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.

Gold Live Report By CapitalHeight

Gold retained overnight gains in Asian trading on Wednesday on weakness in the dollar and equities, but investors remained cautious after Federal Reserve officials talked up the prospect of US interest rate increases this year. For More Information visit www.capitalheight.com/bullion-premium.php

• Spot gold was little changed at USD 1,278.65 per ounce at 0042 GMT, after gaining 0.5 percent on Tuesday.
• Gold has rallied 20 percent this year on speculation that the Fed has slowed its expected pace of rate increases on concerns over the volatility in global markets.
• SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings rose 0.56 percent to 855.89 tonnes on Tuesday, the highest since November 2013.
• Asian shares stepped back on Wednesday after strong US inflation data and comments from Fed officials rekindled the prospects of the central bank raising rates later this year.
• Oil prices rose for a second straight day on Tuesday, with US futures hitting seven-month highs, on expectations of a drawdown in US crude stockpiles and a new wildfire threat on Canadian oil supplies.
• International Brent crude futures were trading at USD 49.31 per barrel at 0047 GMT, 3 cents above their last settlement, while US West Texas Intermediate crude futures were unchanged at USD 48.31 a barrel.

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.

BULLION & ENERGY OUTLOOK & FREE TIPS FOR 12 MAY 2016

Bullion: Gold prices to trade sideways after some pull back in US dollar index. Gold offs lows of last week and trade near Rs 30000 in MCX. Appetite for gold appeared to have eased after the metal failed to convincingly breach the $1,300 resistance level last week. For More Information visit

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COMMODITY	S2	S1	R1	R2	TREND	RANGE
Gold	29600	29800	29935	30080	SIDEWAYS	29700-30080
Silver	40400	40800	41600	41900	SIDEWAYS	40700-41500

Energy: Oil prices rallied yesterday after data revealed an unexpected drop in US crude inventories. The US Department of Energy (DoE) today said the country's commercial crude stockpiles slid by 3.4 million barrels last week. Analysts' consensus had been for a rise of 750,000 barrels. Crude oil may trade flat to positive on morning session.

"Outlook: BUY CRUDEOIL BETWEEN 3020-3030 TGT 3090-3140 SL 2990"

COMMODITY	S2	S1	R1	R2	TREND	RANGE
Crude oil	2970	3030	3080	3140	BULLISH	3020-3150

          Cruid Oil View