Gold were trading with slim losses during morning trade

 

Gold futures were trading with slim losses during morning trade in the domestic market on Friday as investors and speculators stayed on the sidelines as the European Central Bank (ECB) played down the need for further monetary stimulus despite clear signs that the recovery in the 19-member Euro area economy may be faltering, curbing the lure for the yellow metal, a hedge against the inflationary risk of monetary stimulus.

The Frankfurt-based central bank on Thursday refrained from expanding its QE program while leaving key interest rates unchanged.

Investors are now weighing whether the Bank of Japan will announce fresh easing measures when it meets this month.

At the MCX, gold futures for October 2016 contract is trading at Rs 31,200 per 10 grams, down by 0.01 per cent, after opening at Rs 31,245, against a previous close of Rs 31,203. It touched the intra-day low of Rs 31,190. 

Read more - Gold Updates

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 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

Gold Trades flat with Investors focused On Fed

Gold prices were trading flat on Tuesday as investors await more clarity on the US interest rate outlook. Prices rose as expectations that the Federal Reserve will keep interest rates on hold for some time to come underpinned investor demand for the precious metal. Gold futures for June 2016 contract, at MCX, were trading at Rs. 29,342 per 10 grams, up by 0.04 per cent after opening at Rs. 29,284 against the previous closing price of Rs. 29,330. It touched the intra-day high of Rs. 29,364 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 .

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. 

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

Yellow metal jumps on Safe Haven Appeal.

Gold futures regained sheen on Tuesday as a renewed global stock rout and falling oil prices, coupled with worries over a slowing world economy spurred the demand for safe haven assets.

Global equities treaded water as IMF chief Christine Lagarde cautioned against downside risks to global economic growth amidst a China slowdown, weak commodity prices and financial market volatility, souring the appetite for risky assets and prompting traders to seek shelter in the safety of the bullion.
 

Traders are weighing a mixed outlook for the US Federal Reserve’s interest rate hike path amid a mixed batch of recent economic data and contradictory remarks over further policy tightening in the world’s biggest economy by officials over the past two weeks.
 

The precious metal may trade on a cautious note today ahead of FOMC minutes which may offer some cues over the timing of the next Fed rate hike. Read More – Mcx Tips
 

At the MCX, Gold futures for April 2016 contract closed at Rs 28,387 per 10 gram, up by 0.77 per cent after opening at Rs 28,400, against the previous closing price of Rs 28,168. It touched the intra-day high of Rs 28,680.

Bullion scripts positive finish as US jobs data eyed

Gold futures ended higher in the domestic market on Thursday as investors and speculators booked fresh positions in the yellow metal as dovish comments from Fed policymakers this week who signaled a cautious approach to further interest rate tightening in the US economy amid heightened global risks, bolstered the lure for the bullion as a store of value. 

 

Investors were focused on Friday’s jobs data which may offer further cues over the health of the US labour market and dictate the timing of the next Fed rate hike. The US economy may have added 205,000 jobs in March, down from 242,000 in February, analysts estimated.
 

A rise in jobless claims last week to the highest level in two months signaled a cooling US labour market recovery, further bolstering the case for the Fed to refrain from rate tightening at its upcoming policy meet this month.
 

Gold may trade on a cautious note today ahead of US jobs and manufacturing data. Read More - Mcx Tips
 

At the MCX, Gold futures for April 2016 contract closed at Rs 28,549 per 10 gram, up by 0.50 per cent after opening at Rs 28,441, against the previous closing price of Rs 28,407. It touched the intra-day high of Rs 28,682.

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 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.
 

Know More About – Gold Updates .

Gold futures Ended lower in the Domestic And Overseas Market

Gold futures ended lower in the domestic and overseas market on Monday as investors and speculators exited positions in the precious metal as a stronger dollar curbed the lure for the bullion as an alternative asset. 

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

A top official from the US Federal Reserve said that an April interest rate hike maybe justified, dimming the appeal of the yellow metal as a store of value.
 

Atlanta Fed President Dennis Lockhart said that he sees continued improvement in the US job market and that the Fed’s 2 per cent inflation goal seemed likely in the medium term, while stressing that monetary policy remains on a gradual path of rate hikes as he called for further tightening of borrowing costs as early as next month.   Read More - Mcx Tips
 

Further, Chinese policymakers over the weekend offered some assurance over the country’s economic outlook, eroding the safe haven appeal of the bullion.
 

Gold may extend losses today on renewed fears of a US rate hike in the near-term and amid caution ahead of US factory data.
 

At the MCX, Gold futures for April 2016 contract closed at Rs 28,941 per 10 gram, down by 0.65 per cent after opening at Rs 29,100, against the previous closing price of Rs 29,131. It touched the intra-day low of Rs 28,820.

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.