Commodity Market Updates-World Gold Council warns India against curbs on gold imports

India should not tamper with its gold import duty or impose other restrictions to support the rupee, the World Gold Council said on Wednesday, as the government considers ways to cut “non-necessary” imports to stem an outflow of dollars.

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Somasundaram PR, managing director of the Indian operation of the industry body, said current demand for the metal is down 7 percent this year from a year earlier and that gold was “not at the centre of the current account deficit issue”.

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Commodity Market Trading-Gold rate today: Gold, silver prices climb over 0.50% in morning trade

Gold prices advanced over 0.50 per cent in early trade on Monday on bargain buying amid reports that the United States is set to impose a new round of tariffs on Chinese imports.

MCX Gold was trading 0.65 per cent up at Rs 30,635 per 10 gram in morning deals. White metal silver was also moving in tandem with the yellow metal.

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MCX Silver was up 0.52 per cent at Rs 37,187 per 1 kg at around 10.35 am (IST).

SMC Global Securities in a report said, “Gold can take support near Rs 30,300 and can face resistance near Rs 30700 in MCX. While Silver can take support near Rs 36500 and it has resistance near Rs 37,300.”

SPDR Gold Trust GLD, the world’s largest gold-backed exchange traded fund, said its latest holdingsNSE 1.27 % stood at 742.53 tonnes, remain unchanged from previous business day. Latest holdings of the largest silver backed exchange-traded-fund (ETF), New York’s iShares Silver Trust SLV, stood at 10,418.84 tonnes, remain unchanged from previous business day.

COMEX Gold prices have declined about 12.6 per cent from April amid intensifying global trade tensions and under pressure from rising US interest rates.

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COMMODITY OUTLOOK on Gold Market

Gold:-

The trend of Gold is sideways with negative bias. Some correction has been made in gold prices in this week after rising continuously for previous three weeks. US have been taking some strong steps against China in ongoing trade war and an expectation of increase in Interest rates by Fed reserve in September can strong the dollar in upcoming days which can put pressure in gold prices. In MCX, the prices fell by 58 points on weekly basis and ended at 30436 as compared to last week closing price of 30494. Sell on high strategy would be better to follow for next week.

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Commodity Market Updates-Gold Rate Today: Gold prices sizzle as dollar falters

Gold prices made big strides on Friday as the dollar slipped on lower-than-expected US inflation data.

The inflation print dimmed the case for a faster pace of policy tightening by the US Federal Reserve amid signs of movement in the Sino-US trade standoff.

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MCX Gold prices were up 0.34 per cent at Rs 30,554 per 10 grams at around 10.10 am. White metal silver ruled higher at around the same time. MCX Silver was up 0.40 per cent at Rs 37,211 per kg.

Angel Commodities expects gold prices to trade higher on Friday despite trade war concerns looming, with US President Donald Trump likely to impose additional tariffs on Chinese goods.

Latest holdings of SPDR Gold Trust GLD, the world’s largest gold-backed exchange traded fund, stood at 742.53 tonnes, down 2.65 tonnes from the previous business day. The figure for the largest silver-backed exchange-traded-fund (ETF), New York’s iShares Silver Trust SLV, stood at 10,418.84 tonnes, up 40.94 tonnes.

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

Gold prices were trading in red in morning trade on Tuesday as the dollar remained firm on hopes that the US interest rate will rise this month and worries that the Sino-US trade war could escalate.

MCX Gold futures were down 0.52 per cent to 30,554 per 10 gram at around 10.30 am (IST), while MCX Silver futures were down 0.47 per cent to 37,319 per 1 kg at around the same time.

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A robust US payrolls data last week strengthened hopes expectations that the US Federal Reserve will raise interest rates in September. Higher rates increase bond yields, making non-yielding bullion less attractive, and tend to boost the dollar.

SMC Global Securities believes that bullion counter may trade with sideways to weak bias on Tuesday as the dollar firmed on worries over a potential new trade action from the United States against China and expectations of a US interest rate increase this month by the Federal Reserve.

Traders were bracing for a potential escalation in the Sino-US row after President Donald Trump raised the stakes on Friday by saying he was ready to impose tariffs on virtually all Chinese imports to the United States. “Gold can take support near Rs 30,650 and can face resistance near 30,800 in MCX. While Silver can take support near Rs 37,200 and it has resistance near Rs 37,600,” SMC said in a report.

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STARINDIA Research MCX Base Metal TIPS UPDATE: Missed Call@8817002233

UPDATE:-

KINDLY BOOK PART PROFIT IN GOLD BUY CALL, OUR 1ST TGT 30633 HAS ACHIEVED.GIVEN FROM 30583.

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MCX Commodity Updates-Gold rate today: Gold, silver up in morning trade

Gold and silver prices were trading higher in early trade on Monday following some demand of precious metals from jewellers, industries and retailers. MCX Gold was trading 0.10 per cent, or Rs 29, up at 30,523 per 10 gram at around 10.35 am (IST), while MCX Silver was up 0.07 per cent, or Rs 26, at Rs 37,193 per 1 kg at around the same time.

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Nirmal Bang Commodities expects prices to trade range bound to lower for the day, as the dollar firmed amid expectations of a US Federal Reserve interest rate hike in September and fears of escalating trade tensions between the United States and China.
SPDR Gold Trust GLD, the world’s largest gold-backed exchange traded fund, said its latest holdings stood at 746.92 tonnes down 8.24 tonnes, from previous business day. Latest holdings of the largest silver-backed exchange-traded-fund (ETF), New York’s iShares Silver Trust SLV, stood at 10348.67 tonnes, remain unchanged from previous business day.

SMC Global Securities said, “Gold can take support near Rs 30350 per 10 gram and can face resistance near Rs 30,700 in MCX. While Silver can take support near Rs 36,900 and it has resistance near Rs 37,450.

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