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.

Gold Down on Renewed Rate Hike Prospect

Gold futures closed lower in the domestic market on Friday as renewed expectations for a Federal Reserve rate hike later this year boosted the U.S. dollar and as investors looked to buy into rising equity markets rather than purchasing safe-haven assets.

A recent string of better than expected U.S. data reignited speculation that the Federal Reserve will raise interest rates before the end of the year. Gold is sensitive to moves in U.S. rates. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases.

At the MCX, Gold futures for August 2016 contract closed at Rs 30877, per 10 gram, down by 0.41 per cent after opening at Rs 30,952, against the previous closing price of Rs 31,005. It touched the intra-day low of Rs 30,780. 

 

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In Today's Market Gold Gains as Fed rate Review Awaited

Gold prices fell by 0.40 per cent on Wednesday as investors awaited central bank reviews in the US today and Japan on Thursday to set the tone. Investors remained cautious ahead of the Federal Reserve's latest interest rate decision following the completion of its two-day April meeting at the middle of this week. Gold futures for June 2016 contract, at MCX, were trading at Rs. 29,304 per 10 grams, up by 0.35 per cent after opening at Rs. 29,246 against the previous closing price of Rs. 29,202. It touched the intra-day high of Rs. 29,316 till the trading. 

 

Further, a weaker dollar raised the appeal of gold as an alternative asset. Weaker greenback makes the bullion cheaper for those holding other currencies, thus increasing demand. 

 

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Gold Updates - Gold Drops Ahead Of Fed Meeting

Gold prices fell by 0.40 per cent on Tuesday as investors readjusted positions ahead of the Federal Reserve's two-day monetary policy meeting due to begin later in the day. The Fed is not expected to take action on interest rates at the conclusion of its two-day policy meeting on Wednesday, but traders will be looking for its take on the global economy and its monetary policy outlook. Gold futures for June 2016 contract, at MCX, were trading at Rs. 29,146 per 10 grams, down by 0.40 per cent after opening at Rs. 29,287 against the previous closing price of Rs. 29,262. It touched the intra-day low of Rs. 29,124 till the trading.
 

However, a weaker dollar raised the appeal of gold as an alternative asset. Weaker greenback makes the bullion cheaper for those holding other currencies, thus increasing demand.
 

Meanwhile, investors also looked ahead to data on March durable goods orders as well as a report on April consumer confidence due later Tuesday to gauge if the world's largest economy is strong enough to withstand further rate hikes this year.

 

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Gold drops as ECB holds interest rates steady

Gold prices fell by 0.25 per cent on Friday in the midst of a relatively flat dollar, as the European Central Bank held interest rates steady at a highly-anticipated meeting on Thursday, while hinting that rates could be cut again in the short-term future. The ECB's Governing Council left its benchmark interest rate for the euro zone at a record-low of zero. Gold futures for June 2016 contract, at MCX, were trading at Rs. 29,285 per 10 grams, down by 0.25 per cent after opening at Rs. 29,373 against the previous closing price of Rs. 29,357. It touched the intra-day low of Rs. 29,271 till the trading.
 

However, a stronger dollar reduced the appeal of gold as an alternative asset. Stronger greenback makes the bullion expensive for those holding other currencies, thus reducing demand.

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Top Buzzling Headlines Of Stock Market For Monday Morning

                                                                 Stock Market Headlines

• Oil prices tumble 5% after producers fail to coordinate output .
• TCS Q4 net seen up 2%, dollar revenue may grow 1.4%: Poll.
• Post Q4, prefer Infosys to TCS: Prabhudas Lilladher .
• Exclusive : FCI dispute may lead to Punjab state loan being declared NPA .
• Exclusive : FCI dispute may lead to Punjab state loan being declared NPA
• Mallya's group denies he diverted Rs 430 crore loan money .
• FMCG, auto to gain from monsoon hope, but hang on: Pioneer.
• US jury slaps $940mn fine on Tata cos in trade secret case .
• Don't see huge tumble in crude; seasonal weakness likely.
• Stocks in news: Infosys, TCS, ITC, Symphony, NALCO, DCB, Voltas .
• In need of cash, India chases $117 bn in elusive back taxes .
• Companies line up IPOs worth Rs 15,000 cr .
• Mindtree Q4 dollar revenue may grow 3.8%; net seen up 1.4%.
• GAIL to use drones to secure gas pipelines .
• Daikin sees 20% growth in home AC sales on early summer .
• Infosys co-founder launches app chronicling Indian IT journey .
• Read More - Stock Tips

