Today Gold dips on fed rate hike expectation in market

 

Gold futures closed lower in the domestic market on Tuesday ahead of a widely-expected Federal Reserve interest-rate hike this week.

Expectations for the increase have already rallied the dollar and depressed metals prices, which suffered from a nine-session decline to their lowest level since late January, before Monday’s modest rise.

At the MCX, gold futures for April 2017 contract ended at Rs 28085 per 10 grams, down by 0.59 per cent, after opening at Rs 28,250 against a previous close of Rs 28,251. It touched the intra-day low of Rs 28,055.

 

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Gold up on weak US dollar in Todays Market

 

Gold futures closed higher in the domestic market on Friday as the dollar fell on disappointment that President-elect Donald Trump didn’t provide details on his economic plans at a closely watched news conference.

Gold is inversely influenced by moves in the dollar, as strength in the greenback makes assets priced in the currency, including most gold on the global markets, more expensive to buyers using other monetary units.

At the MCX, gold futures for February 2017 contract ended at Rs 28398 per 10 grams, up by 0.02 per cent, after opening at Rs 28,360 against a previous close of Rs 28,393. It touched the intra-day high of Rs 28,440.

 

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Gold closed higher in the domestic market on Monday

 

Gold futures closed higher in the domestic market on Monday as uncertainty surrounding the U.S. Federal Reserve’s pace of interest-rate hikes has helped weaken the dollar and drive down interest rates.

Higher interest rates can boost the dollar and make gold less competitive against interest-bearing investments.

At the MCX, gold futures for February 2017 contract ended at Rs 28065 per 10 grams, up by 0.64 per cent, after opening at Rs 27,915 against a previous close of Rs 27,887. It touched the intra-day high of Rs 28,080.

 

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Today Gold rises as speculators create fresh positions

 

Gold futures closed higher in the domestic market on Monday as speculators created fresh positions. Analysts said building up of positions by speculators led to rise in gold prices at futures trade here but absence of cues from global markets, which remained closed, capped the gains.

At the MCX, gold futures for February 2017 contract ended at Rs 27560 per 10 grams, up by 0.42 per cent, after opening at Rs 27,401 against a previous close of Rs 27,445. It touched the intra-day high of Rs 27,600.

 

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Commodity Important Updates for 19 Dec 2016

Aluminium trading range for the day is 115.5-119.5.Aluminium prices dropped tracking LME Aluminium closed down at $1,717 a tonne amid signs of softer demand from China. New residential construction in the U.S. saw a steep drop in the month of November, according to a report. Japanese stocks have been steadily decreasing since reaching a record high of 502,200 tonnes in May 2015.

Jeera trading range for the day is 17075-18015.Jeera prices dropped on profit booking after prices gained amid dwindled supplies and good demand for exports. In 2016-17 Jeera sowing completed around 180300 hectares as compared to last year same period 127600 hectares, as on now. NCDEX accredited warehouses jeera stocks gained by 108 tonnes to 281 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -38.45 rupees to end at 18461.55 rupee per 100 kg.

Turmeric trading range for the day is 6900-7072.Turmeric dropped amid expectation of good crop next season and as damage to the turmeric crop in recent rains is not significant. The availability of good quality is quite low and crop arriving currently is of medium to low quality. NCDEX accredited warehouses turmeric stocks dropped by 556 tonnes to 1372 tonnes. In Nizamabad, a major spot market in AP, the price ended at 7761.25 rupees dropped -25.65 rupees.

Soyabean trading range for the day is 3010-3110.Soyabean prices ended with losses tracking weakness in spot demand amid increase in supplies in December and January. There is an expectation that the arrivals of soybean in the domestic market keeping the supplies more than the demand. NCDEX accredited warehouses soyabean stocks gained by 1924 tonnes to 122131 tonnes. At the Indore spot market in top producer MP, soybean dropped -7 rupee to 3045 rupee per 100 kgs.

