Tag Archives: mcx gold news

Gold inches up as Fed officials downplay stimulus wind-down

25 Jun

Spot gold rose 0.2 percent to $1,283.55 an ounce by 0018 GMT. It fell around 1 percent on Monday

Gold edged higher on Tuesday as the dollar weakened after two top Federal Reserve officials downplayed an imminent end to monetary stimulus.

Bullion is still down more than 7 percent since the start of last week due to worries over an early end to the Fed’s USD 85 billion monthly bond purchases and a cash crunch in China.

 Fundamentals

* Spot gold rose 0.2 percent to USD 1,283.55 an ounce by 0018 GMT. It fell around 1 percent on Monday, extending last week’s 7 percent slide as fears of a cash crunch in China spooked investors, and a slide in US equities prompted bullion selling to cover margin calls.

* Comex gold rose USD 6 to $1,283.10.

* Last Wednesday, Federal Reserve Chairman Ben Bernanke gave his most explicit signal yet that the US central bank was considering scaling back its USD 85 billion per month of Treasuries and mortgage-backed debt purchases.

* On Monday, Minneapolis Fed President Narayana Kocherlakota said investors were wrong to view the central bank as having become more keen to tighten policy than it was before last week’s policy meeting.

* Dallas Fed President Richard Fisher said even if the bank dialled back stimulus this year, it will still be running an accommodative policy.

* Fears of a credit crunch in China’s banking system eased on Monday as short-term interest rates fell. The central bank said there were sufficient funds in the market but banks needed to improve cash management and control lending.

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*India’s biggest jewellers’ association has asked its members to stop selling gold bars and coins, about 35 percent of their business, adding to government efforts to cut gold imports and stem a swelling current account deficit.

* HSBC lowered its 2013 gold price forecast to USD 1,396 from USD 1,542 an ounce and its 2014 price to USD 1,435 from USD 1,600, mainly on the Fed’s plans to reduce economic stimulus and weak Chinese growth prospects.

* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.43 percent to 985.73 tonnes on Monday – its lowest in over four years.

Gold prices update: Gold rates in Indian metro cities

24 Jun

At 13:09 hours IST MCX GOLD August contract was trading at Rs 26687 per 10 gram, down Rs 333, or 1.23 percent. The GOLD rate touched an intraday high of Rs 27000 and an intraday low of Rs 26650. So far 16507 contracts have been traded. GOLD prices have moved down Rs 5540, or 17.19 percent in the August series so far.

MCX GOLD October contract was trading at Rs 26824 down Rs 338, or 1.24 percent. The GOLD rate touched an intraday high of Rs 27131 and an intraday low of Rs 26801. So far 487 contracts have been traded. GOLD prices have moved down Rs 5026, or 15.78 percent in the October series so far.

In Chennai, prices of gold 995 and gold 999 fell by Rs 200 each to Rs 27350 and Rs 27460 per 10 gram on Monday.

In Ahmedabad market, the rate of gold 995 declined by 280 to Rs 26,990 and gold 999 slipped by Rs 275 to 27,120 per 10 gram.

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India, China consumers expect gold price to rise: WGC

31 May

In May 2013, 45 per cent of Chinese and Indian consumers said that they had bought gold in the previous six months, the report said. The outlook for the remainder of 2013 is even more positive.

After a sharp fall in gold rate in April, consumers in India and China see an opportunity in the price moves, believing that over the next five years it will increase, World Gold Council (WGC) said here today.

“New WGC research shows that 82 per cent of Asians believe that the price of gold will increase, or will be stable in the next five years. Not surprisingly, demand has surged as consumers have seen an investment opportunity to buy significant amounts of gold,” WGC Chief Executive Officer Aram Shishmanian said in a report here.

In May 2013, 45 per cent of Chinese and Indian consumers said that they had bought gold in the previous six months, the report said. The outlook for the remainder of 2013 is even more positive.

“We anticipate record quarterly totals for the second quarter in India and China. Even if ETF outflows continue, it is quite likely that gold previously held in the ETFs will find its way to Asian consumers taking a long-term view on gold,” WGC said.

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MCX Gold August contract trades lower

24 May

MCX Gold August contract was trading at Rs 26550 down Rs 94, or 0.35 percent. Gold prices have moved down Rs 5677, or 17.62 percent in the August series so far.

Gold prices on MCX were trading mixed. At 11:13 hrs MCX Gold June contract was trading at Rs 26373 down Rs 67, or 0.25 percent. The Gold rate touched an intraday high of Rs 26537 and an intraday low of Rs 26366. So far 5258 contracts have been traded. Gold prices have moved down Rs 5821, or 18.08 percent in the June series so far.

mcx gold news

MCX Gold August contract was trading at Rs 26550 down Rs 94, or 0.35 percent. The Gold rate touched an intraday high of Rs 26725 and an intraday low of Rs 26546. So far 777 contracts have been traded. Gold prices have moved down Rs 5677, or 17.62 percent in the August series so far.

MCX Gold October contract was trading at Rs 26718 up Rs 72, or 0.27 percent. The Gold rate touched an intraday high of Rs 26867 and an intraday low of Rs 26707. So far 35 contracts have been traded. Gold prices have moved down Rs 5132, or 16.11 percent in the October series so far.

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