MCX Gold, silver futures contract surge on global cues

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MCX Gold, silver futures contract surge on global cues

MCX price of gold and silver rose in futures trading today as profiteers enlarged positions taking positive signals to foreign markets.

At the Multi Commodity Exchange (MCX) Gold October futures contract was trading at Rs 27970 up Rs 190, or 0.68 percent. Prices touched an intraday high of Rs 28071 and an intraday low of Rs 27824.  In today morning session, 5560 contracts have been traded in MCX market.

At the Multi Commodity Exchange (MCX) Silver December futures contract was trading at Rs 42913 up Rs 251, or 0.59 percent. Prices touched an intraday high of Rs 42926 and an intraday low of Rs 42832. And 480 futures contracts have been traded in MCX exchange..

KheloMCX Market analysts blamed the higher prices, as investors awaited the release of key data from the United States and weakness of the dollar generally beneficial to gold, as it demand boosts the metal’s appeal as an alternative asset.

On the Comex Exchange, gold December futures delivery rose 0.79%, or $10.10, to trade at $1,293.50 a troy ounce. Also on the Comex, silver December futures delivery surged 2.12%, or 41.3 cents, to trade at $19.88 a troy ounce.

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MCX Gold futures contract trades flat as investors weigh prospects of US rate rise

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MCX Gold futures contract trades flat as investors weigh prospects of US rate rise

MCX Gold futures prices traded flat on Wednesday, tracking overseas rate, which was fractionally up by $ 4 at $ 1285.32 an ounce (32 g), as investors worldwide evaluated the likelihood of the US to raise interest rates ahead than expected on the rear of strengthening of the economic recovery.

At MCX Gold December futures contract was trading at Rs 28046 up Rs 11, or 0.04 percent. Prices touched an intraday high of Rs 28070 and an intraday low of Rs 27990.

A report shown that consumer trust to a maximum of seven years in August. Private research group The Conference Board showed that their consumer trust index 92.4 in August from 90.3 in July. These data have led to appreciation of the dollar. A stronger US dollar weakens the prices of gold as the metal is denominated in US that currency.

Back in India, jewelers have been stored awaiting the festival demand, which usually starts picking up by the end of this month, the more so as prices fell below Rs 28,000 a week ago.

After the prices of gold fell by Rs 85 to Rs 28,175 per ten grams at Delhi today, traders said the drop in demand from jewelers and retailers at the existing levels mainly conducted to the decline in the prices of gold, but an even better trend in the overseas limited losses.

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MCX Gold futures rallied on global cues ahead of Russia-Ukraine talks

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MCX Gold futures rallied on global cues ahead of Russia-Ukraine talksMCX Gold futures rallied on global cues, as market participants await updates of a meeting between Russian President Vladimir Putin and Ukrainian homologous Petro Poroshenko later in the day.

As positive cues from the global market, speculators created fresh positions in MCX futures trade. At the Multi Commodity Exchange, gold futures delivery in October month was trading at Rs 27,931 up Rs 162, or 0.58 percent. Gold touched an intraday session high of Rs 27888 and an intraday session low of Rs 27804. So far 1066 contracts have been traded.

Also at MCX, gold futures delivery in far- month December was up by Rs 90, or 0.32 per cent, to Rs 27,950 per 10 gram.

Meanwhile, On the U.S. Comex Exchange, gold futures December delivery rose 0.99%, or $12.60, to trade at $1,291.50 a troy ounce during European morning hours.

KheloMCX.com commodity analysts said, “As positive cues from the global market, speculators created fresh positions in MCX futures trade, that rallied gold prices at futures market.”

Market participants looked ahead to the publication of key figures for the United States later in the session for more appreciation of the economic strength and potential future developments in monetary policy, KheloMCX analysts said.

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Despite import curbs, Gold can retrieve the lost luster this festive season: Bullion experts

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Despite import curbs, Gold can retrieve the lost luster this festive season: Bullion experts

“Indian festival Diwali ongoing, gold can retrieve some of their lost luster. Even though a fall of 39% in the June quarter, and it expect gold demand to gather in India at the second half of 2014, as for consumers who have delayed purchases in anticipation of further price go down may be back on the bullion market. A positive base (demand for gold during the second half of 2013 slammed to 380 tonnes compared to a record high 595 tonnes during the first half) and better than expected monsoon season will also assist.” bullion experts says.

“Last year, do not forget, Diwali had been preceded by in very high demand during the first half while imports reached a record high in April and May. Moreover, bullion jewelers said the coins not sold as sentiment anti-gold was at its highest. This year, all those things are gone, people having deferred shopping are also retrieving to the market. So hopefully a better ongoing Diwali festive “, the CEO of the World Gold Council (India) Somasundaram PR said FE.

He said the government of RBI 80:20 imposed since last July, who ordered that at least fifth of imported gold should be maintained to one side to re-exports beating for consumers in bulk, including the preparation for festival season in 2013 the resulting demands slammed after record purchases during the first half.