Gold Gains As China CPI Weaker Than Expected

Gold prices gained 0.27 per cent on Monday as consumer prices eased in China last month and investors eyed easier monetary policy. Consumer prices for March in China fell 0.4 per cent, more than the expected 0.3 per cent decline month-on-month and up 2.3 per cent year-on-year, less than the 2.5 per cent gain seen, according to official data released on Monday. At the MCX, Gold futures for June 2016 contract is trading at Rs 29,210 per 10 gram, up by 0.27 per cent after opening at Rs 29,181, against the previous closing price of Rs 29,131. It touched the intra-day low of Rs 29,300.

However, a stronger dollar reduced the appeal of gold as an alternative asset. Stronger greenback makes the bullion expensive for those holding other currencies, thus reducing demand.
 

In the week ahead, market players will be turning their attention to key economic data out of China, with Friday’s first quarter GDP report in the spotlight. 

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Gold Gains As investors Digest Fed Tension On Rate Views

Gold prices rose by 0.31 per cent on Thursday after Fed minutes showed tension on rate hike views. The latest Federal Open Market Committee meeting showed Kansas City Fed President Esther George had some support of her view another rate hike was appropriate from a couple non-voting members. The committee held steady the policy fed funds rate at 0.25 per cent to 0.50 per cent on a 9-1 vote with George dissenting from the decision preferring instead the committee raise the target range for the rate to 0.50 per cent to 0.75 per cent. Gold futures for June 2016 contract, at MCX, were trading at Rs. 28,735 per 10 grams, up by 0.31 per cent after opening at Rs. 28,690 against the previous closing price of Rs. 28,646. It touched the intra-day high of Rs. 28,810 till the trading.
 

Further, a weaker dollar raised the appeal of gold as an alternative asset. Weaker greenback makes the bullion cheaper for those holding other currencies, thus increasing demand.
 

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Top Headlines Of Stock Market On 2nd Of April

                                  Stock Market News

FY17 earnings growth at 15-17%; bet on banking sector: IL&FS
Cautious due to changing stance of global central banks: Ambit
Fitch downgrades Tata Steel group, puts it on rating watch
Sharepro fraud: Sebi tells cos to do audit before naming new RTA
Vijay Mallya not to appear before ED, seeks extension till May
Reading the Riot Act: How Indian pharma companies got hammered
HCL Tech to acquire complete ownership of Geometric
Govt meets FY16 fiscal deficit target of 3.9%, may improve a bit
EPFO puts on hold new PF withdrawal norms till Apr 30
Nonfarm payrolls add 215K jobs in March, vs expected 205K
RBI policy: 95% of CNBC-TV18 polled respondents expect rate cut
Infographic: How markets fared across the globe in FY16
HCL Tech likely to buy 37% in Geometric: Sources
Exclusive : At risk of loans turning NPAs, JP Infra offers land to banks
ITR asset disclosure norm to affect 1.5 lakh ultra rich: Adhia
Tesla launches revolutionary Model 3, eager fans line up
Happy new financial year! Time to take stock of money matters
Relaxed Safe Harbour Rule to boost India-focused offshore fund
Expand your business knowledge, expand your business size
As your investment knowledge rises, so will your returns

Gold Regains its Shine on Dovish Yellen comments

Gold futures rebounded in the domestic and overseas market on Tuesday as investors and speculators cheered comments from Fed Chair Janet Yellen who signaled caution over raising interest rates in the near-term amid worries over a global slowdown hurting growth in the world’s biggest economy, bolstering the lure for the yellow metal as a store of value.

 

Yellen called for a slower pace of US interest rate tightening as she stressed that the rate of inflation in the US hasn’t yet proven to be sustainable in the wake of rising global risks that could slow growth in the American economy.

A diminished chance of a Fed rate hike next month sunk the US dollar, bolstering demand for dollar-denominated assets such as Gold. Weaker greenback makes the precious metal cheaper for those holding other currencies, thus bolstering bullion demand. Read More - Mcx Tips

Gold may extend gains today as Fed’s indication of a cautious approach to further US monetary tightening continues to bolster sentiment.

