Browse Category: Gold Market Tips

Gold Hits One-Week Low After US Jobs Data Beats Forecasts

Gold fell as much as 1.2 % on Friday, as the dollar rose after U.S. data showed employment increased more than expected in July, raising the probability of an interest rate hike from the Federal Reserve this year.

Nonfarm payrolls increased by 255,000 jobs last month as hiring rose broadly after an upwardly revised 292,000 surge in June, the Labor Department said on Friday.

Spot gold, steadier initially, fell to one-week low of $1,344.85 an ounce and was down 1.1 % at $1,345.51 by 1326 GMT.
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SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.37 % to 973.21 tonnes on Thursday.

Among other precious metals, spot palladium was down 0.6 percent at $699.40 an ounce. The metal, used in autocatalysts and as an investment, was heading for its first weekly loss after six weeks of gains.

Physical gold sales remained sluggish in Asia this week, but appetite is expected to pick up with festive seasons approaching in top markets India and China.

Economists polled by Reuters had forecast payrolls increasing 180,000 in July and the unemployment rate dipping one-tenth of a percentage point to 4.8%.

Oil Prices Fall As Short-Covering Rally Fizzles, Oversupply Weighs

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Oil prices fell on Friday as a crude and refined product glut weighed on markets and investors eyed a possible stutter in China’s imports, ending a two-day short-covering rally.
U.S. West Texas Intermediate (WTI) crude futures were trading at $41.59 per barrel at 0340 GMT, down 34 cents, or 0.81 %, from their last close. International Brent crude futures were trading at $43.89 per barrel, down 40 cents, or 0.90 %.

Traders said oil markets came under renewed pressure from overproduction in crude and refined products that has left onshore storage tanks filled to the rims and triggered the chartering of tankers to store unsold fuel.Visit Us www.ripplesadvisoryx.com/freetrial.php or Get Free Trials Just Give One Missed Call @98-27-80-80-90.

“Oil prices rallied (Wednesday and Thursday) despite little fundamental data. However, with CFTC data showing investors increased their shorts positions the most ever for the week ending 26 July, this suggests a short covering rally,” ANZ bank said on Friday.

In oil market news, Yahoo’s standalone messenger software, the main tool used by traders to communicate since the late 1990s, is due to shut down on Friday, leaving market participants with a fragmented choice of alternatives, including Eikon Messenger, ICE Instant Messaging, Symphony, Bloomberg Messenger, Twitter and WhatsApp.

MCX MORNING TREND NEWS UPDATE

MORNING TREND

GOLD

SUPPORT: 31350/31500
RESISTANCE: 31800/31950
TREND: SIDEWAYS

SILVER
SUPPORT: 47000/47300
RESISTANCE: 47900/48300
TREND: SIDEWAYS

CRUDE OIL
SUPPORT: 2640/2700
RESISTANCE: 2790/2840
TREND: SIDEWAYS

COPPER
SUPPORT: 319/322
RESISTANCE: 328/331
TREND: SIDEWAYS

Gold Dips On Firmer Dollar After U.S. Jobs Data

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Gold dipped in early trade on Thursday, extending its losses from the previous session on a firmer dollar following stronger-than-expected U.S. employment data.

FUNDAMENTALS

* Spot gold slipped about 0.2 percent to $1,355.60 an ounce by 0056 GMT. Bullion ended down 0.4 % at $1,357.50 on Wednesday.

* U.S. gold edged down 0.2 % at $1,362.30 an ounce.

* U.S. private employers added 179,000 jobs in July, above economists’ expectations, a report by a payrolls processor showed on Wednesday.

* The dollar index, which tracks the greenback against a basket of six major rivals, was firm at 95.562 , holding well above a six-week low touched earlier this week.

* Economists polled by Reuters are looking for U.S. non-farm employment to have risen by 180,000 in July, while the unemployment rate is forecast to edge down to 4.8 % from June’s 4.9 %. The official payrolls numbers are released on Friday.
Holdings of SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, fell 0.03%to 969.65 tonnes on Wednesday.

Gold Flirts With 2-Year High As Dollar Crashes To New Lows

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Gold rose to a three-week high on Tuesday as European and U.S. shares fell and the dollar hit its lowest in over a month after last week’s soft U.S. growth data dented expectations for a near-term interest rate hike.

Spot gold was up 0.9 % at $1,365.09 an ounce by 2:44 p.m. EDT (1844 GMT), after rising to $1,367.33, the highest since July 11.

U.S. gold futures for December delivery settled up 1 %at $1,372.60.

SPDR Gold Shares saw its biggest one-day inflow since late June, on Monday, while inflows of the six silver ETFs followed by Reuters rose to a record high.

