Gold Slips on Profit Taking

Gold fell on Friday as investors cashed in profits following a 1.2 percent gain in the previous session on
improving demand for the metal on signs U.S. and European central banks will continue loose monetary policies in the medium term. "We have seen little selling coming into the market which is understandable given gold is about $20 higher from the lows traded in Asia on Thursday," MKS Group trader Jason Cerisola said, adding that gold has very good support at $1,310 level. 

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Spot gold edged lower 0.5 percent at $1,324.30 an ounce at 0344 GMT. Bullion is set for a 0.7 percent decline for the week. U.S. gold slipped 0.5 percent at $1,324.80 an ounce. The U.S. Federal Reserve will wait until the fourth quarter before raising interest rates, likely in December after the presidential election, according to a Reuters poll which once again showed subdued inflation expectations.  
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.22 percent to 963.14 tonnes on Thursday. [GOL/ETF] Palladium, which touched its highest since late October 2015 on Thursday, was heading for its fifth straight week of gains. It dipped 0.4 percent to $679.60. Silver, which hit a near two-week low on Thursday, was down 0.2 percent to $19.72 an ounce. Platinum was down 0.2 percent to $1,095.05.

Today’s Bullion Market Tips & News Updates by CapitalHeight

• The market has opened higher on Tuesday after weakness seen yesterday. The Sensex is up 110.16 points or 0.4 percent at 26669.31 and the Nifty is up 35.15 points or 0.4 percent at 8085.95. About 429 shares have advanced, 98 shares declined, and 23 shares are unchanged.
• Asian share markets crept ahead on Tuesday after the benchmark for U.S tech stocks hit its highest in 15 years.
• Gold steadied after a four-day decline on Tuesday but languished near a four-week low as investors dumped the metal on expectations the Federal Reserve would hike U.S. rates this year.
• Spot gold ticked up 0.1 percent to $1,134.60 an ounce by 0246 GMT.

           PRICES AT 0246 GMT

     Metal                  Last        Change     Pct chg

 Spot gold              1134.6       1.25            0.11

Spot silver            15.385      -0.005      -   0.03

    Spot platinum      977.2        4.7            0.48

Spot palladium    650.5          3               0.46

Comex gold         1134.6       -1.3            -0.11

Comex silver        15.41       0.002            0.01

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Bullion Market Outlook:-

• Gold fell to its lowest leveling four weeks on Monday, extending a sell-off to a fourth straight session, as investors feared the Federal Reserve would hike U.S. rates this year.
• Spot gold eased 0.1 percent to $1,140.40 an ounce by 0029 GMT, after earlier dropping to $1,134.60, its lowest since Oct. 5.
•   The metal had posted its worst weekly drop in nine weeks on Friday after the Fed surprised with a direct reference to its next policy meeting as a possibility for the first U.S. rate hike in nearly a decade.
•   Natural gas futures jumped almost 3% on Friday, On the New York Mercantile Exchange, natural gas for delivery in December rose 6.4 cents, or 2.84%, to close the week at $2.321 per million British thermal units. It was the largest one-day gain in almost two months.
•   MCX copper prices traded lower by 1.2 percent yesterday to close at Rs.337.3 per kg. We expect Copper prices to trade lower today as serious demand concerns citing weak growth in the US and China will continue to bother metals. Also, investors will be cautious ahead of series of data from the Europe and US due today.

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Today in Mcx Market Gold prices rose 0.45 per cent to Rs 26,434 per 10 grams in futures trade as speculators created fresh positions after the precious metal climbed in global markets. At the Multi Commodity Exchange, gold for delivery in June was up by Rs 119, or 0.45 per cent, to Rs 26,434 per 10 grams in a business turnover of four lots.
The metal for delivery in April moved up by Rs 99, or 0.38 per cent, to Rs 26,222 per 10 grams in a turnover of 325 lots. Meanwhile, gold rose by 0.4 per cent to $1,209.79 an ounce in Singapore.Gold prices were little changed on Friday, as markets eyed the release of U.S. fourth quarter economic growth data later in the day, after a batch of disappointing reports on Thursday dampened optimism over the country's recovery.
Crude Oil finished the month of February above $49 a barrel, marking the first monthly gain since last June when oil prices began a prolonged slide. On the New York Mercantile Exchange, WTI crude oil for April delivery rose 2.65% or 1.27 points to $49.45 a barrel. The sharp increased continued the trend of volatile price fluctuations, as prices have wavered dramatically over the last several weeks.

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Positive impact likely for Bullion sector :-
Impact is likely to be positive for the precious metal sector in India Budget 2015-16. The bullion sector, especially the Gold jewellery sector, is back in focus with the recent announcements made by the government and the Reserve Bank of India(RBI).
RBI allowed imports of coins and medallions recently but the import duty on gold is still quite high and the government may slash it in this Budget. The government may consider a reduction of 2-4 per cent in import duty on gold in the forthcoming budget, a move that could help boost exports and manufacturing of gems and jewellery.
Gold bounces off 7-week low:-
Gold edged higher on Wednesday after dropping to a seven-week low the session before, with Federal Reserve Chair Janet Yellen indicating flexibility in raising US interest rates. Yellen said on Tuesday that while the Fed is preparing to consider rate hikes on a "meeting-by-meeting basis", an increase is not likely for at least the next couple of meetings.
BULLION MARKET FUNDAMENTALS :-
* Spot gold was up half a percent at USD 1,206 an ounce by 0021 GMT, after hitting its weakest since Jan. 5 on Tuesday at USD 1,190.91.
* US gold for April delivery gained 0.8 percent to USD 1,206.30 an ounce. Silver, both spot and futures , rose more than 1 percent.
* Asian shares rose, tracking gains on Wall Street, after Yellen said it would be several months before the Fed expects to boost interest rates.

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Gold prices up a tad in early Asia:-Gold steadied near a seven-week low on Tuesday as investors looked to Federal Reserve Chair Janet Yellen's Senate testimony for signs of when the U.S. central bank could raise interest rates. Gold prices rose slightly in early Asia on Tuesday with China markets set to re-open on Wednesday and Greece still to turn over its lisst of reforms needed to secure further euro zone loans.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.14% to trade at $1,203.10.Meanwhile, silver futures for March delivery gained 0.18% to trade at $16.360 a troy ounce. Elsewhere on the Comex, copper for March delivery was flat at $2.589 a pound in holiday-thinned trade.
Spot gold was little changed at $1,201.10 an ounce by 0247 GMT. The metal on Monday hit its weakest since Jan. 5 at $1,191.01.Gold has fallen more than 6 percent this month, nearly erasing January's 8.4-percent gain, which was its biggest in three years. U.S. gold for April delivery was also nearly flat at $1,201.50 an ounce.
MCX Silverm April contract declines:-
February contract was trading at Rs 35958 down Rs 370, or 1.02 percent. The SILVERM rate touched an intraday high of Rs 36450 and an intraday low of Rs 35807. So far 13840 contracts have been traded. SILVERM prices have moved down Rs 8109, or 18.40 percent in the February series so far.