Gold falls as investors wait for Fed 29/04/2015

Gold falls as investors wait for Fed
29/04/2015 12:34
Gold prices eased on Wednesday ahead of the latest US Federal Reserve announcement on monetary policy with expectations for cautious language given recent mixed economic data. Metal traders shifted their focus to the conclusion of the Federal Open Market Committee's two-day meeting on Wednesday when the Fed could offer hints on the timing of a highly-anticipated interest rate hike.
Gold futures for June 2015 contract, at MCX, were trading at Rs. 27,141 per 10 grams, down by 0.18 per cent after opening at Rs. 27,123 against the previous closing price of Rs. 27,190. It touched the intra-day low of Rs. 27,110 till the trading. (At 12.19 PM today).

Bullion retreats amid record stock rally

Bullion retreats amid record stock rally
27/04/2015 09:13
Gold futures closed lower in the domestic and overseas market on Friday as investors and speculators exited positions in the precious metal as a record rally in US stocks dampened the demand for the yellow metal as an alternative asset.
Meanwhile, caution ahead of the US Federal Reserve’s two-day meet beginning this Tuesday which may offer fresh cues over the timing of a maiden US interest rate hike since 2006 also weighed on sentiment. Gold tends to benefit from ultra loose monetary policies by global central banks.
Investors weighed a mixed US factory report which showed a rebound in durable goods orders in March but softness in capital spending.
However, a weaker dollar boosted the demand for the bullion as an alternative asset, trimming losses in gold futures. Weaker greenback makes gold cheaper for those holding other currencies, thus boosting demand.
Gold may remain lower today amid caution ahead of FOMC meet this week.
At the MCX, Gold futures for June 2015 contract closed at Rs 26,701 per 10 gram, down by 0.74 per cent after opening at Rs 26,867, against the previous closing price of Rs 26,900. It touched the intra-day low of Rs 26,630 till the closing.

Weaker greenback lifts Gold 16/04/2015

Weaker greenback lifts Gold
16/04/2015 09:46
Gold futures ended higher in the domestic market on Wednesday 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 demand for the precious metal as an alternative asset.
Weaker greenback makes gold cheaper for those holding other currencies, thus bolstering demand.
Fears over a potential Greek default also boosted the safe haven demand for gold with the country’s officials facing a Monday deadline to lay down a revised reform list to the Euro area working group as the Mediterranean nation bids to unlock a fresh stimulus package.
Meanwhile, the European Central Bank left its key interest rates at record lows while committing to firmly continue its aggressive bond buying program at full capacity, bolstering the appeal of the bullion as a hedge against the inflationary risk of monetary stimulus.
However, gains in the bullion were stemmed by comments from St. Louis Fed President James Bullard who called for a near-term interest rate hike, curbing the lure for the bullion as a store of value.
Gold futures may trade cautiously today as investors eye key US data including jobless claims, housing starts and Fed member speeches.
At the MCX, Gold futures for June 2015 contract closed at Rs 26,737 per 10 gram, up by 0.73 per cent after opening at Rs 26,532, against the previous closing price of Rs 26,544. It touched the intra-day high of Rs 26,765 till the closing.

Gold gains on weakening dollar 06/04/2015

Gold gains on weakening dollar
06/04/2015 12:05
Gold futures rose by 1.18 per cent on Monday at the domestic market with investors focused on last week's US jobs data and thin trade with many markets shut for holidays. Further, a weaker dollar raised the appeal of the bullion as an alternative asset. Weaker dollar makes the precious metal cheaper for those holding other currencies, thus increasing demand. In the week ahead, markets outside the US will remain closed on Monday. The US is to release what will be closely watched data on service sector activity on Monday and the Federal Reserve is to publish the minutes of its March meeting on Wednesday. At the MCX, Gold futures for June 2015 contract was trading at Rs 26,597 per 10 gram, up by 1.18 per cent after opening at Rs 26,645, against the previous closing price of Rs 26,597. It touched the intra-day high of Rs 26,975 till the trading. (At 11.53 AM today).

