Gold futures up on global cues 20/06/2014

Gold futures up on global cues
20/06/2014 10:44
Gold futures rose in the domestic market on Friday as investors and speculators booked fresh positions in the precious metal tracking a firm trend in the overseas market as deepening tensions in Iraq boosted the safe haven demand for the bullion. Further, the US Federal Reserve’s comments that borrowing costs are likely to remain at record low levels for a considerable period supported the demand for the precious metal as an alternative investment. Gold futures for August 2014 contract, at MCX, is trading at Rs. 27,765 per 10 grams, up by 0.56 per cent, after opening at Rs. 27,636, against the previous closing price of Rs 27,611. It touched an intra-day high of Rs 27,774. (At 10:22 AM).

Rupee appreciation weighs on Gold futures 20/06/2014

Rupee appreciation weighs on Gold futures
20/06/2014 09:03
Gold futures closed lower in the domestic market on Thursday as a sharp appreciation in the Indian rupee against the US dollar more than offset the gains seen in the precious metal in the overseas market. Stronger rupee against the greenback exerted downward pressure on domestic bullion prices. Gold futures rose in the overseas market after the US Federal Reserve signaled that short-term interest rates will likely remain near record low levels for a while yet, boosting the demand for gold as a store of value. A weaker dollar also boosted the demand for gold as an alternative asset. Rising concerns over Iraq boosted the safe haven demand for the bullion. US President Barack Obama said that he is sending 300 US military advisors to Iraq in a bid to help the Iraqi army stem insurgency. Gold futures may fall today as robust US jobless claims data signaled an improving US economic outlook, dimming the safe haven demand for the bullion. Gold futures for August 2014 contract, at MCX, closed at Rs. 27,611 per 10 grams, down by 0.77 per cent, after opening at Rs. 26,827, against the previous closing price of Rs 26,826. It touched an intra-day low of Rs 26,800.

Gold futures end flat as Fed decision eyed 18/06/2014

Gold futures end flat as Fed decision eyed
18/06/2014 09:10
Gold futures closed little changed in the domestic market on Tuesday as investors and speculators were cautious over booking fresh positions in the precious metal as the US Federal Reserve began a two-day policy meet. The Fed has rolled back stimulus by USD 10 billion in each of its past four meetings. A decision by the Fed to continue the taper of its QE program may dim the appeal of the bullion, a hedge against the inflationary risk of monetary stimulus. Gains in equities dampened the appeal of gold as an alternative asset, offsetting rising safe haven demand for the bullion amidst the unrest in Iraq. US consumer prices rose at the fastest pace in more than a year in May 2014, raising bets that the Fed may tighten policy sooner than earlier expected, dimming the appeal of gold as a store of value. US consumer price index climbed 0.4 per cent in May 2014 over the previous month. Gold futures may stay subdued today ahead of the US Fed policy decision. Gold futures for August 2014 contract, at MCX, closed at Rs. 26,839 per 10 grams, up by 0.03 per cent, after opening at Rs. 26,775, against the previous closing price of Rs 26,831. It touched an intra-day high of Rs 26,904.

Gold futures lower ahead of Fed meet 17/06/2014

Gold futures lower ahead of Fed meet
17/06/2014 11:52
Gold futures fell in the domestic market on Tuesday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market amid caution ahead of the US Federal Reserve’s two-day meet beginning today where the central bank may pare its record monthly bond buying program by another USD 10 billion, dimming the appeal of the bullion, which is a hedge against the inflationary risk of monetary stimulus. However, unrest in Iraq and tensions surrounding Ukraine continued to boost the safe haven appeal of gold. Gold futures for August 2014 contract, at MCX, is trading at Rs. 26,735 per 10 grams, down by 0.36 per cent, after opening at Rs. 26,775, against the previous closing price of Rs 26,831. It touched an intra-day low of Rs 26,677. (At 11:27AM).

