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.

Commodity Market This Week

कमोडिटी बाजार में आज सबसे ज्यादा एक्शन सोने और चांदी में दिख रहा है। घरेलू बाजार में सोने का दाम करीब 0.5 फीसदी और चांदी में करीब 1 फीसदी की गिरावट आई है। दरअसल ग्लोबल मार्केट में सोने और चांदी की कीमतों में गिरावट बढ़ गई है। फिलहाल एमसीएक्स पर सोने का भाव 30750 रुपये के आसपास नजर आ रहा है। वहीं चांदी 46000 रुपये पर आ गई है। एमसीएक्स पर कच्चा तेल पर 0.5 फीसदी से ज्यादा बढ़कर 2980 रुपये पर कारोबार कर रहा है। साथ ही नैचुरल गैस भी 0.5 फीसदी की तेजी के साथ 188.2 रुपये पर कारोबार कर रहा है। 

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बेस मेटल्स में बढ़त के साथ कारोबार देखने को मिल रहा है। एमसीएक्स पर कॉपर 0.3 फीसदी बढ़कर 334.5 रुपये पर कारोबार कर रहा है। निकेल 1 फीसदी की मजबूती के साथ 703 रुपये पर कारोबार कर रहा है। एल्युमिनियम में 0.5 फीसदी की तेजी आई है, जबकि लेड 1.3 फीसदी उछलकर 124.5 रुपये के पार निकल गया है। जिंक 0.5 फीसदी की तेजी के साथ 151.8 रुपये पर पहुंच गया है। 

एग्री कमोडिटी में बुआई बढ़ने से सोयाबीन में गिरावट बढ़ गई है। वहीं एमसीएक्स पर कॉटन का दाम भी 1 फीसदी टूट गया है। इसके साथ कपास खली में भी गिरावट आई है और ग्वार भी दबाव में है। मसालों में जीरे का दाम करीब 0.5 फीसदी गिर गया है।

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.

COMMODITY BULLIONS & ENERGY LEVELS FOR 20 MAY 2016

Bullions: Gold steadied after two days of losses on Friday, but was on track for its biggest weekly slide in eight weeks on the back of a firmer dollar and indications from the U.S. Federal Reserve that it could raise interest raise rates as early as June.

Yesterday’s our negative stance on silver work silver breach 40000 our all achieved at 40200. . For More information visit
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COMMODITY	S2	S1	R1	R2	TREND	RANGE
Gold	29500	29650	29950	30050	SIDEWAYS	29500-29900
Silver	39100	39500	40200	40600	SIDEWAYS	39400-40200

Energy: Crude oil trade higher in evening session in MCX after may contract expiry. Brent and WTI closed sharply off the session lows due to crude export problems facing Canada's Suncor Energy (SU.TO) and reports of trouble at Nigeria's Qua Iboe crude oil terminal.

"OUTLOOK: Buy June Crude Oil between 3225 – 3235, SL – 3180, Target – 3300 / 3320"

COMMODITY	S2	S1	R1	R2	TREND	RANGE
Crude oil	3200	3240	3340	3370	BULLISH	3150-3295

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.