Dimming safe haven appeal hits Gold 06/04/201

Dimming safe haven appeal hits Gold
06/04/2015 09:45
Gold futures ended lower in the domestic market on Thursday as investors and speculators exited positions in the precious metal as Iran and the West negotiated a nuclear accord that paves way for lifting economic and financial sanctions against the Islamic nation, easing geopolitical concerns, curbing the lure for safe haven assets.
Caution ahead of the US non-farm payrolls data that was scheduled to be released on Friday also weighed on sentiment.
Gold futures may rebound today as an insipid US jobs report which showed that the world’s biggest economy added only 126,000 workers in March, snapping a 12-month streak of payrolls gains topping 200K, pushed back bets of US monetary tightening, bolstering the appeal of the bullion as a store of value. March’s payrolls gain was the weakest since December 2013, and compared to an average rise of 269,000 over the prior 12 months and missing analysts’ forecasts for a 245,000 increase, data from the US Labour Department showed on Friday.
At the MCX, Gold futures for June 2015 contract closed at Rs 26,597 per 10 gram, down by 0.46 per cent after opening at Rs 26,728, against the previous closing price of Rs 26,719. It touched the intra-day low of Rs 26,500 till the closing.

Fed tightening jitters, stronger dollar weigh on Gold 01/04/2015

Fed tightening jitters, stronger dollar weigh on Gold
01/04/2015 09:30
Gold futures ended lower in the domestic market on Tuesday as investors and speculators exited positions in the precious metal after a top US Federal Reserve official signaled a probability of an interest rate hike in the Fed’s June meeting, dimming the appeal of the bullion as a store of value.
Federal Reserve Bank of Richmond President Jeffery Lacker, a policy hawk, stressed that there remains a strong case for the FOMC to begin rate tightening from June.
A stronger dollar curbed the demand for the bullion as an alternative asset. Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand.
Gold may extend losses today as a signs of an Iran nuclear deal eases geopolitical tensions, curbing safe haven demand for the yellow metal.
At the MCX, Gold futures for April 2015 contract closed at Rs 26,204 per 10 gram, down by 0.25 per cent after opening at Rs 26,208, against the previous closing price of Rs 26,270. It touched the intra-day low of Rs 26,156 till the closing.

Gold extends rally, Yellen speech eyed 26/03/2015

Gold extends rally, Yellen speech eyed
26/03/2015 11:27
Gold futures rose in the domestic market on Thursday as investors and speculators booked fresh positions in the precious metal tracking a firm trend in the overseas market as the weakness in the US dollar, movements of which are inversely related to gold, boosted the appeal of the bullion as an alternative asset. A weaker dollar makes the bullion cheaper for those holding other currencies, thus bolstering demand. All eyes are on the speech of Fed Chair Janet Yellen tomorrow who will speak at the Federal Reserve Bank of San Francisco Conference on Friday on “The New Normal for Monetary Policy”, and may offer cues over the timing to undertake the maiden US interest rate hike since 2006. At the MCX, Gold futures for April 2015 contract is trading at Rs 26,599 per 10 gram, up by 0.44 per cent after opening at Rs 26,590, against the previous closing price of Rs 26,483. It touched the intra-day high of Rs 26,614 till the closing. (At 11:01 AM).

Gold closes higher on strong global cues 20/03/2015

Gold closes higher on strong global cues
20/03/2015 09:48
Gold futures rose in the domestic and overseas market on Thursday as investors continued to ponder Federal Reserve tea leaves on the prospects of a rate hike by June. Prices rose after somewhat dovish comments from Federal Reserve chair Janet Yellen regarding a potential interest rate hike helped the precious metal rebound from an extended slump. Further, weaker dollar boosted the demand for gold as an alternative asset, trimming losses in the bullion. Weaker greenback makes gold cheaper for those holding other currencies, thus boosting demand. Gold may trade on a higher note today after the US Fed policy meet. At the MCX, Gold futures for April 2015 contract closed at Rs 25,962 per 10 gram, up by 1.28 per cent after opening at Rs 25,740, against the previous closing price of Rs 25,637. It touched the intra-day high of Rs 25,997 till the closing.