At the MCX, Gold futures for April 2016 contract closed at Rs 28,743 per 10 gram, up by 1 per cent after opening at Rs 28,389, against the previous closing price of Rs 28,458. It touched the intra-day high of Rs 28,782.

Gold Gains After Multiple Explosions Hit Brussels

Gold prices closed higher in the domestic market on Tuesday as a series of explosions in Brussels sparked a wave of risk aversion, boosting appetite for safe-haven assets. Risk sentiment took a hit after explosions tore through the departure hall of Brussels airport on Tuesday morning killing at least 26 people and injuring 35 others and a second blast struck a metro station in the capital shortly afterwards. The blasts at the airport and metro station occurred four days after the arrest in Brussels of a suspected participant in November militant attacks in Paris that killed 130 people. Meanwhile, traders weighed comments from a top US Fed official who saw an interest rate hike likely in April, dimming the lure for the bullion as a store of value. The Fed last week had indicated a slower than earlier anticipated pace of monetary tightening. At the MCX, Gold futures for April 2016 contract closed at Rs 29,049 per 10 gram, up by 0.37 per cent after opening at Rs 28,961, against the previous closing price of Rs 28,941. It touched the intra-day high of Rs 29,340.
 

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Gold Updates - Yellow Metal Shines On Fed Rate Outlook.

Gold futures jumped by more than 1 per cent in the domestic market on Thursday as investors and speculators booked fresh positions in the precious metal tracking a bullish international trend as a weaker dollar bolstered the lure for the bullion as a store of value while the Fed’s indication that it will raise interest rates more slowly than earlier anticipated boosted the gold’s appeal as a store of value.

 

Weaker greenback makes gold cheaper for those holding other currencies, thus bolstering demand.  The Fed forecast two interest rate hikes of 25 bps each this year down from four previously, as it acknowledged the rising risks to the US economy from global economic and financial weakness.
 

The world’s top central bank kept unchanged its target range for the benchmark federal funds rate between 0.25 to 0.5 per cent and cut its median US growth forecast for 2016 to 2.2 per cent from 2.4 per cent, while that for next year was slashed to 2.1 per cent from 2.2 per cent.
 

Gold may extend gains today as an accommodative money policy from major central banks bolsters gold’s appeal as a hedge against the inflationary risk of monetary stimulus. Read More - Stock Tips
 

At the MCX, Gold futures for April 2016 contract closed at Rs 29,356 per 10 gram, up by 1.35 per cent after opening at Rs 29,185, against the previous closing price of Rs 28,966. It touched the intra-day high of Rs 29,600.

Yellow Metal Ended on a Bearish Note in the Domestic Market.

Gold futures ended on a bearish note in the domestic market on Tuesday tracking weakness in the yellow metal internationally where prices fell to a two-week low as investors stuck to a cautious approach ahead of the much anticipated US Federal Reserve policy decision.

 

 

The Fed, on Tuesday kicked off a two-day monetary policy meet, in which the world’s top central bank is likely to offer cues over the path to raising interest rates further following a maiden hike in borrowing costs in almost a decade in December.
 

While the Fed is likely to keep interest rates unchanged on Wednesday, the tone of its statement will be keenly watched to assess the trajectory of further rate hikes in the world’s biggest economy. An indication by the Fed to delay further tightening of interest rates could boost gold’s appeal as a store of value.
 

US producer prices fell 0.2 per cent in February over January, signaling muted inflationary pressures. Read More - "Mcx Tips"
 

Further, the Bank of Japan’s failure to announce additional monetary easing measures also dampened the bullion, a hedge against the inflationary risk of monetary stimulus.
 

The apex bank which surprised markets in January by adopting negative interest rates, kept unchanged the target for increasing the monetary base annually at 80 trillion yen while maintaining its benchmark rate at -0.1 per cent but indicated its willingness to bolster monetary easing, if needed.
 

Gold may continue to trade on a cautious note today ahead of Fed policy verdict.
 

At the MCX, Gold futures for April 2016 contract closed at Rs 29,037 per 10 gram, down by 0.51 per cent after opening at Rs 29,125, against the previous closing price of Rs 29,187. It touched the intra-day low of Rs 28,872.