Gold futures extend rally on Iraq fears 16/06/2014

Gold futures extend rally on Iraq fears
16/06/2014 11:35
Gold futures surged in the domestic market on Monday as investors and speculators booked fresh positions in the precious metal tracking a firm trend in the overseas market as a rise in violence in Iraq boosted the safe haven demand for the bullion.
While tensions between Ukraine and Russia have intensified after pro-Russian militants shot down a transport plane in the eastern part of Ukraine, Iraq remains a huge worry where the army is battling an insurgency from Islamist militants.
Gold futures for August 2014 contract, at MCX, is trading at Rs. 26,920 per 10 grams, up by 1.10 per cent, after opening at Rs. 26,650, against the previous closing price of Rs 26,627. It touched an intra-day high of Rs 26,960. (At 11:17 AM).

Gold futures shine on renewed safe haven appeal 13/06/2014

Gold futures shine on renewed safe haven appeal
13/06/2014 09:46
Gold futures ended higher in the domestic market on Thursday tracking a firm trend in the overseas market as investors and speculators booked fresh positions in the precious metal as an escalation of violence in Iraq boosted the safe haven demand for the yellow metal. Further, a decline in equities boosted the appeal of gold as an alternative asset. A slower than expected rise in US retail sales in May and a rise in unemployment claims signaled a cooling recovery in the world’s biggest economy, raising bets that the US Federal Reserve may refrain from accelerating the pace of QE taper, bolstering the appeal of the bullion, a hedge against the inflationary risk of monetary stimulus. Gold futures may continue the upward journey today as tensions in Iraq and signs of a US economic slowdown boost safe haven appeal. Gold futures for August 2014 contract, at MCX, closed at Rs. 26,330 per 10 grams, up by 0.99 per cent, after opening at Rs. 26,077, against the previous closing price of Rs 26,073. It touched an intra-day high of Rs 26,360.

Gold futures up on physical demand hopes 10/06/2014

Gold futures up on physical demand hopes
10/06/2014 11:44
Gold futures rose in the domestic market on Tuesday as investors and speculators booked fresh positions in the precious metal tracking a firm trend in the overseas market amid hopes that recent declines in prices of the bullion may spur demand.
Acceleration in inflation in China in May also boosted the appeal of the precious metal, which is a hedge against rising prices. Consumer prices in China rose 2.5 per cent, year on year in May 2014, up from an annual 1.8 per cent rise in April 2014.
Gold futures for August 2014 contract, at MCX, is trading at Rs. 26,054 per 10 grams, up by 0.28 per cent, after opening at Rs. 25,984, against the previous closing price of Rs 25,982. It touched an intra-day high of Rs 26,069. (At 11:18 AM).

Gold futures tad lower ahead of US jobs data 06/06/2014

Gold futures tad lower ahead of US jobs data
06/06/2014 11:37
Gold futures were trading with slim losses in the domestic market on Friday as investors and speculators stayed cautious over booking fresh positions in the precious metal ahead of the US jobs data for the month of May which may shape the outlook for the country’s monetary policy. A slowdown in the pace of jobs growth may prompt the Federal Reserve to maintain its fairly accommodative monetary policy stance for a while yet, boosting the prospects for gold as a store of value. Gold futures for June 2014 contract, at MCX, is trading at Rs. 25,963 per 10 grams, down by 0.05 per cent, after opening at Rs. 25,936, against the previous closing price of Rs 25,975. It touched an intra-day low of Rs 25,915. (At 11:17 AM).

