Tag Archives: mcx gold updates

Investors Flee Gold as Long Positions Hunker Their 2002 low

17 Jul

Although gold is perched near its highest levels in nearly three weeks, investors remain wary of buying it. BofA analysts note that market players have largely liquidated their bullish bets on gold: at USD 2.1 billion, bullion long positions are hunkered at their lowest levels since 2002, the bank said.

mcx gold tradingGold has fallen out of favor with large speculators, according to data from Bank of America/Merrill Lynch, with positioning sliding to its lowest spot in nearly a decade.

Although gold is perched near its highest levels in nearly three weeks, investors remain wary of buying it. BofA analysts note that market players have largely liquidated their bullish bets on gold: at USD 2.1 billion, bullion long positions are hunkered at their lowest levels since 2002, the bank said.

Meanwhile, “speculative shorts in gold are their largest ever,” BofA added.

Despite global central banks’ having no intention of removing their collective foot from the monetary throttle anytime soon, gold bulls have been chastened by a dizzying selloff that has shaved more than 25 percent from bullion’s value in 2013.

Hedge fund guru John Paulson’s flagship gold fund has plummeted by more than 65 percent this year, according to reports.

Over the last week, gold has staged a modest rebound. Still, it is far from the heady days of 2011, when the Federal Reserve’s loose monetary policy prompted gold bugs to bid bullion up to a record USD 1,900 an ounce.

Traders can subscribe daily gold updates and tips by sure shot intraday tips provider!

BofA called market signals on gold “extreme” and said that positioning “remains in the contrarian buy zone,” given that the metal has broken above a near-term resistance area at USD 1,270 an ounce. That creates a “near-term base and positioning-led squeeze higher,” the bank added.

—By CNBC’s Javier E. David

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.

Traders can make huge profit in gold trading by accurate gold trading tips and gold updates which help traders to play well in commodity trading. www.sharetipsexpert.com India’s No 1 advisory firm provide accurate gold tips updates for traders, get them now to get valuable profit!

Checkout commodity sources here : https://tradingtipsexpert.wordpress.com/sources/