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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.

Buy Gold Around Rs 29550; SL Rs 29430

10 Apr

According to the research firm, Gold prices are expected to witness a range bound move from Rs 29850 to Rs 29500. One can trade within the range.

gold-updates

Gold: One can buy around Rs 29550 for a bounce maintaining a stop loss below Rs 29430.

Silver prices are expected to test Rs 52800 Rs 53000 on higher end. One can buy around Rs 51900 maintaining a stop below Rs 51500.

Copper prices are expected to edge higher till Rs 418 Rs 419 one can buy on dips around Rs 413 -412 with a stop loss below Rs 409.50.

Nickel prices are expected to witness a range bound move from Rs 870 to Rs 890. One can trade within the range.

Lead prices are expected to trade sideways from Rs 114 to Rs 112. one can buy with a stop loss below Rs 111.20

Crude prices are expected to hold Rs 5040 on lower end we expect a range bound session from Rs 5170 to Rs 5040 for the day.

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source by Moneycontrol.com