MCX Market News: Gold Rates Set to Hike

Gold expand on gains into a second session on Thursday after Janet Yellen, likely the next chair of the Federal Reserve, indicated the U.S. central bank would continue to support the economy through its stimulus 00measures.

Spot gold rose 0.4 percent to $1,283.76 an ounce by0312 GMT, after snapping a four-day losing streak on Wednesday with a gain of nearly 1 percent.

Silver prices should be underpinned by improving industrial demand in 2014, but they will follow gold lower if the US Federal Reserve begins tapering its stimulus.

Spot silver rose as much as 0.8 percent to $20.78 an ounce, snapping five days of losses, and traded at $20.731. Prices touched to $20.4488 yesterday, the lowest level since Aug. 9. Platinum advanced for a third day, rising 0.5 percent to $1,443.43 an ounce. Palladium rose 0.4 percent to $735.38 an ounce, ending five days of losses.

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Gold Silver Market India

India is the largest importer of gold, which is mainly utilized to meet the demand of the jewellery industry. Import of the precious metal stood at 845 tonnes in 2012-13.

Gold prices jumped past Rs 30,000 levels in a flash on Monday. The session proved fruitful for MCX Gold with prices settling at Rs 30,143 per 10 grams, up 1.5 percent. The metal is expected to further try and test Rs 30,500 and 30,600 per 10 grams as the initial resistance.

Gold futures extended losses in the Asia electronic hours today on the fears QE wind up continued to hurt the metal after the data last week showed surprisingly strong US jobs report.

Gold and Silver imports jumped by 62.5 per cent to $1.3 billion in October. In September the imports fell by over 80 per cent year-on-year to $0.8 billion.Spot silver lost 0.2 percent to $21.382 an ounce, dropping for a fourth day. Prices declined to $21.2503 yesterday, the lowest level since Oct. 17.
 

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Indian Commodity Gold, Silver Market Latest News

Gold dropped 1.7 percent on Friday, notching its biggest one-day fall in more than a month. The metal fell 2.2 percent for the week, its second consecutive weekly loss.

Gold has lost about a fifth of its value this year due to fears the Fed would begin cutting back its $85 billion monthly bond purchases.

Among other precious metals, silver was down 1 percent at $21.43 an ounce. Platinum fell 0.6 percent to $1,439.49 an ounce, while palladium dropped 0.4 percent to $755.47 an ounce.

Copper futures rose for the second straight day as a jump in payrolls boosted economic optimism and prospects for demand in the U.S., the world’s second-biggest user of the metal. Aluminum, lead and nickel dropped in London, while zinc and tin advanced.

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Today gold held gains from the previous as investors bet the U.S. Federal Reserve would keep its stimulus measures for longer and as holdings in the biggest gold backed exchange-traded fund rose for the first time in two weeks. Gold buying in India tapered off further after the festival week, even as domestic users started getting small import lots, weighing on premiums.

SPDR Gold Trust, the largest gold ETF, said its holdings rose 2.10 tonnes to 868.42 tonnes on Wednesday – the first increase since Oct. 22.

Silver for immediate delivery was little changed at $21.803 an ounce after rising 0.5 percent yesterday.

Crude surged the most in five weeks as U.S. gasoline demand rose to the highest level since July, trimming fuel inventories.

Nickel settled below its 30-day moving average, at $14,177.33 today, for the first time since Oct. 10. Copper for delivery in three months lost 0.6 percent to $7,115 a ton in London. Aluminum and lead advanced, while tin and zinc fell.

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Mcx Market Alert: Gold Import Will Remain Compressed

After the continuous supply of gold, Finance Minister of India   P.Chidambaram today said that the inward shipment of the precious metal will remain severely compressed in the current fiscal. Gold imports rose to 23.5 tonnes in October from 11.164 tonnes in September.

Gold fell about 1 percent on Friday, posting its biggest weekly loss in seven weeks, as renewed anxiety about the U.S. Federal Reserve could scale back its bond-buying stimulus prompted bullion investors to reduce positions. Gold prices fell sharply in mid-April - about $200 an ounce in two days - prompting strong pent-up demand in Asia for jewellery, bars and coins.

SPDR Gold Trust, the biggest gold-backed ETF, has seen outflows of over $20 billion this year, weighing heavily on global prices. Holdings of the fund are near four-year lows.

Import duty on gold has been hiked by the government in third revision this year in a bid to curb the surging imports and burgeoning CAD.

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MCX Market Latest News

Gold fell in choppy trade on Thursday despite the U.S. Federal Reserve vowing to maintain its economic stimulus measures, with investors taking profits from a recent
run-up in prices.

On Wednesday, Gold was also hurt by a sharp slide in silver due to technical selling and strength in the U.S. dollar.Spot gold pared some losses after falling as much 0.3 percent to trade down 0.12 percent at $1,340.59 an ounce by 0022 GMT. Gold is heading for a 1-percent monthly gain.

Elsewhere on the Comex, silver for December delivery was up 1.09% at USD22.737 a troy ounce, while copper for December delivery was up 1.11% and trading at USD3.314 a pound.

Copper futures rose to a one-week high on Wednesday, as investors awaited the outcome of the Federal Reserve's latest policy meeting later in the trading day. Platinum rose 0.6 percent to $1,468.24 an ounce, while palladium edged up 25 cents to $744.25 an ounce.

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Mcx Commodity Market Updates

Today gold fluctuated near the highest level in five weeks before the U.S. Federal Reserve begins a meeting where policy makers may decide on the pace of monetary stimulus. Russia cut gold holdings for the first time in a year. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 4.50 tonnes to 872.02 tonnes on Friday.

Spot gold had eased 0.3 percent to USD 1,348.44 an ounce by 0010 GMT, after posting a near 3-percent gain the week before.

Gold prices may cross the Rs 33,000 level on 'Dhanteras', a day considered auspicious for buying the precious metal, on account of rising demand amid tight supplies, experts and bullion traders say. Currently, gold prices are ruling at Rs 32,570 in the national capital and around Rs 31,700 in Mumbai, trade data showed.

To contain gold demand, the government has raised import duty to 10 per cent and stipulated that 20 percent of imports should be used for exports. It has also banned import of coins, bars and medallions.

Spot silver traded at $22.5788 an ounce from $22.5435 on Oct. 25, when prices dropped 0.7 percent.

Platinum was little changed at $1,453.63 an ounce, while palladium slid 0.1 percent to $742.35 an ounce, Platinum gained as much as 0.7 percent on fears that strikes in South Africa could curb supply.

Copper fell to a two-week low as an unexpected drop in U.S durable-goods orders and concern that China is tightening monetary policy dimmed demand prospects.
 

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Today's Gold Market News in India

Gold was little changed after its biggest loss in more than a week as investors weighed the outlook for the Federal Reserve’s stimulus measures before a government report today that may show about jobless claims decreased.

Gold edged up on Thursday after tracking oil lower in the previous session, hovering near a four-week high. Gold added $3.32 an ounce to $1,335.06 by 0331 GMT.

Gold futures fell on signs of slowing purchases of bars and jewelry in China, the world’s second-biggest consumer, while the dollar’s rebound eroded demand for the metal as an alternative investment.

A shortage of gold triggered by the government's move to curb imports and control a rising trade deficit has sent premiums in India to more than $100 an ounce over London prices this month. Gold is an integral part of Indian culture, given as a dowry for marriages, which tend to be timed around auspicious days that are often religious festivals. 

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