Commodity News and Trends on Gold Market

Gold edged up early Thursday, extending gains from the previous session, as the dollar remained subdued after minutes from the Federal Reserve’s July meeting hinted at a delay in further rate hikes.

Spot gold was up 0.4 percent at $1,287.21 per ounce by 0110 GMT, after gaining nearly 1 percent the previous day.

Gold, silver trade

U.S. gold futures for December delivery rose 0.8 percent to $1,293.30 per ounce.

The U.S. dollar was on the defensive on Thursday after the minutes from the Federal Reserve’s last policy meeting showed policymakers were increasingly wary of recent softness in inflation and could delay a rate hike.

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STARINDIA Research MCX Bullion TIPS UPDATE

UPDATE:-

KINDLY BOOK PARTIAL PROFIT IN GOLD SELL CALL 1ST TGT 28845 HAS ACHIEVED PROFIT RS. 10,000/- IN 2 LOTS

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COMMODITY OUTLOOK on Gold Market

Gold:-

Gold is holding around two month highs as global markets slipped ahead of weekend. A continued selloff emerged in stocks as investors continued to pare their riskier positions amid rise in geopolitical tensions between the US and North Korea. COMEX Gold is currently trading at $1293 per ounce, up 0.29% on the day. MCX Gold futures are trading at Rs 29235 per 10 grams, up 0.20% on the day after surging above Rs 29K in last session. Large speculators sharply added to their bullish net positions in the Gold futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on last Friday. The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 129,672 contracts in the data reported.

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STARINDIA Research MCX Bullion TIPS UPDATE

UPDATE:-

KINDLY BOOK PARTIAL PROFIT IN GOLD SELL CALL 1ST TGT 29064 HAS ACHIEVED PROFIT RS. 10,000/- IN 2 LOTS

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Commodity Market Updates-Gold, silver up on safe-haven demand

Safe-haven demand triggered by rising tension on the Korean peninsula kept gold prices on a high on Thursday. MCX Gold was trading 0.25 per cent up at Rs 28,915 per 10 gram around 10.45 am (IST).

White metal silver was also trading in green at around the same time. MCX Silver was up 0.26 per cent, or Rs 102, at Rs 38,692 per 1 kg.

silver-and-gold-futures-ease-on-global-leads

Nirmal Bang Commodities said, “Gold prices are expected to rise. One can buy with a stop loss below Rs 28,250. Prices are expected to test Rs 28,550-600 per 10 gram. Silver prices are expected to test Rs 37,700-38,000 per 1 kg. One can buy with a stop loss below Rs 37,200.”

Latest holdings at the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell a slight 0.03 per cent to 786.87 tonnes on Monday, the lowest since March 2016.

Holdings of the largest silver backed exchange-traded-fund (ETF), New York’s iShares Silver Trust SLV, stood at 10,530.59 tonne down 32.34 tonnes, from previous business day.

Domestic equity markets were trading in red following weak global cues. The BSE Sensex was down 115 points, or 0.36 per cent, at 31,682, while NSE Nifty index was down 43 points, or 0.44 per cent, at 9,864.40.

 

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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,MCX Market-Gold prices drift further away from 7-week highs as dollar firms

Gold prices on Thursday drifted further away from seven-week highs hit earlier this week, as the dollar firmed on expectations the US Federal Reserve could trim its bond holdings in September.

FUNDAMENTALS
Spot gold had fallen 0.3 per cent to $1,262.40 per ounce by 0033 GMT.

gold-prices-drift-further-away-from-7-week-highs-as-dollar-firms

US gold futures for December delivery dropped 0.8 per cent to $1,268.70 per ounce.

The US economy will likely be strong enough for the Fed to trim its bond holdings in September, San Francisco Fed President John Williams said on Wednesday, in a sign the central bank is close to unwinding a controversial stimulus tool.

St. Louis Fed President James Bullard is opposed to further US interest rate increases by the central bank and warned that more hikes could hinder domestic inflation from achieving the Fed’s 2-per cent goal, Market News International reported on Wednesday.

The Fed should not “overreact” to weak inflation especially since data will arrive before a mid-September policy meeting that could clarify whether the weakness is temporary, Cleveland Fed President Loretta Mester said on Wednesday.

US private employers added 178,000 jobs in July, below economists’ expectations, a report by a payrolls processor showed on Wednesday.

US President Donald Trump grudgingly signed into law new sanctions against Russia on Wednesday, a move Moscow said amounted to a full-scale trade war and an end to hopes for better ties with the Trump administration.

A ban on travel by US passport holders to North Korea will take effect on Sept. 1 and Americans in the country should leave before that date, the US State Department said on Wednesday.

The Bank of England looks set to keep interest rates at a record low once again on Thursday with investors looking for signs that, faced with Brexit, it is getting nearer to raising rates for the first time in a decade.

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