Gold futures end lower amid caution ahead of key data 05/06/2014

Gold futures end lower amid caution ahead of key data
05/06/2014 09:38
Gold futures ended lower in the domestic market on Wednesday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market as a rally in equities dimmed the appeal of the yellow metal as an alternative asset. Further, investors were in cautious mode ahead of key domestic and global economic events due this week including the US jobs data which will offer further cues over the health of the US job market and the policy decision of the European Central Bank (ECB). Gold will benefit from any further policy easing by the ECB, given that the precious metal is a hedge against the inflationary risk of monetary stimulus. Gold futures may trade subdued ahead of the ECB policy meet today. Gold futures for June 2014 contract, at MCX, closed at Rs. 26,639 per 10 grams, down by 0.36 per cent, after opening at Rs. 26,769 against the previous closing price of Rs 26,735. It touched an intra-day low of Rs 26,631.

Gold futures tad lower amid weak global cues 02/06/2014

Gold futures tad lower amid weak global cues
02/06/2014 11:20
Gold futures were trading with slim losses in the domestic market on Monday as investors and speculators stayed cautious ahead of booking fresh positions in the precious metal tracking a weak trend in the overseas market.
Investors are eying the US jobs data this week which may offer further cues over the health of the US job market and prompt the US Fed to continue tapering record stimulus.
Gold futures for June 2014 contract, at MCX, is trading at Rs. 26,844 per 10 grams, down by 0.07 per cent, after opening at Rs. 26,830, against the previous closing price of Rs 26,863. It touched an intra-day low of Rs 26,825. (At 11:10 AM).

Gold futures sink amid robust US data 28/05/2014

Gold futures sink amid robust US data
28/05/2014 09:30
Gold futures tumbled in the domestic market on Tuesday as investors and speculators exited positions in the precious metal tracking a bearish trend in the overseas market as a surge in equities to a record high dimmed the appeal of the bullion as an alternative asset. Further, better than expected US economic data signaled that the US Federal Reserve may continue to pare its monthly bond buying program in the coming months, dimming the appeal of the bullion, a hedge against the inflationary risk of monetary stimulus. US durable goods orders unexpectedly rose last month while consumer confidence surged in May and services growth quickened. Easing fears over Ukraine after the election of new President Petro Poroshenko raised hopes of peace and stability to the country dimmed the safe appeal of the precious metal. Poroshenko committed to stem the fighting by separatists in the country’s eastern parts. Gold futures may continue to decline today amid signs of fading demand from China, the world’s biggest bullion consumer. Gold futures for June 2014 contract, at MCX, closed at Rs. 26,958 per 10 grams, down by 1.91 per cent, after opening at Rs. 27,525 against the previous closing price of Rs 27,483. It touched an intra-day low of Rs 26,875.

Gold futures dip amid easing Ukraine fears 27/05/2014

Gold futures dip amid easing Ukraine fears
27/05/2014 11:40
Gold futures were trading lower in the domestic market on Tuesday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market as safe haven demand for the yellow metal ebbed following the election of a new president in Ukraine, raising hopes of peace and stability in the country.
A stronger dollar against the euro also dimmed the appeal of gold as an alternative asset. Stronger greenback makes gold cheaper for those holding euro, thus dimming demand.
Gold futures for June 2014 contract, at MCX, is trading at Rs. 27,405 per 10 grams, down by 0.28 per cent, after opening at Rs. 27,525, against the previous closing price of Rs 27,483. It touched an intra-day high of Rs 27,525. (At 11:24 AM).

Gold futures end higher amid weaker rupee 27/05/2014

Gold futures end higher amid weaker rupee
27/05/2014 09:23
Gold futures closed higher in the domestic market on Monday as a sharp depreciation in the Indian rupee against the US dollar more than offset a subdued trend in the precious metal in the overseas market. A weaker rupee against the greenback exerted upward pressure on domestic bullion prices. Gold futures ended on a flat note in the overseas market on Monday as the election of a new President in Ukraine eased concerns over tensions between Kiev and Moscow, tempering safe haven demand for the yellow metal. With markets in the US and UK closed due to a holiday, trading volumes were thin while investors were cautious ahead of key US economic data including durable goods orders, services sector activity and consumer confidence which may offer more cues over the health of the world’s biggest economy. Gold futures may trade on a cautious note ahead of key US economic data due today while investors weigh the situation in Ukraine. Gold futures for June 2014 contract, at MCX, closed at Rs. 27,483 per 10 grams, up by 0.49 per cent, after opening at Rs. 27,325 against the previous closing price of Rs 27,349. It touched an intra-day high of Rs 27,500.

