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Gold Futures Continue Higher after Strong Week

15 Jul

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Gold futures built on last week’s new found momentum to traded higher in the early part of Monday’s Asian session as traders continued to nibble at the yellow metal amid still deeply discounted prices.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery rose 0.86% to USD1,288.55 per troy ounce in Asian trading Monday after settling up 0.3% on Friday to settle the week at USD1,284.15 a troy ounce.

Gold futures were likely to find support at USD1,237.05 a troy ounce, the low from July 8 and resistance at USD1,301.75, the high from June 21. Last week, gold prices rallied 4.9%, the biggest weekly gain since October 2011.

In U.S. economic news published last Friday, a Labor Department report showed U.S. wholesale prices rose 0.8% last month, the biggest gain since September 2012. That follows a 0.5% increase in May. Economists expected a June increase of 0.5%.

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The Thomson Reuters/University of Michigan preliminary index of consumer sentiment fell to 83.9 in July from 84.1 in June. Economists expected an initial July reading of 84.7.

Gold traders finally got some good news last week when Federal Reserve Chairman Ben Bernanke, in remarks delivered Wednesday, implied a possible tapering of the Fed’s quantitative easing program is not as imminent as previously believed. That sent the U.S. dollar sliding and dollar-denominated commodities such as gold soaring.

Bernanke said last month the central bank could begin tapering its USD85 billion-a-month asset purchase program by the end of 2013 and wind it down completely by the middle of 2014 if the economy picks up as the central bank expects.

Elsewhere, Comex silver for September delivery jumped 0.90% to USD19.970 per ounce while copper for September deliver dropped 0.51% to USD3.138 an ounce.

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Share Trading Tips For Today

25 Feb

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The top losers of the BSE Sensex pack were Infosys Ltd. (Rs. 2784.20,-0.36%), Tata Power Company Ltd. (Rs. 1284.60,-0.34%), Hindustan Unilever Ltd. (Rs. 331.40,-0.33%) and Wipro Ltd. (Rs. 414.00,-0.17%), among others.

In the economic front, Finance minister Mr. Pranab Mukherjee today said that the government’s borrowing for the current financial year would not exceed Rs 4,17,000 crore. He further said the borrowings of government will be decided in consultation of RBI.

India has appealed to the US for restoring duty free imports from developing countries, including India, which was suspended in December 2010. The government of India has stressed that such move will help the labour-intensive small and medium enterprises (SME).

On the global markets front, almost all the major indices in Asia closed on positive note. The Shanghai Composite, Hang Seng, Jakarta Composite, Seoul Composite and Nikkei225 advanced by 1.48% at 2,795.48, 1.22% at 21,926.88, 1.09% at 3,980.84, 0.94%…

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