Archive | April, 2013

Gold Down But Posts Biggest Weekly Gain in Three Months

27 Apr

Gold fell in choppy trade on Friday on as investors took profits, but the market still posted its biggest weekly gain in three months on strong physical demand after bullion hit a two-year low last week.

Bullion has recovered more than half of the loss of USD 225 per ouce incurred between April 12 and 16.

In early trade, gold rose more than 1 percent after the US Commerce Department reported that economic growth regained speed in the first quarter, but not as much as expected. Gold gave back those early gains and slid into negative territory as options-related selling kicked in, and losses in industrial commodities including crude oil and copper also weighed.

Investors in exchange-traded funds headed for the exits, worried about potential central bank sales of bullion and uncertainty over the outlook for US monetary stimulus.

“There is still some long liquidation in the market, suggesting that some investors are still repositioning themselves, and that leaves the price vulnerable to some sideways actions,” said Erica Rannestad, precious metals analyst at the CPM Group.

Spot gold was down 0.6 percent at USD 1,457.76 an ounce by 3:28 p.m. EDT (1928 GMT), off the session high of USD 1,484.80.

To make better profit in commodity market get gold updates by market experts, which also provide accurate mcx gold tips, mcx tips, mcx trading tips, commodity trading tips, mcx silver tips, intraday trading tips, sure shot intraday tips, mcx nickel tips, nickel updates, mcx zinc tips for traders, which help traders to make good profit in commodity market.

US gold futures for June delivery settled down USD 8.40 at USD 1,484.80 an ounce. Trading volume was about 10 percent above its 30-day average, preliminary Reuters data showed.

US first-quarter growth expanded at a 2.5 percent annual rate, missing economists’ expectations for 3 percent. Meanwhile, a separate report on consumer sentiment showed a drop from the previous month.

“That (GDP) is encouraging for gold because the whole sell-off in the metal was linked to perceptions that the US economy was getting stronger and stronger,” Societe Generale analyst Robin Bhar said.

Silver also rose early, hitting a 10-day high of USD 24.82. Then it slid, down 1.7 percent in late trade to USD 23.91 an ounce.

STRONG PHYSICAL DEMAND

Physical buying persisted in Asia, with premiums for gold bars in Hong Kong jumping to their highest level since October 2011 this week, at up to USD 3 an ounce to spot London prices.

Premiums in Singapore stayed at their highest since October 2008 at USD 3 an ounce to the spot London prices on demand from Indonesia, Thailand and India.

But while physical demand has been strong, China, the second-largest gold consumer after India, will be on holiday for three days next week for the May Day break, possibly removing significant support from the market, traders said.

A daily drop in exchange-traded funds’ holdings suggested that gold investors were still licking their wounds after bullion’s historic fall last week.

Holdings of the largest gold-backed exchange-traded fund, the SPDR Gold Trust, dipped 0.25 percent to 1,090.27 tonnes on Thursday, from 1,092.98 on Wednesday. Holdings are at their lowest level since September 2009.

Among platinum group metals, platinum gained 0.4 percent to USD 1,472.49 an ounce, while palladium was down 0.4 percent at USD 677.25 an ounce.

Source: Moneycontrol

Advertisements

Gold heads for biggest weekly gain since late 2011

26 Apr

Gold rose to its highest in more than a week on Friday , heading for its biggest weekly gain since October 2011, after a surge in physical demand in Asia helped pluck the metal from a 2-year trough.

FUNDAMENTALS

* Spot gold added USD 4.06 an ounce to USD 1,471.05 by 0025 GMT after posting its biggest daily rise since June last year on Thursday. Gold plunged to around USD 1,321 on April 16, the lowest in more than two years, in a sell-off that surprised ardent gold investors and bulls.

* US gold futures for June delivery stood at USD 1,471.00 an ounce, up USD 9.00.

* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.25 percent to 1,090.27 tonnes on Thursday from 1,092.98 tonnes on Wednesday. The current holdings are at their multi-year lows.

* Turkey, one of the world’s biggest gold buyers, has imported more of the precious metal in April than in any month since last July following a surge in domestic demand after gold prices hit a two-year low last week.

