Tag Archives: goldupdates

Gold rises to 1-month high on weaker US dollar

22 Jul

Gold hit a high of USD 1,314.49 an ounce, its highest since June 20, and stood at USD 1,312.24 by 0024 GMT, up USD 16.50

mcx goldGold jumped more than 1 percent to its highest level in a month on Monday as the US dollar slipped against other currencies, with gains in Japanese bullion futures adding extra support.

Gold hit a high of USD 1,314.49 an ounce, its highest since June 20, and stood at USD 1,312.24 by 0024 GMT, up USD 16.50. Gold last week posted its second weekly gain after the Federal Reserve’s assurance the timing of any tapering in economic stimulus is not set in stone.

US gold rose 1.49 percent to USD 1,312.10 an ounce. The most active June 2014 gold contract on Tokyo Commodity Exchange rose as high as 4,243 yen a gramme, its highest since June 20, because of a weaker yen.

Hedge funds and money managers raised their bullish bets in gold and silver futures and options in the week to July 16, while they trimmed net shorts in copper, a report by the Commodity Futures Trading Commission showed on Friday.

China’s central bank removed controls on bank lending rates, effective Saturday, in a long-awaited move that signals the new leadership’s determination to carry out market-oriented reforms.

SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.29 percent to 932.46 tonnes on Friday from 935.17 tonnes on Thursday.

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History Shows Gold Could Fall Another $500/oz

16 Jul

A slowdown in growth in China, as evidenced in data released on Monday which showed that growth had slowed to 7.5 percent, was one potential indicator of lower gold demand.

gold updatesThe price of gold could fall below USD 800 an ounce over a long-term horizon, a drop of some USD 500 from its current level of USD 1,294 an ounce, Duke University’s Campbell Harvey told CNBC on Monday.

Harvey, who works at Duke University’s Fuqua School of Business, said that over 2,500 years of history, the real price of gold (the nominal price adjusted for inflation) had remained roughly the same.

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“Right now we’re way above the mean,” Harvey said, suggesting that the price of gold would correct over the long-term to approximately USD 800 an ounce.

“If you look historically, it doesn’t just go down to the average and stay there. It actually goes through and falls below, then comes back up,” he said.

The price of gold could therefore potentially go even lower than USD 800, he said. “It has been lower in recent history.”

“It might not be tomorrow,” Campbell added, but “the cycles go in 10-15 years, and we’re well into one of these cycles.”

He said investors mulling the price of gold should focus on demand rather than supply, which he said was “amazingly constant”.

A slowdown in growth in China, as evidenced in data released on Monday which showed that growth had slowed to 7.5 percent, was one potential indicator of lower gold demand.

“China is a demander of gold, lower growth there means lower demand,” Campbell said.

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Gold Heads for Biggest Weekly Gain in Two Years

12 Jul

Federal Reserve Chairman Ben Bernanke said on Wednesday that the overall message from the central bank was that a “highly accommodative policy is needed for the foreseeable future”.

mcx gold

Gold rose for a fifth session on Friday, on track for its biggest weekly gain in nearly two years on easing fears of an early end to US monetary stimulus that as boosted bullion’s appeal as a hedge against inflation.

Fundamentals

Spot gold had climbed 0.1 percent to USD 1,286.21 an ounce by 0016 GMT. It touched close to USD 1,300 on Thursday, its highest in three weeks.

Bullion has gained 5 percent so far this week, on course for its largest weekly climb since October 2011.

Comex gold and silver were also trading near multi-week highs hit on Thursday.

Federal Reserve Chairman Ben Bernanke said on Wednesday that the overall message from the central bank was that a “highly accommodative policy is needed for the foreseeable future”.

Financial markets, which had tumbled after Bernanke said last month that the Fed’s USD 85 billion in monthly bond purchases could be scaled back this year, jumped on Thursday with the Dow and S&P 500 indices hitting all-time closing highs.

Gold, still down nearly 25 percent this year, could face further headwinds as some investors jump to rallying stocks, dumping holdings in gold-backed exchange traded funds.

Investors pulled USD 998.8 million from commodities and precious metals funds, up from withdrawals of USD 92.6 million the prior week, data from Thomson Reuters’ Lipper service showed on Thursday.

Gold traders in India, the world’s biggest buyer of the metal, refrained from fresh purchases as prices climbed to their highest level in more than two weeks.

Market News

The US dollar fell to multi-week lows against the euro and yen on Thursday as traders scaled back expectations the Fed would slow its asset purchases in the coming months.

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India mines miniscule 120 kg Gold in April 2013; yet proves Chidambaram wrong!

14 Jun

“India does not produce an ounce of gold. You pay in rupee, but the government has to spend dollars to buy gold,” Chidambaram said  yesterday.

India has produced 120 kilogram of gold in April this month in sharp contrast to its hundreds of tons in imports. This should also be read in the background of Indian Finance Minsiter’s yesterday’s statement on India’s production and consumption of gold.

“India does not produce an ounce of gold. You pay in rupee, but the government has to spend dollars to buy gold,” Chidambaram said. “I do not buy gold. To think that gold is the safest investment is wrong,” the finance minister said and was quoted by the Times of India as saying.

At least India does produce much more than an ounce of gold!

