MCX Gold August futures contract slips nearly 0.5% on weak global cues

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MCX Gold August futures contract slips nearly 0.5% on weak global cues

Gold futures contract prices on MCX were trading with lower on Monday.  At the Multi Commodity Exchange, gold futures for August delivery lowered by Rs 131, or 0.48%, to Rs 27,426 per 10 grams. Gold price hit an intraday high of Rs 27511 and an intraday low of Rs 27416. So far 1465 contracts have been traded.

In the spot market, gold fell Rs 100 to Rs 28,200 per 10 gm.

KheloMCX Commodity Analysts said a weak tendency on foreign markets as the prospects of higher borrowing costs in the U.S. fortified the dollar, which reduces the demand for the precious metal, put pressure on the prices of gold in futures trade here. And Trading volumes are fewer than traders are expecting a cut in import duty on gold in the next budget.

The precious metals expanded their rally for the fifth week running, but the momentum is undoubtedly slowing down now that U.S. economic data it has become better. Equity markets continues expand its rally and the rebirth of a strong dollar is beginning to weigh on precious metals forward, they added.

While, Instead of, U.S. gold for August delivery lost 0.51%, or $ 6.70, to trade at $ 1314.60 a troy ounce during early European morning hours. Prices are kept up in a range of $ 1313.30 and $ 1321.70 an ounce. The prices of gold were likely to find supportive at $ 1305.40, the low of June 25 and resistance at $ 1,334.90, the high of July 1.

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Gold gain in Asia on bargain hunting, MCX Gold rise 0.43 per cent

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Gold gain in Asia on bargain hunting, MCX Gold rise 0.43 per cent

The prices of gold gained in Asia on bargain hunting after an optimistic assessment of the U.S. economy by a Fed official attenuated tapped overnight the metal. MCX Gold prices rose by 0.43 per cent to Rs 27,785 per 10 grams in futures trade, as profitters created new positions taking positive global cues.

At the Multi Commodity Exchange India, gold contract for August delivery went up by Rs 118, or 0.43 per cent, to Rs 27,785 per 10 grams. Gold price hit an intraday high of Rs 27799 and an intraday low of Rs 27641. So far 4006 contracts have been traded.

In the U.S. Stock Exchange, Gold futures edge for delivery in August quoted at $ 1,317.70 a troy ounce, up 0.05%, after hitting a session low during the night of $ 1,307.00 and a maximum of $ 1320.60.

Khelo MCX said,  higher positions built by profiteers after the precious metal joined a two-week high in world markets as investors scale weigh the outlook for borrowing costs in U.S. Gold futures edge influenced here.

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Gold prices eased amid low volume trade

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Gold prices eased amid low volume trade

The prices of gold were eased a bit on the spot and futures markets on Tuesday, in line with the low volume trend of the global markets, as traders waited further signs of insurgents-hit Iraq.

Spot gold prices continued to positive stroke on Monday at the weakness in U.S. stocks and the rising violence in Iraq. The yellow metal hovered near its up to two months of $ 1321.90 after its biggest weekly gain within three months last week.

The yellow metal expanded 3 percent gain last week as Iran’s supreme leader blamed the United States on Sunday to trying to return to take over Iraq, exploiting of sectarian rivalries, and Sunni insurgents led to Baghdad from new forts along the frontier with Syria.

On the MCX, prices are expected to trade lower gold aligned with global markets. On an intraday basis,  bullion prices to trade towards the sides as the account of profit booking at the higher levels lead to lower volume.

The August futures contract on MCX gold quoted at 27,608 rupees per 10 grams in the session of the morning, by nearly  Rs 70 down of late Monday. The metal hit an intraday high of Rs 27,647 per 10 grams and an intraday low of Rs 27,585.

In the spot market price dropped 300 rupees per 10 grams from Rs 28,200. “Trading volumes are low. Market is completely dull. Prices are expressed in range and a consolidation mode. This trend will likely to continue this week.” Khelo MCX Commodity Advisory said.

Bullion Dealers said the prices could be drop even further in coming days. “Gold has fallen because investors expected the development of the haunted violence Iraq. If geopolitical tension will installed in Iraq, gold fall further. We see no immediate rise in Rupees which could making gold costlier,” said bullion experts.

Globally, bullion for immediate shipment was 0.3% to $ 1313.98 an ounce and was bid at $ 1,314.94 at 2:01 pm in Singapore, in accordance with Bloomberg generic prices. Gold rose to $ 1322.12 on 20 June, the highest level since April 15, after the Federal Reserve said it would keep interest rates near zero for some considerable time even when the economy improves.

