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. 

 

Read More - Bullion Updates 

Jewellers Welcome Govt Decision On Excise Duty Exemption Limit

The government's decision to exempt small scale jewellers from Excise duty will give a boost to the trade, the gems and jewellery industry said as per the media report.

"On behalf of GJF, we appreciate the government's support towards the gems and jewellery industry. This will boost the trade as the industry was eagerly awaiting the clarifications on the levy of excise duty," All India Gems and Jewellery Trade Federation (GJF) Chairman said.

He also urged the government to further support the industry by raising the PAN card limit from the current Rs 2 lakh to Rs 10 lakh.

"This is surely a sigh of relief for the trade, as the government has simplified many procedural and compliance hurdles pertaining to the excise duty. We are hopeful that the government will soon issue notifications and circulars on all points considered and accepted," GJF Director said as per the PTI report.

Echoing the view, GJF Director said, "Many important issues has been accepted by the government for the betterment of the trade. We, as a federation, have also played a pivotal role during the entire excise matter and will always strive for progress, promotion and protection of the trade."

PNG Jewellers CMD  said, "The government has announced relief measures for gold jewellery industry to soften the impact of the excise duty levied in the budget."

In view of the upcoming festive season, Dussehra and Diwali, the government increasing small scale industry (SSI) eligibility will ultimately help manufacturers to cover the loss this season, he added.

The government yesterday increased excise duty exemption limit for small scale industry to Rs 10 crore from Rs 6 crore, waived the levy on sale of traded goods and relaxed various procedural norms.

Also, the Finance Ministry said no excise audit will be carried out, for the first two years, for units whose duty payment is less than Rs 1 crore (that is turnover of manufactured goods less than Rs 100 crore).

Today Gold Down On Weak Overseas Trend

 

Gold futures closed lower in the Domestic Market on Thursday as participants tightened their positions, largely in step with a weak trend overseas.

Analysts said a weak trend in the overseas market, where gold declined on signs that policy makers will seek to minimize the impact on global growth from UK’s decision to leave the European Union, mainly weighed on the precious metal prices at the futures trade.

At the MCX, Gold futures for August 2016 contract closed at Rs 31210, per 10 gram, down by 0.34 per cent after opening at Rs 31,220, against the previous closing price of Rs 31,315. It touched the intra-day low of Rs 31,131. 

 

Read More - Gold Updates 

Gold Closed Higher in the Domestic Market on Tuesday .

 

Gold futures closed higher in the domestic market on Tuesday as investors sought the relative safety of haven assets ahead of next week’s “Brexit” referendum and a tandem of closely watched central-bank meetings.

Gold futures had struggled to find direction during the session, weaving between losses and gains, as the U.S. dollar strengthened before Wednesday’s decision on interest rates from the U.S. Federal Reserve.

At the MCX , Gold futures for August 2016 contract closed at Rs 30,569, per 10 gram, up by 0.56 per cent after opening at Rs 30,350, against the previous closing price of Rs 30,569. It touched the intra-day high of Rs 30,584 

Read More - Gold Updates

Today Gold Gains 0.18 Pct After BoJ Decision

Gold prices gained 0.18 per cent on Thursday after the Bank of Japan surprised markets by keeping monetary policy steady. The BoJ held monetary policy steady, quashing speculation that it would ramp up its already extensive easing program. At the MCX, Gold futures for June 2016 contract is trading at Rs 29,435 per 10 gram, up by 0.18 per cent after opening at Rs 29,350, against the previous closing price of Rs 29,383. It touched the intra-day high of Rs 29,480.

The Federal Reserve left interest rates unchanged on Wednesday and issued a statement implying it was in no hurry to raise rates. "The committee continues to closely monitor inflation indicators and global economic and financial developments," the Fed said following its two-day meeting.

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.

 

Read More - Gold Updates .

 

 

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. 

 

Read More - Gold Updates

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.

 

Read More - Gold Updates

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.

