MCX Gold and silver futures up as rising weakness in rupee

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MCX Gold and silver futures up as rising weakness in rupee

With increase weakness in rupee in the domestic market prices of gold and silver keeps growing.

In the domestic market due to fall in rupee has increased purchases of gold and silver. Whereas internationally market get pressures. The dollar index continues to strengthen. Such is the pressure in the international market. Sales of homes in the US and personal income figures data will release today, on which market will eye on. MCX Gold October futures price with 0.7 per cent rise is trading at Rs 26,980. Silver December futures at Rs 39,369 with a gain of 0.51 percent.

The dollar index, which tracks the performance of the greenback versus a basket of six major currencies. The demand for the dollar continued being buttressed after data on Friday that showed the United States economy expanded at an annual rate of 4.6% in the second quarter, the most rapid in two years and a half rate.

At MCX Gold October futures contract was trading at Rs 26,975 up by Rs 183, or 0.68 percent. Prices touched an intraday high of Rs 26,855 and an intraday low of Rs 26,802. So far 1,072 contracts have been traded.

KheloMcx.com Analysts attributed “Precious metal prices higher at futures trade on Monday,ahead of recovering from early lows as pro-democracy protests in Hong Kong sent Asian equities lower overnight, bolstering safe haven demand for the precious metal. And a weakness in rupee pushed higher prices of gold and silver in mcx commodity market.”

At global market Gold rose in New York as stocks fell around the world, boosting demand for an alternative investment. Gold December futures delivery rose 0.7 percent to $1,223.70 an ounce by 7:57 a.m. on the Comex.

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MCX Gold December futures contract trades lower by 0.4% to Rs 26,605 per 10 grams

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MCX Gold December futures contract trades lower by 0.4% to Rs 26,605 per 10 grams

Gold prices have soared. In the domestic market gold price has come down to Rs 26,500. NCDEX Gold hedge price has come around Rs 23600. Which means that if the import duty and premium decreases slightly, then gold prices could fall further.

MCX Gold futures delivery in December was trading down by Rs 95, or 0.36%, to Rs 26,605 per 10 grams. Gold prices hit an intraday high of Rs 26664 and an intraday low of Rs 26565. So far 76 contracts have been traded in morning trade session at MCX commodity exchange.

“In fact firmly in worldwide lower demand and stronger dollar, gold prices in the international market has slipped to its lowest in the last 8.5 months. Most brokerage and KheloMCX are assuming that by the end of this week, gold prices could slip below Rs 26,000.”

At global marketplace, Gold futures for December delivery was also changed little over $ 1.216 on the Comex in New York after slipping a minimum of eight months in London, as investors weigh the United States economy improvement on speculation the lowest prices can attract purchases. And gold immediate delivery in Singapore dropped as much as 0.60% to $1,208.40 an ounce, the lowest price since January 2.

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Gold futures prices continues to fall on global cues

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Gold futures prices continues to fall on global cues

Gold futures prices continues to decline steadily. Gold still has not recovered from the shock given to the Fed. There was a slight recovery, but then selling prevails. The dollar index is also persisted at a height of 4 years. Currently 0.2 per cent decline on MCX gold traded to be around Rs 26,600. Fundamental factors are not supporting any gold. Silver has slipped below Rs 40,900.

At MCX Gold October futures delivery was trading at Rs 26585 down Rs 74, or 0.28 percent. Prices  touched an intraday high of Rs 26665 and an intraday low of Rs 26510. So far 7700 contracts have been traded on Friday trading session. Gold have moved down Rs 1715, or 6.06 percent in the October series so far.

In the global marketplace Gold futures dropped to a nine-month low on Friday, as the U.S. Fed latest guidance for future rate hikes continued to weigh on the commodity market MCX.” KheloMCX commodity market Analysts said.

The prices of gold weakened after the US dollar rose to its highest level in six years against the yen USD / JPY.  U.S. Comex gold for December delivery traded at $1,224.30 a troy ounce during early European trade, down 0.21%.

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Traders raise intraday bets on gold futures contract at MCX on hope US Fed meeting

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Traders raise intraday bets on gold futures contract at MCX on hope US Fed meeting

Today FOMC meeting second and last day. US Fed tonight 11:30 pm IST may decide announcement on U.S. interest rates. It will have a direct impact on commodity and currency.

While consumers expect another decline in gold futures prices prior to detaching their pockets, hedgers and speculators in strongly raised intraday bets Tuesday in gold futures contract on the commodity exchange MCX, with hope the United States Federal Reserve would make some announcement about tightening interest rates.

This would provide them a window for short-term profits amid a general weakness in the yellow metal, which has been hit by a stronger US dollar and enhanced performance of the asset classes like stocks and bonds.

Hedgers and speculators take whether it be a buying or selling position, which is reflected in open interest (OI), or leading position in a contract. OI, regarding the contract price offered clues about whether they are rising or falling bets.

On MCX, OI October or the most active contract, increased from 10,085 to 10,944 on Monday intraday on Tuesday. At the same time, the price of intraday contract added marginally by Rs 84, or 0.3 percent, at 27,083 rupees per 10 grams.