The index of mineral production of mining and quarrying sector in April 2013 was lower by 16.9% compared to that of the preceding month. The mineral sector has shown a negative growth of 3.1% during April 2013 as compared to that of the corresponding month of previous year.

The total value of mineral production (excluding atomic & minor minerals) in the country during April 2013 was Rs. 17772 crore. The contribution of coal was the highest at Rs. 5673 crore (32%). Next in the order of importance were: petroleum (crude) Rs. 5671 crore, iron ore Rs. 2712 crore, natural gas (utilized) Rs. 1883 crore, lignite Rs. 490 crore and limestone Rs. 382 crore. These six minerals together contributed about 95% of the total value of mineral production in April 2013.

Production level of important minerals in April 2013 were: coal 435 lakh tonnes, lignite 39 lakh tonnes, natural gas (utilized) 2942 million cu. m., petroleum (crude) 31 lakh tonnes, bauxite 2035 thousand tonnes, chromite 242 thousand tonnes, copper conc. 10 thousand tonnes, iron ore 119 lakh tonnes, lead conc. 16 thousand tonnes, manganese ore 194 thousand tonnes, zinc conc. 124 thousand tonnes, apatite & phosphorite 198 thousand tonnes, dolomite 520 thousand tonnes, limestone 242 lakh tonnes, magnesite 16 thousand tonnes and diamond 2928 carat.

In April 2013 the output of apatite & phosphorite increased by 33.6%, bauxite 14.7% and iron ore 1.3% percent. However the production of petroleum (crude) decreased by 3.7%, natural gas (utilized) 5.5%, limestone 5.9%, lead conc. 8.9%, gold 11.1%, dolomite 15.0%, manganese ore 18.1%, copper conc. 18.6%, magnesite 20.3%, zinc conc. 23.0%, lignite 27.9%, chromite 30.3%, coal 33.0% and diamond 33.6 percent.

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Gold edges up, headed for worst week in a month

17 May

Gold edged up on Friday as stock markets paused after rally, but the metal was still on track for its worst weekly decline in a month as investors cut exposure to bullion, sending holdings in exchange-traded funds to the lowest in four years.

FUNDAMENTALS

Spot gold was up 0.17 percent to USD 1,388.11 an ounce by 0038 GMT, having fallen to a four-week low of USD 1,369.29 on Thursday as renewed liquidation in gold ETFs and the recent drop below the USD 1,400-per-ounce level spooked investors.

US gold for June delivery was little changed at USD 1,386.70.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.55 percent to 1041.42 tonnes on Thursday – the lowest in four years.

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Premiums for gold bars rallied to all-time highs in Hong Kong and Singapore on Thursday after bullion’s steepest drop since its April sell-off fuelled another round of buying that constricted supply.

Gold investment nearly halved in the first quarter as a brighter view of the US economy prompted investors in the West to favour other assets, but Chinese coin and bar demand hit a quarterly record of 109.5 tonnes, the World Gold Council said on Thursday.

Indian gold futures fell 1.5 percent on Thursday, extending losses for a second straight session, to hit their lowest level in nearly a month in line with global markets.

The Shanghai Gold Exchange (SGE) will launch after-hours trading for Fridays on May 31 as part of its efforts to help its members better manage price risks, the bourse said in a statement on Thursday.

MARKET NEWS

The Nikkei share average fell for a second day on Friday as caution over the recent steep rises continued to spur profit-taking, while a pullback in Wall Street soured investor sentiment.

Global equity markets fell on Thursday after a regional president of the Federal Reserve said the US central bank could begin to ease up on its loose monetary policy this summer, leading the dollar to recover against the euro.

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Gold rises on weaker dollar after three-day fall

14 May

Gold rose for the first time in four sessions on Tuesday, aided by a softer dollar, although persistent outflows from exchange-traded funds reflected investors’ waning interest in the safe-haven precious metal.

Gold has recovered about USD 120 since a sell-off in April dragged prices to two-year lows, but it is still well below last month’s peak of around $1,600 as gains in stocks markets lure investors into equities.

Gold hit a session high of USD 1,444.96 an ounce and stood at USD 1,442.54, up 0.9 percent, at 0139 GMT. It fell more than 1 percent to a session low around USD1,425 on Monday, near a two-week low hit on Friday, as stronger US retail sales data reduced its draw as a safe-haven.

“Stocks are currently looking more attractive for investors. Gold will continue in the downward trend. It might test USD 1,400,” said Brian Lan, managing director of GoldSilver Central Pte Ltd in Singapore.

“I don’t see any data that could possibly push gold prices up,” he said.

US gold futures for June delivery were at USD 1,441.70 an ounce, up 0.5 percent.

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The Nikkei share average extended gains into a third day on Tuesday as the weak-yen trend continued to lift exporters. The US dollar ticked lower against other currencies, pausing for breath after recent rallies.

A surprise rise in US retail sales in April supported views that the US economy remains resilient. The data supported the dollar’s recent strength, and Goldman Sachs and JPMorgan upgraded their view on second-quarter US growth.

Holdings at SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, stood at 33.811 million ounces, just off their lowest level since March 2009.

India’s gold and silver imports jumped 138 percent in April as customers took advantage of lower prices, increasing pressure on the current account balance in the world’s top bullion importer.

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