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MCX gold June futures trades up at Rs 27375 per 10 gram

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MCX gold June futures trades up at Rs 27375 per 10 gram

MCX gold June futures was trading at Rs 27375 per 10 gram, up Rs 26, or 0.10 percent on Monday. The gold price hit an intraday high of Rs 27,408 and an intraday low of Rs 27,292. So far 2337 contracts have been traded. Gold prices have moved down Rs 303, or 1.10 percent in the June series so far.

In the international market gold price remains above $ 1290. U.S. markets remain closed today, so the volume is extremely low.

Comex, gold for June delivery traded at $1,291.80 a troy ounce, down 0.01%.

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MCX gold June futures higher on global cues

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MCX gold June futures higher on global cues

MCX gold June futures was trading higher by Rs 63, or 0.23 percent at Rs 27310 per 10 gram. The gold prices hit an intraday high of Rs 27520 and an intraday low of Rs 27225. So far 6175 contracts have been traded. Gold prices have moved down Rs 358, or 1.29 percent in the June series so far.

While, MCX gold August contracts moved up by Rs 79, or 0.29 per cent, to Rs 27,230 per 10 gram.

Analysts said that the precious metal recovery in the overall market largely helping gold to expanded trade in futures trade here.

Meanwhile, gold rose to $ 1,292.45 an ounce from yesterday USD 1292.04 an ounce in Singapore.

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Global gold, silver mine production set to reach record highs in 2014

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Global gold, silver mine production set to reach record highs in 2014

Global gold and silver mining production is set to reach record high levels in 2014, says a report.
International goldmine delivery continued to expand in 2013, reaching a new high of 96.7 Moz (over 4 per cent on year), says that gold and silver mining Focus Metals Report 2014, a precious metals consultancy.
Silver mine supply also increased in 2013, reaching a new high of 818.1 Moz (more than five cents per year).

Both of precious metals continued to benefit from the acceleration and implementation of projects aimed before.

For gold, the significant growth appeared in China (the world’s largest producer), whereas there was a significant increase in the Dominican Republic, Canada and Russia. Silver production increased due to a range of additions in various producing countries biggest silver of the world, including Peru, Mexico and China.

It is expected that the supply of mine gold rising again this year, however, starting in 2014, seems uncertain, the report says.

“Since 2015, the production of gold could entered a period of secular decline,” he said.
On the contrary, it is expected that the supply of silver to be either positive as more earnings are expected until 2016 at least, albeit at a lower rate than over recent years. Speaking of prices, the report notes that after a poor 2013, the beginning of this year suggests that attitudes towards gold and silver investors have been moving away from selling a single side of a more balanced perspective .

“We see 2014 as a year of consolidation broadly for gold and silver. We believe that a maximum of the year is behind us and, while on the downside, further price weakness of existing levels is possible” report added.

For The Gold thus, a short drop in about USD 1100 could not be discarded, said the report.
For silver also partly ruled by the movement of gold is expected that the average all year can fall just under USD 20.

Physical demand for gold is likely to moderate in many key consumption markets this year, it added. “We expect worldwide volumes are kept high. As such, the Gold Souk is projected to record a new structural deficit in 2014, providing certain support to prices for the rest of the year.”
By 2014, improvements from last year on the balance of supply and demand for silver would it be possible slightly as the world supply continues to rise while the overall demand slides back.

The major change, to on both sides of the market, are expected to physical investment. Output is forecast to physical investment falling by around 11 percent, which it is probably liable for the future development increasingly shaped range for the remainder of 2014, the report added.

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MCX Gold June futures fell by 1.10 percent to Rs 28,096 per 10 grams

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MCX Gold June futures declined 1.10 percent at 28,096 rupees per 10 grams today because participants turned over to the reduction in exposure, largely at par with a global trend.

MCX Gold June futures fell by 1.10 percent to Rs 28,096 per 10 grams

At MCX, gold for June delivery fell by Rs 312, or 1.10 percent, to trade at Rs 28,096 per 10 grams.

GOLD rate hit an intraday high of Rs 28,351 and an intraday low of Rs 28,060. So far 2231 contracts have been traded.

Globally, gold lost up 0.68 percent to $ 1,296.80 an ounce in New York last night. Analysts said apart a weakening trend overseas, appreciating rupee against the U.S. dollar, making cheap imports, also placed strain on gold prices in futures trading.

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