Gold closes higher on weak doollar 19/03/2015

Gold closes higher on weak doollar
19/03/2015 09:33
Gold futures rose in the domestic and overseas market on Wednesday as the US dollar weakened following comments from Federal Reserve chair Janet Yellen. While Ms. Yellen indicated that its benchmark Federal Funds Rate could be increased later this year, she emphasized that it will not occur until after the Federal Open Market Committee’s next meeting in April, at the earliest. Yellen added that the timing of the decision will be “data dependent,” and that a rate hike will not necessarily be made in June. A weaker dollar boosted the demand for gold as an alternative asset, trimming losses in the bullion. Weaker greenback makes gold cheaper for those holding other currencies, thus boosting demand. Gold may trade on a higher note today after the US Fed policy meet. At the MCX, Gold futures for April 2015 contract closed at Rs 25,637 per 10 gram, up by 0.08 per cent after opening at Rs 25,631, against the previous closing price of Rs 25,617. It touched the intra-day high of Rs 25,697 till the closing.

Gold dips as investors await Fed meeting 18/03/2015

Gold dips as investors await Fed meeting
18/03/2015 12:28
Gold prices fell by 0.21 per cent on Wednesday at the domestic markets as investors unloaded their holdings of the precious metal in advance of today’s critical Federal Open Market Committee meeting.
The Federal Reserve could remove a reference to remaining patient from its minutes, which would provide an indication that the U.S. central bank is ready to raise interest rates at some point this year. However, weak dollar raised the appeal of the bullion as an alternative asset. Weaker dollar makes the precious metal cheaper for those holding other currencies, thus increasing demand.
Gold futures for April 2015 contract, at MCX, were trading at Rs. 25,562 per 10 grams, down by 0.21 per cent after opening at Rs. 25,631 against the previous closing price of Rs. 25,617. It touched the intra-low low of Rs. 25,541 till the trading. (At 11.50 AM today).

Gold slips amid caution ahead of Fed meet 18/03/2015

Gold slips amid caution ahead of Fed meet
18/03/2015 09:49
Gold futures fell in the domestic and overseas market on Tuesday as investors and speculators exited positions in the precious metal amid caution ahead of the outcome of the US Federal Reserve’s two-day policy meet on Wednesday in which the world’s top central bank is expected to offer some cues over when it plans to start hiking short-term borrowing costs for the first time since 2006. Investors are fretting that the FOMC may drop the word “patient” from its statement, which would signal a clear readiness to raise interest rates in the near-future, and that may adversely impact the bullion’s demand as a store of value. However, a weaker dollar boosted the demand for gold as an alternative asset, trimming losses in the bullion. Weaker greenback makes gold cheaper for those holding other currencies, thus boosting demand. Gold may trade on a subdued note today as investors await the Fed policy decision. At the MCX, Gold futures for April 2015 contract closed at Rs 25,617 per 10 gram, down by 0.64 per cent after opening at Rs 25,721, against the previous closing price of Rs 25,783. It touched the intra-day low of Rs 25,521 till the closing.

Gold dips as India announces rate cut 05/03/2015

Gold dips as India announces rate cut
05/03/2015 12:08
Gold prices fell by 0.09 per cent on Thursday at the domestic markets after India unexpectedly cut its benchmark interest rate. India's central bank lowered its interest rate 0.25 per cent to 7.5 per cent, marking its second rate cut in months. A lower interest-rate is often regarded as a positive sign for gold, as it decreases the price of holding onto the precious metal. Further, a strong dollar reduced the appeal of the bullion as an alternative asset. Stronger dollar makes the precious metal expensive for those holding other currencies, thus reducing demand. Gold futures for April 2015 contract, at MCX, were trading at Rs. 26,522 per 10 grams, down by 0.09 per cent after opening at Rs. 26,565 against the previous closing price of Rs. 26,547. It touched the intra-low high of Rs. 26,516 till the trading. (At 11.50 AM today).

