Commodity Updates -- Gold Prices up at Rs. 31,050

Gold prices up at Rs. 31,050 on wedding season demand, firm global cues

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Continuing its rising streak for the fourth straight day, gold prices advanced by Rs. 50 to Rs. 31,050 per 10 gram at the bullion market today on sustained buying by jewellers for the ongoing wedding season amid a firm trend overseas. Silver, however, remained under selling pressure and went below the Rs. Rs 44,000-mark by falling Rs. 360 to Rs. 43,700 per kg on reduced offtake by industrial units and coin makers. 

Bullion traders said domestic sentiment remained firm on persistent buying by jewellers to meet the rising wedding season demand at the domestic spot market. Additionally, a firm trend in the global market prompted more consumers to buy.  

Globally, gold rose 0.44 per cent to $1,302.20 an ounce in New York in yesterday’s trade. In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs. 50 each to Rs. 31,050 and Rs. 30,900 per 10 grams, respectively. It had gained Rs. 350 in the previous three sessions. Sovereign, however, held steady at Rs. 24,600 per piece of eight grams.  

On the other hand, silver ready fell further by Rs. 360 to Rs. 43,700 per kg and weekly-based delivery by Rs. 495 to Rs. 43,125 per kg. Silver coins were unaltered at Rs. 75,000 for buying and Rs. 76,000 for selling of 100 pieces.

WEEKLY COMMODITY REPORT 16 MAY 2016 TO 20 MAY 2016

Weekly Support & Resistance for GOLD

Resistance: 30500-31200

Pivot: 30100

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Support: 29500-29300 

GOLD traded in sideways last week in the range of 29600-30300.Buying from lower levels and weak dollar index give strength to gold prices. For the next week major US economic data like CPI, Unemployment claims and fed minutes are the main key events. Gold may be trade in the range of 29600-30200 trading below 29600 will lead to down side to 29200-29100.

Silver: last week silver traded in range 40500-41800 Silver may see some profit booking below 40500 till 40000-39700.

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Gold was set to post its biggest weekly decline in six weeks on Friday. For More Information Visit
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     Spot gold was little changed at $1,278.70 an ounce by 0318 GMT.

      Gold is sensitive to interest rates as rising rates lift the opportunity cost of holding non-yielding bullion.

       Among other precious metals, silver was poised for a near 3 percent weekly loss, after four weeks of gains. Platinum  was down 1 percent, snapping a five-week winning streak, while palladium was set to post a 4 percent loss for the week.

                 PRICES AT 0318 GMT   

         Metal                     Last        Change           Pct chg

        Spot gold               1278.7      1.04               0.08

        Spot silver             17.29      -0.036             -0.21

        Spot platinum       1062.3      4.56             0.43

        Spot palladium      600.5        3.45           0.58

       Comex gold           1280.9          8.6          0.68

       Comex silver          17.38          0.053         0.31

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Gold nursed losses on Wednesday, holding below a 15-month high as the dollar firmed after two Federal Reserve officials talked up US interest rate hikes this year.

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Spot gold was little changed at USD 1,285.19 an ounce by 0033 GMT, after dropping 0.4 percent in the previous session.

 
Gold prices have gained 21 percent since the start of the year on the outlook that the Fed has slowed its expected pace of rate increases. 

Bullion is sensitive to rising interest rates, which lift the opportunity cost of holding non-yielding bullion.

 
Bullion is sensitive to rising interest rates, which lift the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced.

          PRICES AT 0029 GMT

 Metal                   Last                  Change          Pct chg

                                            

 Spot gold           1292.9               -0.46               -0.04

 Spot silver          17.78                 -0.04                -0.22

 Spot platinum      1071.99           -2.51               -0.23

 Spot palladium      622.47          -2.03               -0.33

 Comex gold          1295.4            4.9                   0.38

 Comex silver        17.845            0.026             0.15

                                            

 COMEX gold and silver contracts show the most active months.