
•Copper futures fell for the first time in three sessions
•Aluminum, zinc, lead, tin and nickel also declined on LME

Gold was unable to recover on Tuesday from sharp losses incurred the previous day, with investors filled with uncertainty over when the US Federal Reserve would begin to taper its monetary stimulus, while physical demand for the metal remained weak.

Spot gold was unchanged at $1,273.91 an ounce at 0310 GMT, after dropping 1.2 per cent on Monday.Silver also declined for a second session, hitting a fresh three-month low on Tuesday as some Chinese speculators liquidated holdings.

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Saturday, 16 November 2013

Mcx Tips: Gold Market Outlook of this Year

With the beginning of 2013, gold prices fluctuations was seen between the bulls and bears. After seeing a level of Rs 24,830 in the month of June 2013, the yellow metal clocked a life-time time high of Rs 34,997 in August 2013. On Thursday, the metal ended at Rs 30,249.0 on MCX.

Nearby 70 percent of India's gold stock is held in rural India. Gold stock in India is estimated to be around 20,000 tonnes on the lower side and about 40,000 tonnes on the higher side.

During this year 2013, in dollar terms gold prices are down by around 21 percent, while in the Indian markets, the yellow metal has slumped only around 3 percent.

The currency's depreciation has played a key role in preventing sharp losses in commodity prices in the Indian markets. Over the year, the domestic currency has depreciated more than 12 percent and this sharp weakness has come in as a supportive factor to prices.

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