MCX gold was gone in comparison with the spot price of London gold intraday, which rose 0.7 percent, due to a stronger rupee. A strong rupee crown increased gold prices locally, as India imports yellow metal.

However, with regard to the gold futures contract on MCX, brokers and bullion dealers remained divided as to whether a majority of such bets were rising or falling, as the variation in prices was minimal.

Usually together with an increase in the price of an increase in OI means bullish positions are being built – traders purchase the contract expecting the price would go up. But the MCX fuutres price of the contract rise is marginal in order to justify such certainty, they feel.

Whether the Federal Reserve said interest rates would go up ahead of schedule, then the dollar could climb, pushing down gold referred to that currency. But gold in rupees might actually increase as the rupee weakened against the dollar.

Today, Indian rupee seen opening lower versus US dollar, tracking gains in the Asian currency market.

Currently in gold and silver is trading in a narrow range. With marginal gains on MCX gold is trading around Rs 26 980. While silver is flat and looks around Rs 41500.

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MCX Gold futures up marginally ahead of Federal Reserve meeting today

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MCX Gold futures up marginally ahead of Federal Reserve meeting today

Gold futures up marginally on MCX before the Fed Reserve meeting. Although the trade is extremely in the small range.

At MCX, Gold December futures was trading at Rs 27,251 up Rs 36, or 0.13 percent. Gold touched an intraday high of Rs 27255 and an intraday low of Rs 27231. So far 9 contracts have been traded in morning trade session on MCX.

Because of the decline in prices, gold imports in August has increased nearly 175 percent. ETF holdings of silver in the global market has reached record levels.

“Gold futures traded higher today as profiteers accommodated pitch to build new positions amid a firming trend overseas before the United States Federal Reserve begins a two-day meeting today. As initial strength of rupee lower, gold is rising slightly.” Khelo MCX commodity market Analysts said.

In global marketplace, Gold reached out a rally from the lowest level since January. Spot gold rose as much as 0.4 percent to $1,238.58 an ounce in Singapore. At Comex Gold for December delivery was at $1,236.20 an ounce on the Comex from $1,235.10.

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MCX gold futures prices gain on physical demand

Indian trade deficit gets wider as gold imports surge in August

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Indian trade deficit gets wider as gold imports surge in August

The trade deficit widened in India in August over last year as gold imports rose following policymakers eased shipping curbs.

Shipments of gold rose to $2.03 billion from $738.7 million in August last year after the government allowed more banks and merchants to buy bullion abroad.

However, in July, gold imports dropped 26.39 percent to $ 1.81 billion. The last time in June, imports rose after declining for continuous seven months.

India is moderating the emergency measures taken when the current account deficit to a record high widened as the fastest growing influx enhances. While the deficit will widen this year through March 2015 after falling during the previous 12 months will be maintained sustainably, according to a Reserve Bank of India report last month.

Current account deficit of India, which is the excess currency out entries, hit a record high of 4.8 per cent of GDP in 2012-13, mainly due to rise in imports of oil products and gold.

However, slashed to 1.7 percent of GDP in the April-June quarter of this fiscal year due to fall in imports of gold.

The controls on imports are likely to be standing and the government can maintain a standard that requires importers to supply 20 percent of its charge to the jewelers for re-export or introduce such a system quotas or licenses, said Rajesh Khosla, managing Director at MMTC-PAMP India Pvt. Ltd., the country’s largest refinery, in August

By foreign investors have been invested more than $ 14 billion in Indian stocks this year, exchange data show. India economy grew by 5.7 percent in the quarter ended June 30, the fastest pace since 2012.

The Ministry of Trade and Industry is rolling to ease restrictions on gold imports to boost exports of gems and jewels, which fell 10.31 percent in August to $ 3.23 billion.

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MCX Gold December futures slips at Rs 27110 down Rs 111

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MCX Gold December futures slips at Rs 27110 down Rs 111

Gold futures prices in the international market has slipped to its lowest in nearly eight months. Before FMOC next week’s meeting has been rally on dollar and continues to be decline trend in rupee. MCX gold is trading at Rs 27,110 with strong decline.

At MCX, morning trade session, MCX Gold December futures was trading at Rs 27110 down Rs 111, or 0.41 percent. Prices touched an intraday high of Rs 27150 and an intraday low of Rs 27091. So far 95 contracts have been traded at MCX commodity exchange.

Meanwhile, Spot gold immediate delivery lost as much as 0.7 percent to $1,232.33 an ounce, the lowest since Jan. 23. And Gold for December delivery fell as much as 0.5 percent to $1,232.80 an ounce on the U.S. Comex exchange.

Gold prices slipped on Friday as investors prevents the yellow metal ahead of the statement by the Federal Reserve meeting on monetary policy the coming week, many bet will see further cutbacks to monthly bonds buying program of U.S. central bank.

KheloMCX Commodity Research Services provide gold tips, MCX tips, Commodity tips, Stocks futures tips and live stocks & mcx prices updates. To contact the KheloMCX Advisory visit here.

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