Menthaoil trading range for the day is 984.7-1019.7.Mentha oil spot at Sambhal closed at 1069.20 per 1kg. Spot prices is down by Rs.-2.80-.Mentha oil settled up amid increasing demand in the domestic spot market. Sources mentioned that nearly 14500 MT of mint products were exported in six months of the current financial year. Farmers are keeping most of the stocks in their hands. Most buyers are willing to buy at these levels.

Nickel trading range for the day is 743.6-780.4.Nickel prices dropped as pressure seen on prices after update the global nickel market moved to a surplus. Data showed the global nickel market moved to a surplus of 900 tonnes in October from a deficit of 500 tonnes a month before. News that the Philippines government had cancelled permits for another three mines on environmental grounds did little to support the metal.

Zinc trading range for the day is 178.9-192.7.Zinc prices dropped on profit booking triggered by a rising dollar that cast doubt over demand strength and expectations of tighter supply. There is also idle mine capacity that can be reactivated to alleviate the supply deficit. ILZSG data for January-October shows zinc mine output fell 1.9% to 10.887 million tonnes, a drop of some 205,000 tonnes.

Copper trading range for the day is 379-395.2.Copper prices fell as rising stocks in London Metal Exchange warehouses and signs of softer demand from major consumer China. Upbeat economic data from China suggests demand should be positive next year, but rising inventories put the metal under pressure. Mining companies in Peru, are accelerating their production of copper to take advantage of better prices for the red metal.

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Today Gold dips as dollar advances in the domestic market

 

Gold futures closed lower in the domestic market on Friday as the dollar firmed in anticipation of an interest rate hike at next week’s Federal Reserve meeting. Market-based indicators put the odds of a Fed rate hike next week at nearly 100%. The move would be central bank’s second postcrisis rate hike. The first occurred nearly a year ago at the Fed’s December 2015 policy meeting.

Higher interest rates typically cause the dollar to strengthen, which often weighs on commodities like gold that have prices denominated in dollars.

At the MCX, gold futures for February 2017 contract ended at Rs 27583 per 10 grams, down by 0.70 per cent, after opening at Rs 27,750 against a previous close of Rs 27,777. It touched the intra-day low of Rs 27,531.

 

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Gold closes lower as dollar advances in the domestic market

Gold futures closed lower in the domestic market on Thursday as the dollar strengthened against the euro after a European Central Bank decision to pare its bond-buying program.

Gold remains confined to relatively tight trading ranges. The commodity has been sensitive to central-bank policies, with the ECB’s moves sparking a rally in the dollar, weighing on dollar-priced assets. Next week’s Federal Reserve policy meeting also could influence precious metals.

Gold has been tracking the dollar and Treasury yields ahead of these interest-rate policy decisions.

At the MCX, gold futures for February 2017 contract ended at Rs 27751 per 10 grams, down by 0.57 per cent, after opening at Rs 27,911 against a previous close of Rs 27,911. It touched the intra-day low of Rs 27,750.

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Today Gold Rises on US election likely outcome

Gold futures closed higher in the domestic market on Tuesday after a new poll showed that Enthusiasm for Hillary Clinton has ebbed since the renewal of the FBI’s email investigation ahead of the upcoming U.S. presidential election.

The market is also keeping an eye on the outcome of the Federal Reserve's two-day policy meeting, which begins on Tuesday. The U.S. central bank is not expected to raise interest rates, but could signal its intent to hike in December amid signs the economy is picking up steam.

At the MCX, gold futures for December 2016 contract ended at Rs 30295 per 10 grams, up by 1.15 per cent, after opening at Rs 30,000, against a previous close of Rs 29,950. It touched the intra-day high of Rs 30,314.

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Today Gold up as dollar remains under pressure in Market

 

Gold futures closed higher in the domestic market on Thursday as the U.S. dollar remained moderately challenged by the upcoming US presidential debate and after the missed U.S. housing-sector data.