Read More – Gold updates

Top Headlines of Stock Market on 22nd of April

                                              Stock Market News 

• Asia lower; ASX down 0.6%, Nikkei drops 0.3%, Kospi loses 0.4%
• Wall Street cedes ground after mixed bag of earnings
• Modi passionate about developing country: Mahesh Sharma
• Vodafone invites banks to pitch for $2-2.5 bn Indian IPO
• Banks need structural, internal upgrades to reduce NPLs
• ECB keeps rates unchanged at record low as expected
• HDFC Bank Q4 profit seen up 21%, retail may drive loan growth
• Govt unlikely to push labour reforms bills in next Parl session
• Stocks in news: Tata Steel, DHFL, Dishman Pharma, SKS Micro
• Bull's Eye: Buy Infosys, REC, EIL; sell TVS Motor, Wockhardt
• Exclusive : Govt kick-starts NMDC stake sale process, invites bids
• ATC concludes Viom purchase for Rs 7,635 crore
• Rajan, Pichai, Bansals among 100 most influential people: TIME
• FinMin looks to expedite clearances to FDI proposals
• Need level-playing field for algo trades, Sebi tells brokers
• Solar firm SunEdison files for bankruptcy
• Uttarakhand battle shifts to Delhi, Centre to move SC
• Read More - Stock tips

Gold Gains 0.27 pct Ahead of Fed Rate Decision

Gold prices gained 0.27 per cent on Thursday as investors continued to await next week's interest rate decision by the Federal Reserve for further indications on the path of tightening the US central bank will embark on for the remainder of 2016. Traders expect gold to remain in a holding pattern for the next several days ahead of the Federal Open Market Committee's (FOMC) interest rate decision on April 27. In each of its first two meetings this year, the FOMC has held its benchmark Federal Funds Rate steady at a targeted range between 0.25 and 0.50 per cent. At the MCX, Gold futures for June 2016 contract is trading at Rs 29,439 per 10 gram, up by 0.27 per cent after opening at Rs 29,255, against the previous closing price of Rs 29,317. It touched the intra-day high of Rs 29,462.
 

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.

 

Read More - Gold Updates 

Gold Drops 0.24 pct On Profit Booking

Gold prices dropped on Friday on account of profit booking by traders as prices had earlier surged on expectations that any rate hikes by the Fed will be gradual based on comments from Federal Reserve Board Chair Janet Yellen.

Prices had surged ahead of a public appearance by Federal Reserve chair Janet Yellen after the close of trading, as investors digested dovish indications from the Fed's March minutes that the US central bank will remain cautious with the timing of its next interest rate hike. At the MCX, Gold futures for June 2016 contract is trading at Rs 28,990 per 10 gram, down by 0.24 per cent after opening at Rs 29,145, against the previous closing price of Rs 29,060. It touched the intra-day low of Rs 28,955.

 

Read More – Gold Updates
 

Further, 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.

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.
 

Read More – Gold Tips

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 futures plunged By More than 1 % in the Domestic Market

Gold futures plunged by more than 1 per cent in the domestic market on Wednesday as investors and speculators shunned the yellow metal tracking weak overseas cues as dovish comments by Fed officials over further interest rate hikes buoyed the appetite for risky assets, denting the safe haven appeal for the bullion.

Chicago Fed President Charles Evans backed Fed Chair Janet Yellen, as he expressed concerns over global volatility that could slow US growth, diminishing the chances of further rate tightening in the near-term, helping power a rally in equities, eroding the appeal of gold has an alternative asset.  

 

Evans stressed that the Fed is ready to tolerate above-target inflation for a brief period as a slowing global economy weighs on US economic growth, reducing the case for a rate hike in the Fed’s upcoming meet in April. Read More At – Mcx Tips
 

Meanwhile, a firming labour market recovery in the world’s biggest economy as private payrolls rose by 200K in March, topping estimates for a 195K gain curbed the lure for safe haven assets.
 

Gold may rebound today as indications that the Fed may raise interest rates more slowly bolsters the appeal of the bullion as a store of value.
 