Gold little changed ahead of Yellen testimony 24/02/2015

Gold little changed ahead of Yellen testimony
24/02/2015 11:57
Gold futures were trading flat in the domestic market on Tuesday as investors and speculators refrained from booking fresh positions in the precious metal ahead of the testimony of Fed Chair Janet Yellen to a US Congressional Committee on Tuesday where she may offer cues over the Fed’s assessment of the world’s biggest economy and the timing of the maiden US interest rate hike since 2006. Further, investors are awaiting progress on Greece’s deal with its international creditors to unlock fresh funds to meet the debt laden country’s financing needs for another four months before a longer-term solution is sought. On Monday, Greece submitted a draft list of proposed new economic measures in exchange for fresh aid. At the MCX, Gold futures for April 2015 contract is trading at Rs 26,160 per 10 gram, up by 0.03 per cent after opening at Rs 26,228, against the previous closing price of Rs 26,153. It touched the intra-day high of Rs 26,259 till the closing. (At 11:40 AM).

Stronger dollar hits yellow metal 24/02/2015

Stronger dollar hits yellow metal
24/02/2015 09:28
Gold futures closed lower in the domestic market on Monday as investors and speculators exited positions in the precious metal as a stronger dollar curbed the demand for the bullion as an alternative asset. Stronger bullion makes gold more expensive for those holding other currencies, thus dimming demand. Further, plunging crude oil prices threatened to exert further downward pressure on global inflation, dimming the appeal of gold, a hedge against rising consumer prices. Gold also fell after Greece struck a provisional deal with Euro group finance ministers to receive a four-month extension on its bailout, curbing safe haven demand. Caution ahead of the testimony of Fed Chair Janet Yellen to a US Congressional Committee on Tuesday where she may offer cues over the Fed’s assessment of the world’s biggest economy and the timing of the maiden US interest rate hike since 2006 also weighed on sentiment. Gold may extend a decline today as investors cautiously await the Yellen speech to the Congress. At the MCX, Gold futures for April 2015 contract closed at Rs 26,153 per 10 gram, down by 0.47 per cent after opening at Rs 26,228, against the previous closing price of Rs 26,277. It touched the intra-day low of Rs 25,955 till the closing.

RBI rules on inward shipments to hold gold imports 20/02/2015

RBI rules on inward shipments to hold gold imports
20/02/2015 13:14
Gold imports in India, the world’s largest consumer, will not increase in the coming months following the RBI easing curbs on inward shipments of gold coins and medallions, said the media report.
However, the RBI’s clarification banks can provide gold on loan to jewellers will reduce working capital obligations of the former, they added.
“The RBI has not clarified anything that will encourage imports in the coming months. There will not be any increase in the imports,” All India Gems and Jewellery Trade Federation Director Bachhraj Bamalwa told media.
Imports can increase if the government brings down import duty from the existing 10 per cent level, he added.
Echoing views, PC Jeweller Managing Director Balram Garg said, “There will not be any increase in imports but jewellers will be benefited as their working capital obligation will reduce.”
The Reserve Bank has lifted ban on imports of gold coins and medallions by banks and trading houses and also allowed banks to provide gold on loan to jewellers.

Gold edges higher on safe haven appeal 20/02/2015

Gold edges higher on safe haven appeal
20/02/2015 11:29
Gold futures extended gains in the domestic market on Friday after the Fed signaled that it may keep rates at lower levels for longer, bolstering the appeal of the bullion as a store of value. Further, lingering impasse between Greece and its creditors over a debt compromise raised fears over a Greek default and an exit from the euro, boosting the safe haven demand for the bullion. Reports emerged that Germany has rejected a proposed bailout extension request from Greece which is fast running out of cash. At the MCX, Gold futures for April 2015 contract is trading at Rs 26,297 per 10 gram, up by 0.12 per cent after opening at Rs 26,260, against the previous closing price of Rs 26,266. It touched the intra-day high of Rs 26,311 till the closing. (At 11:14 AM).

