MCX Commodity Market-Gold rate today: Gold, silver trade lower in morning deals

Precious metals gold and silver were trading in the red in the late morning deals on Thursday.

MCX Gold futures were trading 0.10 per cent, or Rs 31 lower at Rs 30,157 per 10 grams at 11:16 am (IST), while MCX Silver futures were down 0.20 per cent, or Rs 73, at Rs 37,059 per 1 kg at the same time.

GOLD SILVER MARKET promotional

SMC Global Securities in its daily commodity report says bullion counter may trade on the sideways path.

Gold can take support near Rs 30,000 and can face resistance near Rs 30,300 on MCX. While silver can take support near Rs 36,900 and has the resistance near Rs 37,300,” it said.

On the global front, gold prices held steady in the early trade after rising nearly half a per cent in the previous session, as the dollar edged down, but views on higher US interest rates limited gains, Reuters reported.

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Commodity Market Trading Tips-Gold Rate Today: Gold, silver down in early trade

Gold prices were trading lower in early trade on Wednesday as the dollar held steady ahead of a meeting between the US and European Commission presidents to discuss trade-related issues. MCX Gold futures were down 0.21 per cent, or Rs 63, at Rs 29,800 per 10 gram in early trade. Silver was also trading in the red.

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MCX Silver futures were down 0.23 per cent, or Rs 89, at Rs 38,361 per 1 kg at around 10.15 am (IST).

According to SMC Global Securities, bullion counter may trade on sideways path as investors awaited US economic growth data due later this week. The second-quarter US economic growth data is due on Friday. Market watchers largely expect growth to top current forecasts of 4.1 per cent.

Gold can take support near Rs 29,750 per 10 gram and can face resistance near Rs 30,000 in MCX. Meanwhile, silver can take support near Rs 38,200 and resistance near Rs 38600,” the brokerage house said.

The Trump administration on Tuesday said it will use a Great Depression-era programme to pay up to $12 billion to help US farmers weather a growing trade war with China, the European Union and others that the president began. Russia’s largest gold producer Polyus said on Tuesday its gold sales in the second quarter were up 12 per cent from the previous quarter and stood at $683 million.

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Commodity Outlook on Copper Market

COPPER:-

Copper futures rose for the seventh session in a row to the highest since November 6, as the dollar index dipped for the fourth session to the lowest since October 19, ahead of US services data later today. As of 03:36 GMT, copper futures due on March 12 rose 0.55% to $317.65 a pound from the opening of $315.90, while the dollar index shed 0.42% to 92.83 from the opening of 93.22. Now markets await the preliminary reading for the Services PMI for November, expected to rise to 55.5 from 55.3 in October, amid low market liquidity due to the US Thanksgiving holiday.

Resistance & Support

Resistance Support
452 440

 

copper

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Commodity Outlook on Silver Market

SILVER:-

Silver futures fell in American trade to the lowest since August 8, heading for the worst weekly performance since July even as the dollar index lost ground following an array of data from the US the world’s largest economy. Political concerns mounted amid accusation by the FBI against former Trump national security adviser Philip Flen of perjury and expectations of easy conviction. Special investigator Robert Mueller who’s been investigating Russian interference with the US elections lopped similar accusation to the Trump campaign accusing Flen with cooperation with Russia and Ukraine to hurt US interests. Now markets await the Senate’s vote on the tax reform bill supported by President Donald Trump amid concerns about its impact on the federal deficit. The Silver is bearish for medium-long term .Currently Silver is in strong downtrend but volume is unsatisfactory the open interest is not increasing with trend. In last few days volume based selling happened in the Silver Noting point is selling at lower levels seems decreasing. The oscillator is showing sell signal for short term Silver is in sell position. Immediate support for Silver is 37880.Resistance for the Silver is 40240.

Resistance & Support

Resistance Support
40240 37880

silver

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COMMODITY OUTLOOK on Lead Market

Lead:-

Lead prices were down 0.61 per cent to Rs 162.35 per kg amid muted domestic demand in futures trading today as participant’s trimmed exposure. Lead for December declined by Re 1 or 0.61 per cent to Rs 162.75 per kg in a business turnover of 6 lots. Similarly the metal for delivery in November shed 90 paisa or 0.55 per cent to Rs 162.35 per kg in 954 lots. Market men said the fall in lead futures was triggered by a weak trend at the domestic spot markets due to sluggish demand from consuming industries particularly battery makers.

lead4

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