At the MCX, Gold futures for April 2016 contract closed at Rs 28,407 per 10 gram, down by 1.17 per cent after opening at Rs 28,655, against the previous closing price of Rs 28,743. It touched the intra-day low of Rs 28,361.

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 Ends in the Red on Fed caution in the Domestic Market

Gold futures ended lower in the domestic market on Monday as investors remained jittery over the trajectory for US interest rates.Federal Reserve Bank of San Francisco President John Williams said that global economy was having a significant impact on measures that Fed officials gauge to determine interest rates.

At the same time, an upward revision in US fourth quarter growth to 1.4 per cent annualized pace from 1 per cent earlier signaled more optimism over the strength in the world’s biggest economy, bolstering the case for further interest rate tightening in the coming months.

Traders stuck to a cautious tone ahead of key US reports on employment, manufacturing, housing, consumer confidence and Fed Chair Janet Yellen’s speech this week, which may offer further clues over the course of US interest rates. Gold, a non-interest bearing asset tends to lose sheen in a rising interest rate scenario. Read More - Mcx Tips .

Gold may trade lower today as investors eye Janet Yellen’s speech which may offer further cues over Fed’s rate hike trajectory. At the MCX, Gold futures for April 2016 contract closed at Rs 28,458 per 10 gram, down by 0.49 per cent after opening at Rs 28,525, against the previous closing price of Rs 28,599. It touched the intra-day low of Rs 28,270.

Gold Updates - Yellow Metal Marks Bearish finish.

Gold futures closed in the red in the domestic market on Friday tracking weakness in the bullion internationally as a stronger dollar and a gain in US equities eroded the lure for the yellow metal as an alternative asset. Stronger greenback makes the bullion more expensive for those holding other currencies, thus dimming demand.

However, sentiment remained supported by the US Federal Reserve’s indication of a more dovish path to further interest rate hikes in the world’s biggest economy, which bolstered the lure for the precious metal as a store of value, trimming losses in Gold.
 

The world’s top central bank last week projected two interest rate hikes of 25 bps each in 2016, down from four earlier, citing risks to US growth from a growing global gloom.
 

Gold may trade on a cautious note today ahead of the US existing home sales data for February and after the President of the St. Louis Federal Reserve Bank James Bullard stressed that since the Fed’s inflation and employment goals have largely been met, it would be wise to push up interest rates towards more normal levels.Read More - “ MCX Tips ”
 

At the MCX, Gold futures for April 2016 contract closed at Rs 29,131 per 10 gram, down by 0.77 per cent after opening at Rs 29,399, against the previous closing price of Rs 29,356. It touched the intra-day low of Rs 29,003.

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.

Gold futures End Lower ; Fed Signals Dovish Stance

The yellow metal logged modest losses in the domestic market on Wednesday as strong US economic data eroded the safe haven lure for Gold. 

 

Factory production in the US climbed for a second straight month in February while builders began work on more than expected homes last month, and gains in core consumer prices topped forecasts, a sign that the world’s biggest economy remains in expansionary mode.
 

US consumer prices excluding food and fuel, climbed by 0.3 per cent in February from the prior month, the same as January, notching up the best back-to-back gains since early 2011. The overall consumer price index dropped 0.2 per cent in February from January. Read More - Mcx Tips
 

Gold may rally today after the US Federal Reserve scaled back its trajectory for raising interest rates this year, citing rising global economic and financial risks to growth in the world’s biggest economy, bolstering the lure for the bullion as a store of value.
 

The Fed which kept unchanged its target range for the benchmark federal funds rate between 0.25 to 0.5 per cent, pared back the number of rate hikes it anticipates in 2016 from two to four earlier, as it weighs the potential impact of slowing global growth and financial volatility on US growth.
 

At the MCX, Gold futures for April 2016 contract closed at Rs 28,966 per 10 gram, down by 0.24 per cent after opening at Rs 29,051, against the previous closing price of Rs 29,037. It touched the intra-day low of Rs 28,923.

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.