Gold futures tumbled By 1 percent in the Domestic Market

Gold futures tumbled by more than 1 per cent in the domestic market on Friday tracking weakness in the yellow metal internationally as a recovery in the US dollar, a surge in equities and higher oil prices eroded the safe haven lure for the bullion.

Global stocks rallied on Friday as investors speculated that unprecedented easing measures from the ECB may help boost growth, easing jitters over the health of the global economy, while oil prices hit three-month highs after IEA predicted that the rout may have bottomed out as low prices impact Non-OPEC production, dimming the lure for gold as an alternative investment.

The Frankfurt-based European Central Bank (ECB) on Thursday slashed all of its key rates while expanding the scope of its bond buying program, but also signaled that key rates may not go further down. Read More -" MCX TIps " 

Gold may trade on a cautious note today ahead of key policy meetings of Bank of Japan and US Federal Reserve this week as traders bet on major central banks to help support a flagging global economic recovery.

At the MCX, Gold futures for April 2016 contract closed at Rs 29,500 per 10 gram, down by 1.44 per cent after opening at Rs 29,850, against the previous closing price of Rs 29,931. It touched the intra-day low of Rs 29,462.

Gold futures jumped By More than 1 per cent in the Domestic Market

Gold futures jumped by more than 1 per cent in the domestic market on Thursday as investors and speculators booked fresh positions in the precious metal tracking a rally internationally as a weaker dollar bolstered the appeal of the bullion as an alternative asset.  

Weaker greenback makes gold cheaper for those holding other currencies, thus boosting demand.Further, the European Central Bank (ECB) unleashed its biggest stimulus package yet, as it slashed all of its key rates while expanding the scope of its bond buying program, bolstering gold, a hedge against the inflationary risk of monetary stimulus.
 

The ECB cut its deposit rate by 10 basis points to -0.4 per cent while the benchmark rate was lowered to 0 from 0.05 per cent and monthly bond purchases were increased to 80 billion euro from 60 billion euro with corporate bonds now eligible. Read More - Mcx tips

 

The ECB also signaled concerns over the Euro area growth outlook, boosting gold’s safe haven appeal. The ECB cut its Euro area growth forecast for 2016 to 1.4 per cent from 1.7 per cent while that for 2017 was reduced to 1.7 per cent from 1.9 per cent.Gold may extend gains today on fresh ECB stimulus spree and on concerns over global growth outlook.
 

At the MCX, Gold futures for April 2016 contract closed at Rs 29,931 per 10 gram, up by 1.13 per cent after opening at Rs 29,550, against the previous closing price of Rs 29,598. It touched the intra-day high of Rs 29,961.

Gold Updates - Gold Shines On Rising Safe Haven Demand

Gold futures advanced in the domestic market on Tuesday as a renewed decline in global equities and falling oil prices amid fresh fears over the health of the world economy spurred a demand for safe haven assets.

Equities from Asia to Europe and the US slid as Japan’s economy contracted by 1.1 per cent annualized pace in the fourth quarter of last year while China’s exports tumbled the most since May 2009 in February 2016, causing a flight to the safety of the yellow metal.          Read More - "Stock Tips"
 

Bets of global monetary policy support also bolstered the bullion, which is a hedge against the inflationary risk of monetary stimulus. Hopes are high that the European Central Bank (ECB) on Thursday will unleash further monetary easing measures to prop up the Euro area economic recovery, while the Federal Reserve is unlikely to raise interest rates next week and the Bank of Japan could respond with additional stimulus.
 

Gold may extend gains today as falling stocks bolster the lure for the precious metal as an alternative asset.
 

At the MCX, Gold futures for April 2016 contract closed at Rs 29,809 per 10 gram, up by 0.73 per cent after opening at Rs 29,650, against the previous closing price of Rs 29,592. It touched the intra-day high of Rs 30,161.

Gold Futures Jumped in the Domestic and International Market

Gold futures jumped in the domestic and international market on Thursday as fresh signs of underlying weakness in the world’s biggest economy bolstered the safe haven lure for the yellow metal while a weaker dollar boosted the appeal of the bullion as an alternative investment. Weaker greenback makes gold cheaper for those holding other currencies, thus boosting demand.
 