But now that it central bank has permitted more companies to import gold, premiums have dropped accessories and supplies have eased, relief for shoppers.

Echoing the sentiments, Rajesh Khosla, CEO of the largest gold refinery MMTC-PAMP country, said: “The core demand for gold remains strong, and the restrictions placed on gold imports can not be deleted demand gold in the long run.’s second half is expected to become better. ”

Jewellers said whereas it was too soon to make an accurate forecast on Demand This ongoing Diwali festivel, it would be better than a year ago when the majority of these had seen up 40% fall in sales.

Suvankar Sen, CEO of Senco Gold, said that people from beginning of this year were waiting for the new government to cut duty on imported gold by 10% and central banks to relieve 80:20 rule on shopping from abroad . This has led them keep shopping, since it considers measures and policies could reduce prices to a minimum of 10 grams Rs 25,000.

However, as the government does not appear to get in the mood to relax of restrictive measures in the near future, consumers can look at the new gold, also because of the forthcoming festive seasons and marriage session. Moreover, the jewelers, who had to depend on greatly on their stocks last year owing to the 80:20 rule, also have started stock replenishment now.

 

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MCX Gold futures contract fall to Rs 28,259 per 10 grams on weak global cues

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MCX Gold futures contract fall to Rs 28,259 per 10 grams on weak global cues

Gold futures prices on MCX were trading marginally down on Wednesday as a stronger dollar cut demand.

At MCX futures trade today as the market participants reduce positions in the weak trend overseas amid weaker demand in the domestic spot markets.

At the Multi Commodity Exchange, gold for delivery in December decline 0.14 per cent to Rs 28,259 per 10 grams in morning trade session. Prices hit an intraday high of Rs 28329 and an intraday low of Rs 28275. So far 87 contracts have been traded.

MCX Tips Advisory KheloMCX said,  gold prices have fallen amid a firmer dollar and a further ratcheting down of tensions in the Ukraine. A dollar strengthened reducing the appeal of the yellow metal and pressuring the gold prices in futures trade.

Gold futures for immediate delivery lost 0.1 percent to $1,293.96 an ounce by 9:47 a.m. in London. And  Gold for December futures delivery was 0.1 percent lower at $1,294.90 on the Comex in U.S.

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Limited trading in gold futures, because of stronger rupee against the dollar

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Limited trading in gold futures, because of stronger rupee against the dollar

Range-bound limited trading in gold futures today, because of stronger rupee against the dollar.

Weekly unemployment figures in the United States today are coming to the market is waiting. With 0.5 per cent loss on MCX gold is trading at Rs 28 530.

At the Multi Commodity Exchange, gold futures delivery in October month eased by Rs 14, or 0.05 per cent, to Rs 28,669 per 10 gram.

MCX Commodity Tips Advisory KheloMCX said Range-bound limited trading in MCX on Thursday led by profit-taking after gains overnight on bearish U.S. retail sales data and this mainly put pressure on gold prices at futures trade here.

“Futures prices of gold will be fairly unstable over the short term with low limited due to geopolitical tensions. Tensions in the Middle East also drove in gold’s appeal as an alternative investment. The US has sent about 130 extra troops to Iraq, as Washington seeks Iraq help contain the threat posed by militant hardline Islamic state. “said KheloMCX.

On Comex Exchange, gold futures for December delivery traded at $1,313.00 a troy ounce, down 0.11%, after hitting an overnight session low of $1,306.10 and off a high of $1,316.20.

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MCX gold delivery year’s high 1.1 tonne, worth Rs 279 crore as supply eases

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MCX gold delivery attains year's high 1.1 tonne, worth Rs 279 crore as supply eases

RBI policy rating and the premier of trade houses re-enabling the import of gold, besides banks and public sector units nominated has driven up supplies to largest commodity exchange in the country to MCX yearly high of 1.1 tonne, worth around Rs 279 million rupees.Many bullion dealers, they were allowed import gold for local sales, subject to export by 20 percent of a shipment, are learned having given and taken delivery on the stock, said as many as bullion dealers, giving in the delivery of 1.1 tonnes of gold in the futures contract that expired on Aug. 5.

Commodity experts reviews:

  • The reason for the jump in delivery to a yearly high, said Javed Malpura and Sudheesh Nambiath, senior analyst with precious metals research firm GFMS.
  • Thomson Reuters, was the sharp reduction in spot market premiums since May 21 when RBI reallowed trading houses to import the metal under 80:20 scheme.
  • Some of these trading houses include Edelweiss, Rajesh Exports and RiddiSiddhi Bullions.
  • According to industry, India imported around 207 tonnes of gold during April-June, up 60 per cent from official imports of 128.8 tonnes according to World Gold Council.
  • According to Vasu Acharya, MD, Parker Bullion, the spot rate in Ahmedabad was around Rs 100 per 10 gm lower than the closing rate of Rs 27915 on MCX on August 5, when 722 kilos were delivered.

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