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Commodity bets: Sell gold; buy silver & crude

28 Jun

Commodity experts are upbeat on silver and crude, they advise buying them. However, they are not bullish on gold, hence suggest selling it.

Priyank Upadhya of SSJ Finance and Securities suggests buying silver around Rs 39,000 per kilogram with stop loss below Rs 38,500 per kilogram and target around Rs 40,000-40,400 per kilogram.

Hitesh Jain of IIFL advocates selling MCX gold at Rs 25,500 per 10gm with target of Rs 25,000 per 10gm and stop loss of Rs 25,850 per 10gm.

Dipen Shah of Stayvan.com advises buying crude. “Any dips in prices around Rs 5,770 per barrel should be used for buying on MCX with strict stop loss of Rs 5,750 per bbl and expect Rs 5,820 to 5,840 per bbl on the higher side on MCX,” Shah adds.

Shreekanth Jha of PJ Commodity Ventures recommends selling gold at Rs 25,500 per 10gm for an immediate target of Rs 25,000 per 10gm.

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Gold edges up as dollar eases; snaps 4-day decline

15 May

Gold had climbed 0.11 percent to USD 1,426.96 an ounce by 0014 GMT. It fell for a fourth consecutive session on Tuesday, its longest losing streak in over two months, as economic optimism and record high US equities dimmed its appeal as a so-called safe haven.

Gold inched up on Wednesday to snap four sessions of decline as the US dollar eased and selling by exchange-traded funds halted, but strong share prices looked set to cap gains.

Fundamentals

Gold had climbed 0.11 percent to USD 1,426.96 an ounce by 0014 GMT. It fell for a fourth consecutive session on Tuesday, its longest losing streak in over two months, as economic optimism and record high US equities dimmed its appeal as a so-called safe haven.

US gold for June rose 0.1 percent to USD 1,425.9.

Holdings of the largest gold-backed exchange-traded-fund (ETF), New York’s SPDR Gold Trust GLD and those of the largest silver-backed ETF, New York’s iShares Silver Trust SLV, remained unchanged on Monday from Friday.

Portugal will not replicate a deal that allowed Cyprus to sell its gold reserves under its bailout, its central bank said on Tuesday.

Platinum jewellery demand has grown in Europe as marketing efforts start to pay off, a leading UK jewellery producer said on Tuesday.

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Market news

The dollar edged lower in early Asian trade on Wednesday, but stayed close to its highest point against the yen in four and a half years on signs of an improving US economy and rising Treasury yields.

Japan’s Nikkei share index broke above 15,000 and hit fresh 5-1/2 year highs on Wednesday, bolstered by a strong performance from Wall Street.