Services growth in the US slowed for a fourth month on the trot in February 2016 as the industry shed jobs for the first time in two years.
 

Further, the number of Americans who filed to claim unemployment insurance benefits rose last week while factory orders climbed a less than expected 1.6 per cent in January.
 

Weaker than expected data also raised speculation that the US Federal Reserve may delay further interest rate hikes, bolstering the appeal of Gold as a store of value.
 

Gold may trade lower today on caution ahead of the February jobs data which may provide an insight into the trajectory of the Federal Reserve’s approach to raising interest rates further.
 

At the MCX, Gold futures for April 2016 contract closed at Rs 29,616 per 10 gram, up by 0.94 per cent after opening at Rs 29,275, against the previous closing price of Rs 29,339. It touched the intra-day high of Rs 29,681.

 

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Gold Updates - Yellow metal Gold Gains from Safe Haven Lure

Gold futures finished higher in the domestic market on Monday tracking strong gains in the overseas market as weakness in stocks fostered the appetite of the yellow metal as a safe haven bet.

Concerns over global economic growth remained amid underwhelming US housing data with pending home sales tumbling the most in two years last month and a gauge of business activity falling into contraction, spurring a flight to the safety of the bullion.
 

Finance Chiefs from the Group of 20 countries which met at Shanghai over the weekend failed to offer any specific measures to boost growth in the current period of heightened financial volatility as concerns over China and a commodity downturn derail the global economic recovery.
 

With no major policy changes, global growth is likely to meander along, keeping investors interested in safe haven assets such as the yellow metal.
 

Gold, a hedge against the inflationary risk of monetary stimulus also benefited from China’s decision to cut the reserve requirement ratio for banks by 0.5 percentage point.
 

Gold may extend gains today as dismal China factory data signaled a worsening economic slowdown, bolstering safe haven demand.
 

At the MCX, Gold futures for April 2016 contract closed at Rs 29,513 per 10 gram, up by 0.60 per cent after opening at Rs 29,409, against the previous closing price of Rs 29,337. It touched the intra-day high of Rs 29,750.

 

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Gold Updtes - Gold slips on Bullish US data in the Domestic Market .

Gold Updates - Gold futures tumbled in the domestic market on Friday tracking a bearish trend in the overseas market as a stronger dollar curbed the appeal of the yellow metal as an alternative asset.

Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand.

Robust US economic data signaled strength in the world’s biggest economy, raising speculation that interest rates may rise sooner than earlier expected, dimming the lure for the bullion as a store of value.

While US economic growth for the fourth quarter was revised upwards to 1 per cent annualized pace from an earlier 0.7 per cent, the Fed’s preferred inflation gauge rose by the most since October 2014, up 0.1 per cent in January 2016 from the previous month and 1.3 per cent from the same month a year ago, raising the case for a continuation of rate tightening.

Gold may fall today as safe haven appeal ebbs after the G20 leaders committed to use fiscal policy to bolster economic growth and job creation.

At the MCX, Gold futures for April 2016 contract closed at Rs 29,337 per 10 gram, down by 1.47 per cent after opening at Rs 29,650, against the previous closing price of Rs 29,774. It touched the intra-day low of Rs 29,152.

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Gold tracking the Biggest Rally in the Domestic Market on Wednesday

Gold futures advanced in the domestic market on Wednesday tracking the biggest rally in nearly two weeks overseas as a retreat in global equities amidst concerns over a fast faltering global economic recovery spurred the demand for safe haven assets such as the yellow metal.

Global stocks fell for a second straight day while the dollar erased a gain against a basket of ten global currencies, bolstering the lure for the bullion as an alternative asset.

An IMF report showed that central banks from Kazakhstan to Russia were boosting bullion holdings.

Weak US economic data with services falling back into contraction in February and sales of new homes dropping more than forecast in January upped bets that the US Federal Reserve may push back the timetable for hiking interest rates further following a maiden lift-off in almost a decade in December, bolstering the lure for Gold as a store of value.

Gold may trade on a cautious note today ahead of US jobless claims and durable goods orders data.

At the MCX, Gold futures for April 2016 contract closed at Rs 29,554 per 10 gram, up by 0.86 per cent after opening at Rs 29,403, against the previous closing price of Rs 29,302. It touched the intra-day high of Rs 29,936.

 

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