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FUNDAMENTALS

• Gold held sharp overnight gains on Wednesday as soft global economic data and a tumble in equities sent investors scurrying towards the safe-haven metal.
• Spot gold eased 0.2 percent to USD 1,228.30 an ounce by 0040 GMT on profit taking.
• Bullion rose along with other safe-haven assets such as the Japanese yen as economic data out of Europe and the United States prompted a retreat from riskier assets.
• SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.28 tonnes to 815.44 tonnes on Tuesday.
• MCX Copper closed at Rs 315.05 per kg on 5 April 2016 sharply lower from Rs 314.40 per kg on 4 April 2016.
• Zinc futures tumbled in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market.
• Gold futures regained sheen on Tuesday as a renewed global stock rout and falling oil prices.
  

Today Bullion Market Tips; Latest Mcx Gold News

Gold retained gains from a three-day rally on Monday to trade near its highest in two weeks, boosted by a weaker dollar and caution from the Federal Reserve on the timing of a possible hike in US interest rates. Spot gold was little changed at $1,181.71 an ounce by 0331 GMT. It climbed to $1,187.80 on Friday, its highest since March 6, as the dollar tumbled.
Gold futures reach two-week high: - Gold futures edged up on Monday reaching two-week highs, amid modest gains from the euro against the U.S. dollar. Gold futures traded at a daily low of $1,178.60 in U.S. morning trading. Gold futures likely earned support at 1,148.20 the low from March 17 and resistance at 1,196.20 the high from March 5.
Crude oil futures soared on Monday, as the euro continued its steady rally against the dollar upon expectations of an interest rate hike by the Federal Reserve at some point this year. On the New York Mercantile Exchange, WTI crude for May delivery rose 0.82 or 1.72% to $47.37 a barrel. Last Friday, futures for April delivery surged roughly 5% as speculative oil traders used the weakening dollar to hedge their positions in crude.
MCX Copper April expiry contract recovered on the back of some bottom fishing. The prices gained for the third straight day in a row. The closure for the Copper was at Rs 386.2 per kg. However it is critical to note that Copper is in a rising wedge pattern. The prices have been in a rising wedge pattern and that means that is the bearish indicator for prices to fall further in coming days.

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