Commodity Outlook on Gold Market

Gold:-

Gold futures titled higher as the dollar index lost ground, following an array of data from the US, the world’s largest economy, and as the Jackson Hole Symposium in Kansas City proceeds into the second day, with eyes fixed on Federal Reserve Chair Janet Yellen’s and European Central Bank President Mario Draught’s speeches later today. Earlier US data showed durable goods order fell more than expected in July, while core orders, excluding transportation, accelerated beyond forecasts last month, as markets await Yellen’s speech on financial stability. Now markets look forward to the results of the Jackson Hole Symposium as it moves into its second day.. the Economic Symposium, held in Jackson Hole, Wyoming, is attended by central bankers, finance ministers, academics, and financial market participants from around the world. The meetings are closed to the press but officials usually talk with reporters throughout the day.

gold-slides-on-weak-global-cues-waning-demand

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Commodity Market Trading-Gold slides on weak global cues, waning demand

Gold prices eased by Rs 70 to Rs 29,350 per ten gram at the bullion market today owing to slackened demand from local jewellers and a weak trend overseas.

However, silver edged up by Rs 45 to Rs 38,370 per kg on scattered deals from industrial units and coin makers.

gold-slides-on-weak-global-cues-waning-demand

Traders said apart from a weak trend overseas, easing demand from local jewellers and retailers, mainly led to decline in gold prices.

Globally, gold fell by 0.09 per cent to USD 1,257.30 an ounce in New York in yesterday’s trade.

Market remained closed yesterday on account of ‘Raksha Bandhan’.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 70 each to Rs 29,350 and Rs 29,200 per ten gram, respectively.

Sovereign, however, remained flat at Rs 24,500 per piece of eight gram.

On the other hand, silver ready inched up by Rs 45 to Rs 38,370 per kg, while weekly-based delivery eased by Rs 50 to Rs 37,210 per kg on lack of buying support from speculators.

Silver coins, however, remained unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

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Commodity Market Tips-Gold surges to Rs 29,310, silver down on low demand

Gold rallied by Rs 160 to trade at almost three-week high of Rs 29,310 per ten gram at the bullion market today on increased buying by local jewellers even as the metal lost sheen overseas.

However, silver fell by Rs 250 to Rs 39,100 per kg on lack of buying support from industrial units amid weak global cues.

gold-surges-to-rs-29310-silver-down-on-low-demand

Traders attributed the rise in gold prices to pick-up in buying by local jewellers to meet ensuing festive season demand at domestic spot markets, though a weak trend overseas capped the rise.

Globally, gold fell 0.10 per cent to USD 1,253.30 an ounce and silver by 0.42 per cent to USD 16.43 an ounce in Singapore.

Globally, gold fell 0.10 per cent to USD 1,253.30 an ounce and silver by 0.42 per cent to USD 16.43 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity shot up by Rs 160 each to Rs 29,310 and Rs 29,160 per ten gram respectively, a level last seen on July 4.

Sovereign, however, remained flat at Rs 24,400 per piece of eight grams.

On the other hand, silver ready slipped by Rs 250 to Rs 39,100 per kg and weekly-based delivery by Rs 40 to Rs 38,110 per kg.

Silver coins, however, spurted by Rs 1,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

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Commodity Outlook on Gold

Gold:-

Gold futures rose nearly one percent in American trade to the highest since July as the dollar index tumbled to a seven-month trough, following earlier data from the US, the world’s largest economy. US industrial production grew more than expected in June, while the Capacity Utilization Rate rose below expectations, as business inventories match expectations in gains, while the preliminary UoM consumer sentiment survey fell unexpectedly in July. The mostly negative data came after Federal Reserve Chair Janet Yellen presented the second part of her Congressional testimony about monetary policy ahead of the Senate Banking Committee yesterday, and now could force the Federal Open Market Committee to hold on before tightening the policy in the July 25-26 meeting, weighing on the dollar and boosting the yellow metal.

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Commodity Market Live Gold loses lustre post GST rollout

Premium on gold has disappeared since the beginning of this month even as banks and nominated agencies are importing the precious metal in limited quantities, indicating that jewellers have unsold gold with them and demand has slowed since the GST regime was rolled out on July 1. In the last week of June, dealers were charging a premium of up to $10 an ounce over official domestic prices, the highest since the middle of November 2016.

gold-loses-lustre-post-gst-rollout

There are three reasons for the disappearance of premium on gold, said industry executives. First, rural demand has fallen to less than half as kharif sowing has picked up across India with the onset of monsoon

Second, in urban India there are few buyers of jewellery now as the wedding season is yet to arrive. Investment demand for gold in urban India is expected to be met by the sovereign gold bonds 2017-18 (series-II) launched on Monday.

Surendra Mehta, national secretary, India Bullion and Jewellers Association said, “Ample im ports took place before June 30, that is in the VAT regime. That volume is good enough to meet the demand.” India’s gold imports in terms of quantity in the first half of 2017 crossed the enti re imports of 2016. Although physical demand for gold dwindled since 3 per cent GST was introduced, the industry expects the new tranche of so vereign gold bonds to fare well.
Shekhar Bhandari, business head (global transactions and precious metals) at Kotak Mahindra BankBSE -0.28 % said, “The issue price is fixed at 2,780gm of gold, ` which is 2 per cent less than the prevailing market price. Additionally, whoever subscribes for sovereign gold bond will not have to pay 3 per cent GST, as it is paper gold.”

 

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Today’s MCX,Commodity Market Tips On Gold

Gold prices inched down early on Friday to hover around their lowest in nearly two months, with investors waiting for key US non-farm payrolls data later in the day.

FUNDAMENTALS
Spot gold had fallen 0.2 per cent to $1,222.65 per ounce by 0104 GMT. It has dropped 1.5 per cent this week and could be heading for its biggest weekly decline since early May.

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Spot gold was off 0.2 percent at $1,224.24 per ounce at 0820 GMT. But the precious metal regained some lost ground after falling to an eight-week low of $1,217.14 on Wednesday.

“The Fed’s comments and heightening tensions arising out of North Korea have helped gold prices to come up from Wednesday’s lows,” said Brian Lan, managing director at gold dealer GoldSilver Central in Singapore.

“However, the dollar has firmed and kept a cap on how far gold prices can go.”

The United States cautioned it was ready to use force if need be to stop North Korea’s nuclear missile program but said it preferred global diplomatic action against Pyongyang for defying world powers by test launching a ballistic missile that could hit Alaska.

US gold futures for August delivery rose 0.2 per cent to $1,223.70 an ounce.

“With the dollar relatively steady and US equities firm, we suspect that the short-term direction for gold will be lower still,” INTL FCStone analyst Edward Meir said in a note.

Investors were also eyeing a slew of US data due later on Thursday including the ADP employment report, ISM non-manufacturing PMI and weekly jobless claims for trading cues ahead of Friday’s nonfarm payroll figures.

Among other precious metals, silver fell 0.4 per cent to $15.99 per ounce, not far from Wednesday’s six-month low of$15.84.

Platinum slipped 0.4 per cent to $906.50 an ounce and palladium advanced 0.3 per cent to $842.75 per ounce.

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