* Premiums for gold bars soared to multi-year highs in Asia after a spate of physical buying ran down supplies, with dealers in top consumer India expecting a surge in imports this month/

* Russia and Turkey raised their gold reserves in March, the International Monetary Fund said on Wednesday, increasing their holdings ahead of a spectacular plunge in prices this month.

MARKET NEWS

* The dollar recovered from losses to trade higher against the euro on Thursday as resilience in the US labor market allayed some concerns about the nation’s economic recovery, with many analysts expecting more gains ahead for the greenback.

* Japan’s Nikkei average advanced in early trade on Friday after strong US company earnings and resilient labour market data boosted Wall Street, although the benchmark was holding just below the 14,000-mark, a level not seen since June 2008.

Share Tips Expert offers 100% sure commodity tips free trial for traders, which help traders to know how much accurate their tips are. Traders can make huge profit in commodity market by their accurate commodity tips. To get their commodity tips free trial visit their official website : http://www.sharetipsexpert.com/
Source: Moneycontrol

Gold rises more than 1% to near two-week high

26 Apr

Cash and US gold futures rose more than 1 percent to the highest since April 15 above USD 1,484 an ounce on Friday, extending Thursday’s gains after a recent plunge in prices triggered bargain hunting and a surge in physical buying.

Premiums for gold bars soared to multi-year highs in Asia after a spate of physical buying ran down supplies, with dealers in top consumer India expecting a surge in imports this month.

Get accurate Mcx gold tips by sharetipsexpert.com India’s No 1 advisory company, which offers best mcx tips, commodity trading tips, mcx crude tips, Copper Tips, gold tips, 100% sure intraday tips, mcx nickel tips, silver tips today for traders to make profit in commodity market.
Source: Moneycontrol

MCX Gold June contract trades firm

25 Apr

GOLD prices on MCX were trading firm. At 11:22 hrs MCX GOLD June contract was trading at Rs 26614 up Rs 226, or 0.86 percent. The GOLD rate touched an intraday high of Rs 26700 and an intraday low of Rs 26449. So far 7508 contracts have been traded. GOLD prices have moved down Rs 5580, or 17.33 percent in the June series so far.

At 11:22 hrs MCX GOLD August contract was trading at Rs 27010 up Rs 220, or 0.82 percent. The GOLD rate touched an intraday high of Rs 27090 and an intraday low of Rs 26874. So far 273 contracts have been traded. GOLD prices have moved down Rs 5217, or 16.19 percent in the August series so far.

At 11:17 hrs MCX GOLD October contract was trading at Rs 27395 up Rs 235, or 0.87 percent. The GOLD rate touched an intraday high of Rs 27441 and an intraday low of Rs 27385. So far 9 contracts have been traded. GOLD prices have moved down Rs 4455, or 13.99 percent in the October series so far.

Get accurate gold updates and gold trading tips by market experts to play well in commodity trading.

 

Source: moneycontrol

Indian Buyers Snap up Gold: April Imports Seen Rising

23 Apr

Premiums for gold bars soared to multi-year highs in Asia on Tuesday after a spate of physical buying led to supply constraints, with dealers in top consumer India expecting a surge in imports this month.

Purchases of gold bars, coins, nuggets and other products picked up pace after a brutal selloff drove down spot gold prices to their weakest in more than two years at around USD 1,321 last week. A rise of more than USD 100 since then has failed to dent buyers’ appetite for the metal.

“People are stocking for weddings and they will last till July,” Kumar Jain, vice-chairman of Mumbai Jewellers Association. “Imports would had been more if supply was not an issue,” said Jain, who expects shipments to India to double to 70 tonnes in April from a month ago.

In Mumbai, premiums for gold bars jumped to their highest in two years at USD 10 an ounce to the spot London prices due to rising demand. Gold jewellery forms an essential part of gifts at Indian weddings and festivals.

Get accurate mcx trading tips to make huge profit in commodity market.

“Imports have been phenomenal since April 15. Banks are getting the lion’s share in this profit,” said Daman Prakash Rathod, director with MNC Bullion, a wholesaler in the country’s southern city of Chennai.

In other parts of Asia, premiums for gold bars rallied to their highest since late 2008 in Singapore and touched an 18-month peak in Hong Kong.

“I think we can say there’s no immediate gold coming into Hong Kong for the time being,” said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.