The yellow metal extended its gains after the remarkable recovery of China’s economy, one of the top gold enthusiasts worldwide.

At the MCX, gold futures for December 2016 contract ended at Rs 29905 per 10 grams, up by 0.01 per cent, after opening at Rs 29,990, against a previous close of Rs 29,901. It touched the intra-day high of Rs 30,063.

 

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Gold futures closed higher in the domestic market

Gold futures closed higher in the domestic market on Tuesday as strength in the British pound helped the U.S. dollar ease back from recent multi month highs.

Signs of a pickup in inflation, which tends to be supportive for gold, also gave the metal a lift.

At the MCX, gold futures for December 2016 contract ended at Rs 29776 per 10 grams, up by 0.24 per cent, after opening at Rs 29,750, against a previous close of Rs 29,705. It touched the intra-day high of Rs 29,840. 

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Ministry Recommends Anti-Dumping Duty on Chinese products

The commerce ministry has said that it has suggested imposition of anti-dumping duty on imports of steel wire rods from China to guard the interest of domestic players from cheap in-bound shipments.

In its initial findings, the directorate general of anti-dumping and allied duties (DGAD) has recommended the duty.

As per reports, DGAD has suggested that for certain Chinese companies, the duty should be the difference between the landed value of the steel products and USD 499 per tonne while for others, it should be the gap between the landed value and USD 538 per tonne.

As per reports, the duty was recommended on imports of 'wire rod of alloy or non-alloy steel', which is used in many applications and sectors such as automotive components, welding electrodes, fasteners, including nuts and bolts, nails, railway sleepers, general engineering, binding wires for construction industry and armoured cables.

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Yellow Metal little changed Ahead of Fed, BOJ Outcomes

 

Gold futures were little changed during the morning trade in the domestic market on Wednesday as investors and speculators remained on the sidelines in the precious metal ahead of the outcomes of the key central bank policy meetings in Japan and the US later in the day.

Thus, safe haven assets became less attractive for investors amid uncertainity of the outcome.

The US central bank is widely expected to hold interest rates unchanged at 0.25 per cent to 0.50 per cent, and could hint at a rate hike by the end of the year. On the other hand, BOJ is expected to make negative interest rates the centrepiece of a new policy framework - widely seen as a desperate attempt to show it still has the means to fight chronic stagnation.

At the MCX, gold futures for October 2016 contract is trading at Rs 30,900 per 10 grams, down by 0.08 per cent, after opening at Rs 30,975, against a previous close of Rs 30,924. It touched the intra-day low of Rs 30,841.

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Gold Down As dollar stabilizes in the Domestic market

 

Gold futures closed lower in the domestic market on Wednesday swinging between gains and losses as traders contrasted the commodity’s finish at a three-week high on Wednesday against the latest batch of economic data and its implications on the timing of future rate hikes. On Wednesday, the US dollar also stabilized and this discouraged further purchases of gold by investors. 

 

At the MCX, Gold futures for October 2016 contract closed at Rs 31,315, per 10 gram, down by 0.20 per cent after opening at Rs 31,440, against the previous closing price of Rs 31,378. It touched the intra-day low of Rs 31,250.

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Gold metal loses its shine ahead of Yellen speech in market

Gold futures were trading little changed during the morning trade in the domestic market on Thursday as investors and speculators cut down their positions in the precious metal amid a weakening global trend ahead of US Fed Chair Yellen’s speech later this week.

Further, the fall in prices for gold was in-line with a weak trend overseas as investors hope for clarity this week on the near-term path for interest rates, hurting demand for the precious metal as a safe-haven investment.

At the MCX, gold futures for October 2016 contract is trading at Rs 31,034 per 10 grams, down by 0.04 per cent, after opening at Rs 31,029, against a previous close of Rs 31,046. It touched the intra-day low of Rs 31,014 

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Today in Indian Market Gold flat in volatile trade

 

Gold futures closed flat in the domestic market on Tuesday as traders await a monetary-policy speech from Federal Reserve Chairwoman Janet Yellen due later this week.

