Tag Archives: intraday tips

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 slips as India raises import duty

6 Jun

Gold edged to below USD 1,400 an ounce on Thursday as India, the world’s biggest bullion consumer, raised import duty on the metal by a third to reduce its current account deficit.

Fundamentals

Spot gold had dropped 0.25 percent to USD 1,399.36 an ounce by 0016 GMT, after gaining slightly on Wednesday as investors looked for safer assets after a private US jobs reading fell short of expectations.

US gold rose slightly to USD 1,399.10.

US private employers added 135,000 jobs in May, falling short of economists’ expectations, a report by a payrolls processor showed on Wednesday, curbing fears the Federal Reserve would soon cut its monetary stimulus.

India increased import duty on gold by a third to eight percent as the government seeks to halt a surge in demand after gold imports hit 162 tonnes in May – twice the monthly average of 2011 when they reached a record.

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The increase in import duty comes a day after the Indian central bank acted to force domestic jewellers to buy only on a cash basis.

China’s gold imports unexpectedly tumbled in April from record levels on supply constraints as demand surged after global prices hit two-year lows, although a recovery is likely in May.

The appetite for US American Eagle gold and silver bullion coins is still at unprecedentedly high levels almost two months after a historic sell-off in gold unleashed years of pent-up demand from retail investors, the head of the US Mint said on Wednesday.