Gold futures continue downward journey : 22/05/2014

Gold futures continue downward journey
22/05/2014 10:57
Gold futures fell in the domestic market on Thursday as investors and speculators exited positions in the precious metal tracking a subdued trend in the overseas market as prospects of continued tapering of QE by the Fed dimmed gold’s appeal as a hedge against the inflationary risk of monetary stimulus. Minutes from the US Federal Reserve’s meet released on Wednesday showed that the Fed discussed multiple options from an exit from its easy monetary policy while predicting muted inflation in the world’s biggest economy. Falling investment demand for the precious metal amid a dip in asset holdings in bullion-backed exchange traded products also added to the gloom for gold. Gold futures for June 2014 contract, at MCX, is trading at Rs. 27,296 per 10 grams, down by 0.28 per cent, after opening at Rs. 27,300, against the previous closing price of Rs 27,373. It touched an intra-day low of Rs 27,225. (At 10:41 AM).

Gold futures lose sheen after FOMC minutes 22/05/2014 09:29

Gold futures lose sheen after FOMC minutes
22/05/2014 09:29
Gold futures slumped in the domestic market on Wednesday as higher US equities dimmed the appeal of the precious metal as an alternative asset. A slump in investment demand also weighed on the precious metal as holdings in the SPDR Gold Trust, the world’s biggest bullion-backed exchange traded product (ETP) fell to the lowest level since December 2008, down by 0.4 per cent at 776.89 metric tons on Wednesday. Selling pressure accelerate further after the US Federal Reserve minutes signaled muted inflation risk from its monthly bond buying program, denting gold’s appeal as a hedge against inflation. The FOMC minutes showed that inflation is expected to remain well below the 2 per cent target. The Fed members discussed a range of possible tools for the eventual tightening of monetary policy once they decide to start raising interest rates, a sign that the time for a rise in borrowing costs wasn’t too far away, dimming the appeal of gold as a store of value. Gold futures may continue the downward journey as prospects of continued tapering of QE by the Fed dim gold’s appeal as a hedge against the inflationary risk of monetary stimulus. Gold futures for June 2014 contract, at MCX, closed at Rs. 27,373 per 10 grams, down by 2.88 per cent, after opening at Rs. 28,245 against the previous closing price of Rs 28,186. It touched an intra-day low of Rs 27,341.

Gold futures up ahead of FOMC minutes : 21/05/2014

Gold futures up ahead of FOMC minutes
21/05/2014 11:14
Gold futures were trading with slim gains in the domestic market on Wednesday as investors and speculators eyed the release of the US Federal Reserve minutes today in which the central bank may signal the outlook for further QE tapering and offer cues over the timeline of a rise in interest rates.
However, weak investment demand weighed on the precious metal as holdings in the SPDR Gold Trust; the biggest bullion-backed exchange traded product dropped to the lowest level since December 2008 to 780.19 metric tons on Tuesday.
Gold futures for June 2014 contract, at MCX, is trading at Rs. 28,224 per 10 grams, up by 0.13 per cent, after opening at Rs. 28,245, against the previous closing price of Rs 28,186. It touched an intra-day high of Rs 28,277. (At 10:57 AM).