Shifting expectations about the Federal Reserve’s interest-rate policy ahead of a closely watched retreat in Jackson Hole, Wyo., where Yellen will speak on Friday, have resulted in small gyrations in the greenback.

At the MCX, Gold futures for October 2016 contract closed at Rs 31,379, per 10 gram, down by 0.00 per cent after opening at Rs 31,300, against the previous closing price of Rs 31,379. It touched the intra-day high of Rs 31,415. 

 

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Today Gold Rises on firm overseas cues in the domestic market

Gold futures closed higher in the domestic market on Thursday tracking a firm trend overseas as traders indulged in building up fresh positions.

Analysts attributed the rise in gold futures to a firm trend overseas where gold climbed as the dollar retreated after minutes from July's Federal Reserve meeting signaled that US interest rates are poised to stay lower for longer.

At the MCX, Gold futures for October 2016 contract closed at Rs 31,478, per 10 gram, up by 0.35 per cent after opening at Rs 31,399, against the previous closing price of Rs 31,368. It touched the intra-day high of Rs 31,518.

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Silver And Gold Down on weak global cues In the market today

 

Silver futures closed lower in the domestic market on Friday as participants reduced their positions taking weak cues from global market.

At the MCX, Silver futures for September 2016 contract closed at Rs 46,129, per 1 kg, down by 1.34 per cent after opening at Rs 46,626, against the previous closing price of Rs 46,755. It touched the intra-day low of Rs 46,030.

Gold futures closed lower in the domestic market on Friday after spending much of the session trading higher following disappointing economic data from the U.S. and China.

At the MCX, Gold futures for October 2016 contract closed at Rs 31,221, per 10 gram, down by 0.34 per cent after opening at Rs 31,250, against the previous closing price of Rs 31,327. It touched the intra-day low of Rs 31,131.

Today Gold Hikeup on weak Dollar Demand at the Market

 Gold futures closed higher in the domestic market on Tuesday as investors and speculators booked fresh positions in the yellow metal as a weaker dollar bolstered the lure for the bullion as an alternative asset. Weaker dollar makes the precious metal cheaper for those holding other currencies, thus boosting gold demand.

Further, soft US economic data raised speculation that the US Federal Reserve may hold off further tightening of interest rates in the near-term, bolstering the lure for gold as a store of value.

At the MCX, Gold futures for August 2016 contract closed at Rs 31,795, per 10 gram, up by 0.83 per cent after opening at Rs 31,496, against the previous closing price of Rs 31,534. It touched the intra-day high of Rs 31,839.

 

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Today Gold rises on weak US Economic Data at the market

Gold futures closed higher in the domestic market on Friday after a report on U.S. economic growth came in weaker than expected, pushing the dollar lower and lifting prices for the precious metal higher to a three-week high.

Gold saw further support as many investors believe that the Federal Reserve lacks the confidence to lift rates too abruptly without further signs of strength in the U.S. economy.

At the MCX, Gold futures for August 2016 contract closed at Rs 31,530, per 10 gram, up by 1.61 per cent after opening at Rs 31,150, against the previous closing price of Rs 31,031. It touched the intra-day high of Rs 31,598.

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Gold Rises After Fed’s Dovish Stance In the Market today

 

Gold futures closed higher in the domestic market on Thursday as many gold investors saw the Fed as dovish, even if it left a September interest-rate increase on the table.

To some traders, the central bank’s statement emphasized a reluctance to lift rates too quickly, in the wake of the U.K.’s decision to exit the European Union. Uncertainty in the aftermath of the so-called Brexit vote has been supportive for gold futures.

At the MCX, Gold futures for August 2016 contract closed at Rs 31,012, per 10 gram, up by 0.08 per cent after opening at Rs 31,149, against the previous closing price of Rs 30,986. It touched the intra-day high of Rs 31,285.

 

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