Commodity Market Trading Tips-Gold holds steady near 2-1/2-week high as dollar dips

Gold prices held steady on Thursday, near the 2-1/2-week high hit in the previous session, supported by a weaker dollar and as investors bet on higher US inflation after a faster-than-expected rise in consumer prices last month.

Spot gold inched up 0.1 per cent to $1,351.96 an ounce, as of 0202 GMT. The bullion touched $1,355.50 on Wednesday, its highest since Jan. 26.

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It also recorded its biggest one-day per centage gain of 1.6 per cent, strongest since May 2017, in the previous session.

US gold futures were down 0.2 per cent to $1,355 per ounce.

The dollar index against a basket of currencies was slightly lower at 88.980 after losing 0.6 per cent overnight.

The recovery in broader risk sentiment was seen weighing on the dollar, which had gained during the market turmoil earlier in the month.

US consumer prices rose more than expected in January as Americans paid more for gasoline, rental accommodation and healthcare.

Inflation fears can prompt investors to buy the precious metal, although a rise in interest rates makes non-yielding gold less attractive.

The Commerce Department said on Wednesday that US retail sales decreased 0.3 per cent last month, the largest decline since February 2017, as households cut back on purchases of motor vehicles and building materials.

Euro zone industrial production rose 0.4 per cent month-on-month for a 5.2 per cent year-on-year gain, data from the EU statistics office Eurostat showed on Wednesday, underlining the fastest economic growth rate in a decade that economists expect to continue in 2018 .
Asian stocks gained on Thursday after Wall Street brushed aside strong US inflation data.

Barrick Gold Corp reported adjusted fourth-quarter earnings on Wednesday in line with market expectations and forecast gold production dropping over the next four years with mining costs seen flat to higher.

New York-based Paulson & Co, led by longtime gold bull John Paulson, kept its stake in gold investments during the fourth quarter of 2017, while other heavyweights including Soros Fund Management LLC, Jana Partners LLC and Caxton Corp all remained unexposed to the metal.

Gold Fields Ltd will continue to evaluate and focus on efficiency at its loss-making South African asset, South Deep, after production fell below guidance in 2017, the bullion miner said on Wednesday.

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कमोडिटी बाजार में आज क्या हो रणनीति

कच्चे तेल की कीमतों में हल्की कमजोरी आई है लेकिन अंतरराष्ट्रीय बाजार में इसके दाम 2 साल की ऊंचाई पर बने हुए हैं। कनाडा की कीस्टोन पाइपलाइन बंद होने और अमेरिका में भंडार घटने से कीमतों को सपोर्ट मिल रहा है। अमेरिका में कच्चे तेल का भंडार 19 लाख बैरल घटा है। मार्च के ऊपरी स्तर से इसमें 15 फीसदी की गिरावट आई है।

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उधर ऊपरी स्तर पर मुनाफावसूली के कारण सोने की कीमतों पर दबाव देखा जा रहा है। अमेरिका के कमजोर आर्थिक आंकड़ों के कारण कल कॉमेक्स पर सोने करीब 1 फीसदी बढ़ा है। चांदी पर आज ज्यादा दबाव है, कॉमेक्स पर इसके दाम 0.5 फीसदी से ज्यादा गिरे हैं। बेस मेटल्स की बात करें तो शंघाई में एल्युमिनियम 0.75 फीसदी ऊपर है, वहीं कॉपर में भी हल्की बढ़त देखी जा रही है।

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Earlier US data showed GDP growth at 2.6% in the second quarter, up from 1.4% in the first quarter, and besting expectations of 2.5%, while the preliminary reading for GDP prices slowed down to 1.0% from 1.9%, missing expectations of 1.3, and finally, the Employment Cost Index slowed down as well more than forecast. University of Michigan released its second and final reading for the consumer sentiment survey in July, showing a rise to 93.4 from the preliminary reading of 93.1, besting expectations of 93.2, while below June’s reading of 97.1. On Wednesday, the Federal Reserve voted to maintain overnight interest rates at between 1% and 1.25% at the Federal Open Market Committee’s policy meeting in Washington, while asserting their intention to start normalizing their massive $4.5 trillion balance sheet later this year.


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Recent Market Updates on MCX,Commodity

Cardamom prices rose further by 1.19 per cent to Rs 1,149.90 per kg in futures trade today as speculators enlarged positions, taking positive cues from spot markets on rising domestic and exports demand.

At the Multi Commodity Exchange, cardamom for delivery this month rose by Rs 13.50, or 1.19 per cent, to Rs 1,149.90 per kg, in a business turnover of two lots.

On similar lines, the spice for delivery in July traded higher by Rs 10.50, or 1.05 per cent, to Rs 1,005 per kg in 14 lots.

Analysts said expanding of positions by participants on the back of strong domestic as well as exports demand against tight stocks position on restricted arrivals from producing regions, mainly kept cardamom prices higher at futures trade.

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Oil prices rise in Asia in expectation of Aramco supply cut


Oil futures rose in Asian trading on Wednesday after Reuters reported Saudi Arabia would cut supplies to the region as OPEC battles against rising U.S. output that is threatening to derail its attempts to end a sustained global glut in crude.

State-owned Saudi Aramco will reduce oil supplies to Asian customers by about 7 million barrels in June, a source told Reuters, as part of OPEC’s agreement to reduce production and as it trims exports to meet rising domestic demand for power during the summer.


Seven million barrels is roughly two days of oil imports into Japan, the world’s fourth biggest importer. Aramco had previously been maintaining supplies to its important Asian customers.

Global benchmark Brent futures were up 25 cents, or 0.5 percent, at $48.98 a barrel at 0200 GMT. They fell 1.2 percent on Tuesday.

U.S. West Texas Intermediate crude was up 29 cents, or 0.6 percent, at $46.17 a barrel.

It also fell 1.2 percent the previous session, and the closing price for both contracts on Tuesday was the second lowest since Nov. 29, the day before the Organization of the Petroleum Exporting Countries (OPEC) agreed to cut production during the first half of 2017.

While prices surged immediately after the agreement, in recent weeks they have come under sustained pressure as U.S. production has ramped up.

Many are now pushing back the expected timing for when the oil market will come into balance after prices began slumping nearly three years ago.

“Chief among (the) oil market’s worries is that the renewed rise in U.S. oil production is reducing the speed at which the supply surplus is being eroded,” Fawad Razaqzada, market analyst at, said in a note.

Saudi Arabia’s oil minister Khalid al-Falih said on Monday that he expected the output deal to be extended to the end of the year or possibly longer. OPEC meets later this month.

Higher crude output from the United States should limit any upside to global oil prices through the end of 2018, the U.S. government said on Tuesday.

U.S. crude production is expected to rise by more than previously expected in 2017 to 9.31 million barrels per day from 8.87 million bpd in 2016, a 440,000 bpd increase, the U.S. Energy Information Administration said.

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PREMIUM CALL :- BUY ZINC ABOVE 166 TG1-167 TG2-168 TG3-169 SL BELOW 164.50


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