Gold edges higher on safe haven appeal 20/02/2015

Gold edges higher on safe haven appeal
20/02/2015 11:29
Gold futures extended gains in the domestic market on Friday after the Fed signaled that it may keep rates at lower levels for longer, bolstering the appeal of the bullion as a store of value.
Further, lingering impasse between Greece and its creditors over a debt compromise raised fears over a Greek default and an exit from the euro, boosting the safe haven demand for the bullion. Reports emerged that Germany has rejected a proposed bailout extension request from Greece which is fast running out of cash.
At the MCX, Gold futures for April 2015 contract is trading at Rs 26,297 per 10 gram, up by 0.12 per cent after opening at Rs 26,260, against the previous closing price of Rs 26,266. It touched the intra-day high of Rs 26,311 till the closing. (At 11:14 AM)

Easing Greek fears pull down Gold 19/02/2015

Easing Greek fears pull down Gold
19/02/2015 09:38
Gold futures closed lower in the domestic and overseas market on Wednesday as investors and speculators exited positions in the precious metal as fears that Greece may exit the euro eased, dimming the safe haven demand for the bullion.
Speculation is rife that Greece and its international creditors will soon reach a debt compromise to extend the country’s bailout accord, enabling Greece to avert a funding crunch and averting an exit from the monetary union.
Greece was set to submit a request for a six-month loan extension to the Euro area.
The biggest drop in US producer prices since November 2009 in January 2015 signaled weakening inflation in the world’s biggest economy, boosting the case for the US Federal Reserve to stay put on low interest rates for the time being, bolstering the appeal of the bullion as a store of value, trimming losses in the bullion.
US wholesale prices fell 0.8 per cent in January from the previous month when they declined 0.2 per cent.
Gold may rise today after minutes from the US Federal Reserve’s latest meet signaled that policymakers are willing to keep interest rates near zero for a longer period as risks such as a stronger dollar and the Greek crisis, overshadow a strong US labour market recovery.
At the MCX, Gold futures for April 2015 contract closed at Rs 26,137 per 10 gram, down by 0.31 per cent after opening at Rs 26,244, against the previous closing price of Rs 26,219. It touched the intra-day low of Rs 26,070 till the closing.

Gold rebounds ahead of FOMC minutes 18/02/2015

Gold rebounds ahead of FOMC minutes
18/02/2015 12:02
Gold futures rose in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal ahead of FOMC minutes in which the US Federal Reserve may signal its intentions to be patient over monetary tightening in the world’s biggest economy, bolstering the appeal of the bullion as a store of value. Further, lingering worries over Greece which has been unable to strike a bailout extension deal with its international creditors even with the country poised to run out of funds by the end of the month which may push it out of the euro, bolstered safe haven demand for the bullion. At the MCX, Gold futures for April 2015 contract is trading at Rs 26,324 per 10 gram, up by 0.40 per cent after opening at Rs 26,244, against the previous closing price of Rs 26,219 It touched the intra-day low of Rs 26,342 till the closing. (At 11:49 AM).

Gold gains on weak dollar; Greece uncertainty 16/02/2015

Gold gains on weak dollar; Greece uncertainty
16/02/2015 11:46
Gold futures rose by 0.31 per cent on Monday at the domestic markets as a weaker dollar raised the appeal of the bullion as an alternative asset. Weaker dollar makes the precious metal cheaper for those holding other currencies, thus increasing demand. Further, ongoing uncertainty over developments in Greece also boosted the appeal of the precious metal.
In the coming week, investors will be focusing on Wednesday’s minutes of the latest Federal Reserve meeting for further indications on when the central bank may start to hike interest rates.
At the MCX, Gold futures for February 2015 contract was trading at Rs 26,775 per 10 gram, up by 0.31 per cent after opening at Rs 26,720, against the previous closing price of Rs 26,691. It touched the intra-day high of Rs 26,784 till the trading. (At 11.42 AM today).