Gold for December delivery on the Comex division of the New York Mercantile Exchange jumped to an intraday peak of $1,370.15 a troy ounce, the most since July 11, when prices surged to a more than two-year high of $1,377.50. It was last at $1,369.75 by 12:45GMT, or 8:45AM ET, up $10.15, or 0.75%. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, sank to a daily low of 95.25, a level not seen since June 24.

Above Average Rainfall Likely In Monsoon’s Second half IMD

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In a prediction that will being cheer to farmers, the IMD said on Tuesday that rainfall in the second half of the monsoon from August to September is likely to be above average.

The India Meteorological Department (IMD) also said that the rains in July this year had been about 7 % above Long Period Average (LPA) – the first time in two years, third time in last ten years and only 14 times in last since 1970 that India received rainfall above LPA.

Though the first half of the monsoon is crucial since the paddy is planted toward this time but the second half is more crucial as paddy requires water till September end. The second half is also important for the arhar (pulses) crop.

The IMD however added that the rainfall in June this year had been 11 % below the LPA, but the first half of the monsoon season (June-July) is normal.

“West Uttar Pradesh, Madhya Pradesh, East Rajasthan, Vidarbha, Marathawada, Madhya Maharashtra, North interior Karnataka, Rayalaseema and Tamil Nadu have received wide spread and excess rainfall during July 2016,” it said.

The weather department had predicted the June-September monsoon rains to be 106 % of the LPA.

क्रूड लुढ़का, अमेरिकी बाजार मिलेजुले बंद

क्रूड की गिरावट से कल के कारोबार में अमेरिकी बाजारों में दबाव देखने को मिला। क्रूड में 2 फीसदी की गिरावट हुई और ये 43 डॉलर के नीचे चला गया। क्रूड की इन्वेटरी बढ़कर 300,000 बैरल पहुंच गई है। लेकिन फेसबुक, एप्पल और एमेजॉन की मजबूती से नेस्डैक साल की ऊंचाई पर बंद हुआ।
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फेसबुक की विज्ञापन से होने वाली आय बढ़ी है। टेक शेयरों में तेजी से बाजार को सहारा मिला। जबकि फोर्ड मोटर्स के नतीजे अनुमान से कमजोर रहे हैं। आगे भी ऑटो की बिक्री घटने की आशंका है।

इस बीच अमेरिका में बेरोजगारी आकंडे बढ़कर 266000 पर पहुंच गए हैं। वहीं यूरोप के बाजारों में गिरावट देखने को मिली। बाजारों की नजर अब बैंक ऑफ जापान के फैसले पर टिकी हुई है।
गुरुवार के कारोबारी सत्र में डाओ जोंस 15.82 अंक यानी 0.09 फीसदी घटकर 18456.35 पर, एसएंडपी-500 इंडेक्स 3.48 अंक यानी 0.16 फीसदी बढ़त के साथ 2170.06 पर और नैस्डेक 15.17 अंक यानी 0.30 फीसदी की बढ़त के साथ 5154.98 पर बंद हुआ

Brent Crude Oil News Update

Oil prices recovered slightly from April lows in early trading on Thursday, but the outlook for the industry remained weak as crude producers and fuel refiners continue to pump out more than the market can consume.

International Brent crude oil futures were trading at $43.61 at 0118 GMT, up 14 cents from their previous close. U.S. West Texas Intermediate (WTI) crude was at $42.06, up 14 cents.

Brent and WTI hit their lowest since April in the previous session, at $43.27 and $41.68 per barrel, respectively, after U.S. government data revealed a surprise build in crude and gasoline inventories. The build adds to an already huge global refined product glut just as slowing economic growth dents the demand outlook for crude.

Oil prices were sold off heavily after the weekly EIA report showed a surprise build in crude oil inventory. The 1.7 million barrel increase (to 521.1 million barrels) was against market expectations of a 2.3 million fall. U.S. oil production also increased,” ANZ bank said on Thursday.
Oil markets have been dogged by oversupply for the last two years, which pulled down prices by as much as 70% between 2014 and early 2016, when Brent hit the lowest in more than a decade at around $27 per barrel.

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Silver Falls Rs 88, Hurt By Global Cues

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Taking weak cues from overseas markets, Silver prices fell by Rs 88 to Rs 46,385 per kg in futures trade today.

In futures trading at the Multi Commodity Exchange, silver for delivery in September was trading lower by Rs 88, or 0.19 percent, at Rs 46,385 per kg in a business turnover of 341 lots.

Similarly, the white metal for delivery in far-month December declined by Rs 67, or 0.14 percent, to Rs 47,485 per kg in a business volume of 14 lots.

In the international market, silver fell 0.43 % to USD 19.51 an ounce in New York yesterday. Traders said the fall in silver prices was largely in line with a weak trend in precious metals at global markets as a stronger dollar and rebound in equities cut demand for the precious metals.