Commodity Market Tips-Gold prices inch up amid Brexit uncertainty, subdued dollar

Gold prices edged up in early Asian trade on Tuesday after hitting a two-week high in the previous session, amid political uncertainty over Brexit and as the US dollar remained subdued.

FUNDAMENTALS

Spot gold was up 0.1 per cent at $1,258.12 an ounce at 0057 GMT. The metal touched its highest since June 26 at $1,265.87 on Monday.

US gold futures for August delivery were 0.1 per cent lower at $1,258.70 an ounce.

The dollar index, which measures the greenback against a basket of six major currencies, was steady at 94.028. It fell to its lowest since mid-June in the previous session.

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Prime Minister Theresa May’s foreign minister and Brexit negotiator quit on Monday in protest at her plans to keep close trade ties with the European Union after Britain leaves the bloc, stirring rebellion in her party’s ranks.

Britain’s ramshackle exit from the EU could damage economic growth in the euro zone, European Central Bank policymaker Ewald Nowotny said.

Germany and China signed a raft of commercial accords worth some 20 billion euros ($23.5 billion) on Monday, with their leaders reiterating commitments to a multilateral global trade order despite a looming trade war with the United States.

President Donald Trump suggested on Monday that China might be seeking to derail US efforts aimed at denuclearizing North Korea, but said he was confident that North Korean leader Kim Jong Un would uphold a pact the two agreed on last month.

The ECB will take a “wait and see” approach to any tightening of monetary policy after it keeps negative rates on hold through the summer of 2019, ECB Governing Council member Ewald Nowotny said on Monday.

The Bank of Japan maintained its upbeat economic assessment for all nine regions of the country but some areas saw companies fret about rising costs from labour shortages, a sign that a tightening job market could constrain business activity.

Speculators raised their net long position in COMEX gold contracts in the week to July 3, US Commodity Futures Trading Commission data showed on Monday.

Holdings of SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund fell 0.18 per cent to 800.77 tonnes on Monday.

Canadian miner Barrick Gold Corp and China’s Shandong Gold on Monday said they would deepen cooperation beyond their Argentinian joint venture, potentially working together on acquisitions.

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COMMODITY OUTLOOK on GOLD MARKET

Gold:-

The trend of Gold is Bullish. Gold ended its losing streak of three weeks by gaining 130 points this week due to short covering from lower levels.  Weakness in Dollar index against major currencies supported the prices of Gold. Trade conflicts between US and China also supporting an uptrend in bullion. In MCX, it rose by 130 points on weekly basis and ended at 30566 as compared to last week closing price of 30436. Gold prices are trading on steady note, thus we can expect the same momentum in Gold prices in upcoming day. Buy on dips strategy would be better to follow for next week.

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Gold Rate Today: Gold, silver trade lower in morning deals 

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

MCX Gold futures were trading 0.14 per cent, or Rs 44 lower at Rs 30,606 per 10 grams at 10:46 am (IST), while MCX Silver futures were down 0.25 per cent, or Rs 101, at Rs 39,780 per 1 kg at the same time.

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On the global front, gold prices nudged lower amid a steady dollar, with investors bracing for any impact on global markets from a deepening trade conflict between the United States and China.

Major currencies, including the dollar, trod water early on Friday as investor caution prevailed ahead of the deadline and the jobs data. Faltering Chinese markets dented Asian stocks in choppy trade, Reuters reported.

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STARINDIA Research MCX Bullion TIPS UPDATE: Missed Call@8817002233

UPDATE:-

MCX UPDATE KINDLY BOOK MORE PROFIT IN GOLD SELL CALL HIT 2ND TG 30508 SOLD AT 30628.

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COMMODITY OUTLOOK on GOLD Market

Gold:-
The trend of Gold is Bearish. Gold remained lower this week due to rise in US bond yields as well as the strong Dollar index. Gold fell down by 438 points and ended at 31102 in this week as compare to last week closing of 31540. We expect the continue pressure on Gold prices in upcoming days as Dollar index is still looking strong due to concerns over political issue in Italy. Sell on high strategy would be better to follow for next week.

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Commodity Market Trading Updates-Gold prices edge up after sliding to 6 month low

Gold prices inched up early on Friday after hitting a 6-month low the session before, with the dollar retreating from an 11-month peak.

FUNDAMENTALS

Spot gold was 0.1 per cent higher at $1,268.24 an ounce by 0057 GMT. It touched its lowest since Dec. 19 at $1,260.84 on Thursday.

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US gold futures for August delivery were nearly unchanged at $1,270.20 per ounce.

The dollar index , which measures the greenback against a basket of six major currencies, stood at 94.818. It hit 95.529 in the previous session, its highest since mid-July 2017.

The number of Americans filing for unemployment benefits unexpectedly fell last week, pointing to a further tightening in labour market conditions.

An increasingly shrill exchange of words between the United States and China that is threatening to trigger a global trade war has claimed another victim – Germany’s auto sector.

China’s commerce ministry on Thursday accused the United States of being “capricious” over bilateral trade issues, and warned that the interests of US workers and farmers ultimately will be hurt by Washington’s penchant for brandishing “big sticks”.

Bank of Japan board member Yukitoshi Funo said on Thursday that the central bank needs to patiently continue its strong monetary easing under the current policy, as slowing inflation keeps the BOJ’s 2 per cent price target a distant objective.

Holdings of SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, fell 0.50 per cent to 824.63 tonnes on Thursday.

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STARINDIA Research MCX Bullion TIPS UPDATE: Missed Call@8817002233

UPDATE:-

KINDLY BOOK PART PROFIT IN GOLD BUY (31055) CALL, OUR 1ST TGT 31105 HAS ACHIEVED.

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