“If you have time to wait, maybe they can deliver it to you in one or two weeks.”

Hong Kong dealers were charging gold bars at premiums of USD 3 an ounce to the spot London prices, their highest since October 2011. The former British colony is the centre for bullion trading in East Asia and China’s main source for gold imports.

Gold bars were quoted as high as USD 3 an ounce in Singapore — a level last seen in October 2008, with dealers witnessing steady buying interest from local buyers, Indonesia as well as India.

Singapore and Hong Kong dealers get their supply from Japan and Europe, where suppliers were also struggling to cope with demand from Asia.

But in Tokyo, premiums slipped to 50 to 75 cents an ounce to the spot London prices from USD 1 last week as buyers paused for breath.
“The market has come down a little bit. Last week, there was a huge demand for gold from the general public, but we don’t see much this week,” a dealer in Tokyo said.

Gold, which has dropped about 15 percent this year, has been caught in a tug-of-war between physical buyers seeking bargains and wary investors cutting exposure to it on worries about central bank sales and prospects of easing inflation.

Investors were still licking their wounds after spot gold posted its biggest-ever daily loss in dollar terms last Monday, taking many ardent gold investors and bulls by surprise.

Source: moneycontrol

Gold falls from one-week high: ETFs slip

23 Apr

Gold turned lower on Tuesday after rising to a 1-week high on bargain hunting in the previous session, while more gold outflows from exchange-traded funds summed up investors’ weakening confidence in the metal.

Investors await Chinese manufacturing data for further indications of the growth outlook for the world’s second-largest economy, which is also the second-largest consumer of gold after India.

FUNDAMENTALS

* Gold fell USD 4.63 an ounce to USD 1,420.51 by 0021 GMT. The metal, which has slipped more than 15 percent this year, posted its biggest-ever daily loss in dollar terms last Monday, shocking investors who have used gold as protection against inflation and other market risks

* US gold futures for June delivery stood at USD 1,420.20 an ounce, down USD 1.00.

* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 1.63 percent to 1104.71 tonnes on Monday from 1123.06 tonnes on Friday. The holdings were at their lowest since early 2010.

* Australia’s Newcrest Mining NCM.AX, the world’s no. 3 gold producer, said on Tuesday it is reviewing its businesses related to higher cost production at a time of increased costs for the industry and a reduced gold price.

commodity call tips

MARKET NEWS

* Asian shares steadied on Tuesday, supported by overnight gains in global equities, but were capped ahead of China’s first economic report for the second quarter due later in the session.

* The US dollar was nursing a grudge in early Asian trade on Tuesday after another attempt at 100 yen failed due to options-related offers, but traders suspect it is only a matter of time before the psychological level is broken.

* Japan’s Nikkei average eased in early trade on Tuesday as the yen’s weakness paused, prompting investors to lock in some of the gains after the index hit a nearly five-year closing high in the previous session.

Source: moneycontrol

Here are trading tips for crude, nickel, copper & zinc

22 Apr

Renisha Chainani of Edelweiss recommends selling nickel on MCX at Rs 830 per kilogram. “Maintain a stop loss for this trade at Rs 845 per kilogram for a target of Rs 810-800 per kilogram”, Chainani adds.

Ram Pitre of Anand Rathi Commodities advises selling MCX crude at Rs 4,800-4,820 per barrel for a target of Rs 4,760-4,730 per barrel with a stop loss at Rs 4,850 per barrel.

Sumeet Bagadia of Destimoney Commodities advocates buying MCX zinc at Rs 99.50-100 per kilogram levels. Bagadia says, “Keep a stop loss for this trade at Rs 98 per kilogram for an initial target is of Rs 102.50 per kilogram followed by Rs 104 per kilogram”.

Dharmesh Bhatia of Kotak Commodities suggests selling MCX copper on rise up to Rs 379 per kilogram. Place a stop loss for this trade at Rs 383 per kilogram for a target of Rs 371-368 per kilogram.

Sharetipsexpert.com India’s No 1 abvisory company. Offers accurate mcx tips for traders, which help them to make good profit in commodity market. Get their mcx tips and make huge profit in commodity trading.

Source: http://www.moneycontrol.com/news/commodities/heretrading-tips-for-crude-nickel-copperzinc_856523.html