MCX Market Tips-Gold prices hover near six-month low as dollar firms

Gold prices sat near a more than six-month high low hit in the previous session, as the dollar firmed amid easing risk aversion and expectations of further interest rate hikes by the US Federal Reserve.

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FUNDAMENTALS

Spot gold dipped 0.1 per cent to $1,257.81 an ounce, as of 0045 GMT. It touched its lowest since mid-December at $1,254.16 in the prior session.

US gold futures for August delivery were nearly unchanged at $1,259.70 per ounce.

The dollar index was steady at 94.674 after gaining 0.4 per cent overnight to snap a four-session losing run.

The US House of Representatives overwhelmingly passed a bill on Tuesday to tighten foreign investment rules, spurred by bipartisan concerns about Chinese bids to acquire sophisticated US technology.

US President Donald Trump on Tuesday endorsed US Treasury Secretary Steven Mnuchin’s measured approach to restricting Chinese investments in US technology companies, saying a strengthened merger security review committee could protect sensitive American technologies.

Trump said on Tuesday the government was completing a study about increasing import tariffs on cars from the European Union and suggested he would take action soon.

 

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Commodity Market Tips-Gold prices steady ahead of US payrolls data

Gold prices were little changed on Friday as investors awaited key US jobs data due later in the day, while the dollar held steady after declining from 2018 highs hit earlier this week.

FUNDAMENTALS

Spot gold was nearly unchanged at $1,311.61 per ounce at 0113 GMT, and on track for a third consecutive weekly decline.

US gold futures for June delivery were flat at $1,312.50 per ounce.

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The dollar index was little changed at 92.449, while Asian shares were steady on Friday.

The focus for markets will be on the US jobs data, with the April report likely to underscore labour market strength. According to a Reuters survey of economists, nonfarm payrolls likely increased by 192,000 jobs in April after rising 103,000 in March.

US President Donald Trump on Thursday praised his relationship with Chinese President Xi Jinping as officials from the world’s two largest economies began trade talks in Beijing, while state media said China would stand up to US bullying.

Iran’s foreign minister said on Thursday US demands to change its 2015 nuclear agreement with world powers were unacceptable as a deadline set by Trump for Europeans to “fix” the deal loomed.

 

SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.13 per cent to 865.60 tonnes on Thursday from 866.77 tonnes on Wednesday.

Gold demand posted its weakest start to the year in a decade, the World Gold Council said on Thursday, as prices of the metal stagnated and the threat of rising interest rates led investors to seek better returns elsewhere.

Indian gold demand may improve through to December as positive monsoon rains and government efforts to raise farmer incomes could boost rural purchases enough to offset higher prices because of the weak rupee, the World Gold Council (WGC) said.

South African gold producers agreed a 5 billion rand ($400 million) class action settlement on Thursday with law firms representing thousands of miners who contracted the fatal lung diseases silicosis and tuberculosis, officials said on Thursday.

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COMMODITY OUTLOOK on Crude Oil

Crude:-

The crude oil can remain sideways with positive bias. The risk of renewed US sanctions on Iran can support the prices of the crude oil. On May 12, US President Donald Trump will decide whether to renew the sanctions or not, because this will impact the exports of the Irani Oils.  This week come accords of sanctions on Iran may be pulling out by US officials in regards of US President’s decision on May 12. Renew of the Sanctions will take the Crude oil prices higher. We expect some more volatility in this week due to uncertainty of the sanctions on Iran by US.

 

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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.

Fundamentals
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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STARINDIA Research MCX Base Metal UPDATE

UPDATE:-

KINDLY BOOK PARTIAL PROFIT COPPER BUY CALL , AT CMP 451.70

 copper

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COMMODITY OUTLOOK on Gold Market

Gold:-

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.

gold-inches-up-as-prospects-for-slower-us-rate-hikes-weigh-on-dollar

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