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Gold steady near 3-1/2 month high, focus on Trump economic policy

Gold prices held steady on Friday near 3-1/2-month highs hit in the previous session amid tempered expectations of a U.S. rate hike in March and as investors awaited clarity on President Donald Trump’s economic policy.

Spot gold was mostly unchanged at $1,249.37 per ounce at 0326 GMT after hitting its highest since Nov. 11, 2016 at $1,251.14 in the previous session. The metal has gained more than 1 % so far this week. U.S. gold futures were also firm at $1,250.80.

Spot gold may gain more to $1,278 as it has more or less broken above a resistance at $1,249, Reuters technical analyst Wang Tao said.

“Thursday’s action showed us that gold bugs assumed that the U.S. Federal Reserve will likely stand pat in March and may not move until much later,” INTL FCStone analyst Edward Meir said.


Menthaoil trading range for the day is 1009-1025.2.Mentha oil spot at Sambhal closed at 1147.20 per 1kg. Spot prices was up by Rs.0.60-.Mentha oil prices ended with losses amid muted demand in the domestic spot market.Further, ample stocks position on higher supplies from producing belts of Chandausi in Uttar Pradesh, too influenced mentha oil pricesPressure also seen on the speculation the area under cultivation can increase this year resulting good production.

Naturalgas trading range for the day is 162-191.8.Natural gas dropped as forecasts continued to call for mostly warmer-than-normal weather in key regions across the U.S. for the rest of the winter.Prices of the heating fuel are down a whopping 29% so far this year as forecasts for warm winter weather weighed on heating demand expectations.Total natural gas in storage currently stands at 2.445 trillion cubic feet, according to the U.S. EIA, 12.4% lower than levels at this time a year ago.

Agriculture Minister Expects Record Rabi Crop Production On Sharp Rise In Sowing Acreage

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As per latest release by Agriculture , the sowing of wheat grew by 7%, while the increase in pulses was 11% and in oilseeds it was 6% as compared to last year. As a result, we are expecting 221.4 LMT record production in pulses. Similarly the wheat production is expected to be 965 LMT.

Union Government has framed a policy to transfer the MSP directly to the accounts of farmers in a transparent manner. Government has increased the MSP of pulses and oilseeds considerably and there is steady increase in the MSP of paddy and wheat.

The minister told that during the ongoing Kharif Marketing Season a record 444 LMT of paddy has been procured from the farmers. The minister said that farmers have produced record pulses, however, there were complaints that they were not getting even then MSP for Moong and Arhar.

The Government immediately responded, first, by increasing the buffer stock of pulses from 1.5 MT to 20 LMT in order to protect farmers’ interests. Further the Government has engaged 3 central agencies viz. FCI, NAFED and SFAC to procure pulses directly from farmers which is still going on.

Gold prices steady, focus shifts to timing of US rate hikes

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Gold prices held steady on Monday, with investors looking ahead to a clutch of speeches from U.S. Federal Reserve officials later in the week for clues on the timing of possible interest rate hikes.

Spot gold had edged down 0.1 percent to $1,234.28 per ounce by 0319 GMT, while U.S. gold futures fell 0.3 %to $1,235.2. Spot gold may break support at $1,233 per ounce, according to Reuters technical analyst Wang Tao.

Gold trading range for the day is 29223-29517.Gold prices eased but notched a weekly gain as investors opted for the safe-haven qualities of bullion due to uncertainty about U.S. and European politics.Fed Chair Janet Yellen said U.S. interest rates may need to be raised in March.Holdings of SPDR Gold, have risen 5.6 % so far this month, the most since June 2016.

Silver Hits Above $18 Levels

Silver trading range for the day is 42689-43123.Silver prices ended with a loss but tallied a third consecutive weekly gain as political uncertainty continued to boost investment demand for the metal.
Silver futures managed to recover as a rebound in global Gold futures helped sentiments. COMEX Silver futures extended rally after testing a five month low under $16 per ounce. Increase in demand prospects from solar equipment industry in 2017 is triggering good bargain buying. Silver outsmarted Gold sharply last year.


The white metal added about 17% in value, closing the year around $16.30 per ounce. However, retail demand in India remains lax following the Demonetization move and would take a while to rebound. India’s Silver imports also slipped by 33% to Rs 196 crores. COMEX Silver ended just above $18 per ounce levels. MCX Silver futures for March also rose near Rs 43000 per kg levels after testing lows near Rs 42K.

Aluminium futures keep head above water

Aluminium futures were trading higher during morning trade in the domestic market on Wednesday as investors and speculators build up fresh bets in the industrial metal amid increase in physical demand for aluminium at the domestic spot market.


Aluminium trading range for the day is 124.5-127.9.Aluminium prices gained on renewed concerns about potential closures of Chinese smelters to cut pollution.In a sign of growing public anger about pollution, hundreds of residents in a northeastern Chinese city protested against the building of an aluminium processing plant.If the proposed measures are applied this should impact a significant proportion of current China steel and aluminium output.

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At the MCX, aluminium futures for February 2017 contract is trading at Rs 126.60 per kg, up by 0.56 per cent, after opening at Rs 126.40, against a previous close of Rs 125.90. It touched the intra-day high of Rs 126.60


Leading finance company, Muthoot Finance Ltd has informed in a filing to the Bombay Stock Exchange that the Board of Directors of the Company in its meeting held on February 13, 2017, have decided to make an additional investment in M/s. Muthoot Homefin (India) Limited (MHIL), Subsidiary Company by way of purchase of 17,00,000 equity shares of face value Rs. 10/- each at a price of Rs. 11.37/- per share aggregating to Rs. 1.93 Crs approximately from an existing shareholder.

Post the investment, Muthoot Finance Ltd. will have 88.27 per cent shareholding in MHIL. Meanwhile, shares of the company were trading at Rs 334.80 apiece, up 1.92 per cent from the previous close at 09:30 hours on BSE.

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J&K Bank to raise Rs 250 cr via issue of shares to state government


J&K Bank will issue over 3.65 crore shares on preferential basis to the state government to raise Rs 250 crore. J&K Bank said the allotment to Government of Jammu & Kashmir, promoter and majority shareholder of the bank, will be at Rs 67.39 per share aggregating to over Rs 249.99 crore. “It is proposed to offer, issue and allot on a preferential basis, equity shares of the Bank for an amount not exceeding Rs 250 crore to the J&K Government,” J&K Bank said in a regulatory filing.

It said it is raising funds to meet needs of bank’s growing business, including long term capital requirements for pursuing its growth plans and to maintain its capital adequacy ratio. The bank will issue 3,65,55,051 equity shares to the state government.


“The preferential issue is proposed to be made to the J&K Government, the promoter and majority shareholder of the bank, who’ve conveyed their intention to infuse capital into the bank. With the preferential issue of shares, Jammu & Kashmir Government’s stake in the bank will rise to 56.45 percent from 53.17 per cent as of now.


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Copper futures rise on increasing demand

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Copper futures were trading higher during afternoon trade in the domestic market on Friday on the back of a firm overseas trend and increased domestic demand.

Market analysts said besides increased demand from consuming industries, a firm trend in base metals at the LME as strengthening prospects of disruptions at the world s two largest mines threatened to send the market into a global shortage, mainly influenced copper prices at futures trade.

At the MCX, copper futures for February 2017 contract is trading at Rs 395.40 per kg, up by 1.23 per cent, after opening at Rs 392, against a previous close of Rs 390.60. It touched the intra-day high of Rs 395.60.