Gold futures end higher on global cues : 21/05/2014

Gold futures end higher on global cues
21/05/2014 09:23
Gold futures ended higher in the domestic market on Tuesday as investors and speculators booked fresh positions in the precious metal as a dip in equity markets boosted the demand for the yellow metal as an alternative asset. Sentiment was also boosted after a top official from the US Federal Reserve predicted a slow pace of monetary tightening after QE ends, bolstering the appeal of gold as a store of value. Federal Reserve Bank of New York President William Dudley saw a relatively slow pace of interest rate increases by the central bank in the world’s biggest economy. However, falling physical demand for gold curbed gains in the precious metal. Global gold demand declined to 1074.5 metric tons in Q1 2014 from 1077.2 metric tons in the same period a year ago as consumption from China, the world’s biggest bullion user, fell 18 per cent. Gold futures may trade on a cautious note today ahead of the FOMC minutes. Gold futures for June 2014 contract, at MCX, closed at Rs. 28,186 per 10 grams, up by 0.15 per cent, after opening at Rs. 28,120, against the previous closing price of Rs 28,144. It touched an intra-day high of Rs 28,245

Gold futures end higher on global cues : 20/05/2014

Gold futures end higher on global cues
20/05/2014 09:35
Gold futures ended higher in the domestic market on Monday as investors and speculators booked fresh positions in the precious metal tracking a firm trend in the overseas market as a weaker dollar boosted the appeal of the bullion as an alternative asset. Weaker greenback makes gold cheaper for those holding other currencies, thus boosting demand. Deepening tensions in Ukraine boosted the bullion’s safe haven demand as pro-Russian separatists continued to lock horns with the Ukrainian government. Speculation that India, the world’s second biggest bullion consumer, may cut the 10 per cent import duty on gold may boost demand for the precious metal, supported prices. Sentiment was also boosted after the European Central Bank (ECB) said that gold remains a major part of global monetary reserves and that it does not have any plans to sell significant amounts of gold. Gold futures may trade on a subdued note today as investors stay cautious ahead of the FOMC minutes this week where the Fed may signal continued paring of QE. Gold futures for June 2014 contract, at MCX, closed at Rs. 28,144 per 10 grams, up by 0.20 per cent, after opening at Rs. 28,050, against the previous closing price of Rs 28,089. It touched an intra-day high of Rs 28,299.

Ukraine tensions lift gold futures

Ukraine tensions lift gold futures

Gold futures rose in the domestic market on Monday as investors and speculators booked fresh positions in the precious metal as deepening tensions in Ukraine boosted the bullion’s safe haven demand as pro-Russian separatists continued to lock horns with the Ukrainian government. However, rising bets that the US Federal Reserve will continue to taper its monthly bond buying program in the coming months and exit QE by the end of the year, dimmed the appeal of the bullion, which is a hedge against the inflationary risk of monetary stimulus, trimming gains in gold futures. Gold futures for June 2014 contract, at MCX, is trading at Rs. 28,172 per 10 grams, up by 0.30 per cent, after opening at Rs. 28,050, against the previous closing price of Rs 28,089. It touched an intra-day high of Rs 28,178. (At 10:42 AM).

Gold futures end lower amid fading stimulus hopes

Gold futures end lower amid fading stimulus hopes

Gold futures ended lower in the domestic market on Friday as investors and speculators exited positions in the precious metal as an improving US economy raised bets that the US Federal Reserve will continue to taper its monthly bond buying program in the coming months and exit QE by the end of the year, dimming the appeal of the bullion, which is a hedge against the inflationary risk of monetary stimulus. St. Louis Federal Reserve Bank President James Bullard said that the US economy was on target to meet the central bank’s inflation and employment goals as he predicted robust economic growth for the rest of 2014. While QE is likely to be wound up by the end of 2014, Bullard predicted a rise in interest rates by the end of the first quarter of 2015, dimming gold’s appeal as a store of value. Gold futures may rise today as deepening tensions in Ukraine boost the bullion’s safe haven demand with pro-Russian separatists continuing to lock horns with the Ukrainian government. Gold futures for June 2014 contract, at MCX, closed at Rs. 28,089 per 10 grams, down by 1.12 per cent, after opening at Rs. 28,351, against the previous closing price of Rs 28,408. It touched an intra-day low of Rs 28,014.