Silver futures up on spot demand

Silver prices rose 0.03 per cent to Rs 37,317 per kg at the futures trade on Wednesday due to fresh positions created by speculators.

On the Multi Commodity Exchange, silver for delivery in July contracts went up by Rs 11, or 0.03 per cent, to Rs 37,317 per kg in a business turnover of 18,008 lots.

Similarly, the white metal for delivery in September contracts was trading higher by Rs 16, or 0.04 per cent, to Rs 37,720 per kg in a business turnover of 7,714 lots.

Market analysts attributed the rise in silver futures to fresh positions created by participants owing to an uptick in demand at the spot market.

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Gold futures up on fresh bets

Gold prices rose by Rs 29 to Rs 33,053 per 10 gram in the futures trade Wednesday as participants created fresh positions, tracking a firm trend in the domestic markets.

On the Multi Commodity Exchange, gold for delivery in August contracts traded higher by Rs 29, or 0.09 per cent, to Rs 33,053 per 10 gram in a business turnover of 17,767 lots.

The gold for delivery in October contracts also rose by Rs 14, or 0.04 per cent, to Rs 33,225 per 10 gram in 2,892 lots.

Market analysts said the rise in gold prices at futures trade was mostly due to widening of positions by participants in domestic markets.

Globally, the gold was trading a shade lower by 0.13 per cent at USD 1,348.90 an ounce in New York.

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Gold inches lower as trade optimism, dovish ECB lift equities

Gold prices inched lower on Wednesday as hopes of a resolution to the Sino-U.S. trade spat and a dovish European Central Bank lifted riskier assets, while investors awaited the U.S. Federal Reserve's monetary policy decision later in the day.

Spot gold fell 0.09% to $1,344.92 per ounce, as of 0424 GMT, while U.S. gold futures declined 0.2% to $1,348.40 an ounce.

"We have equity markets surging because of (U.S. President Donald) Trump tweet last night, which has taken a lot of the scepticism out of the market," said Stephen Innes, managing partner at SPI Asset Management.

Equity markets jumped after Washington said it would resume trade talks with Beijing and as investors dared to hope the U.S. Federal Reserve would follow the lead of the ECB and open the door to future rate cuts at its policy meeting.

Trump said on Tuesday he had spoken to Chinese President Xi Jinping and that the two leaders' teams would restart trade talks after a long lull in order to prepare for a meeting at the G20 summit later this month.

There are a lot of uncertainties in the market, including tensions in the Middle East and a dovish Fed narrative, which should give support to gold, Innes said.

All eyes are now on the Fed which is scheduled to release a statement at 1800 GMT, followed by a press conference by Chairman Jerome Powell.

The Fed is widely expected to stand pat on monetary policy this time but open the door for an interest rate cut at its next meeting in July.

"We urge investors to temper bullish expectations on gold as an improvement in risk appetite from dovish monetary policy will cap gains for the non-interest bearing asset," Phillip Futures said in a note.

Denting the metal's appeal, the dollar index held near a more than two-week high, supported by a dovish ECB and bearish eurozone economic data.

"If the Fed comes out dovish or more dovish or as dovish as markets are pricing, it will weaken the U.S. dollar, which will add to gold's allure," Innes from SPI Asset Management said.

Among other precious metals, silver dipped 0.4% to $14.94 per ounce, while platinum rose 0.2% to $801.37.

Palladium was up 0.2% at a fresh 12-week high of $1,482.55 per ounce.

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Gold prices edge up as dollar stalls ahead of Fed meet

Gold prices edged higher on Tuesday as the dollar pulled back from multi-week highs ahead of the U.S. Federal Reserve's two-day monetary policy meeting.

Spot gold was up 0.2% at $1,341.38 as of 0344 GMT.

U.S. gold futures also rose 0.2% to $1,345.20 an ounce.

"The overall sentiment in the gold markets is positive. There are expectations that the Fed will cut interest rates, which has weakened the dollar and remains a main driver for prices," said Helen Lau, analyst, Argonaut Securities.

The dollar index against basket of major currencies was down 0.1% on Tuesday, making bullion cheaper for investors holding other currencies.

The dollar was slightly undermined by the New York Fed's business index showing a record fall this month to its weakest level in more than 2-1/2 years.

At the current level, there could be some fluctuations in gold prices as there are still some mixed views on the rate cut and some investors are cautious ahead of the Fed's decision, Lau said.

The Fed's two-day policy meeting starting later on Tuesday is the next major focus after markets have priced in more than two 25 basis-point rate cuts by year-end.

That marks a sharp contrast to the Fed's official forecast in March, which showed policymakers deemed the next move would be a hike.

The expectations of an interest cut has been gradually increasing amid the raging U.S.-China trade war, signs of the U.S. economy losing steam and pressure by President Donald Trump to ease policy.

All these factors boosted bullion's appeal, with the yellow metal gaining nearly 6% since touching its 2019 low of $1,265.85 in early May.

Meanwhile, the U.S. central bank is expected to leave borrowing costs unchanged this time but possibly lay the groundwork for a rate cut later this year.

"We think that the Fed will not raise rates in June and with regards to policy wording, we could see a slightly less accommodative tone than what the market is expecting," INTL FCStone analyst Edward Meir said in a note.

"In which case the dollar could firm up somewhat further and perhaps pressure gold lower into its trading range."

On the technical front, spot gold may break a support at $1,337 per ounce and fall to the next support at $1,324, according to Reuters technical analyst Wang Tao.

Among other precious metals, silver eased 0.1% to $14.84 per ounce, while palladium gained 0.5% to $1,457.75.

Platinum edged 0.1% lower to $791.59 an ounce after falling to its lowest since May 31 at $786 earlier in the session.

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Silver futures fall on weak trend overseas

Silver prices eased by Rs 7 to Rs 37,028 per kg in futures trade on June 17 as speculators cut positions amid a weak trend overseas.

On the Multi Commodity Exchange, silver contracts for July moved down by Rs 7, or 0.02 percent, to Rs 37,028 per kg in a business turnover of 19,052 lots.

However, silver for September delivery rose by Rs 6, or 0.02 percent, to Rs 37,425 per kg in 7,209 lots.

Analysts said cutting down of positions by speculators, in line with a weak trend overseas, led to the fall in silver price.

Globally, silver was trading 0.09 percent lower at $14.79 an ounce in New York.

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Gold off 14-month peak as strong US retail sales data lifts dollar

Gold prices on Monday edged away from a 14-month peak hit in the previous session, with the dollar gaining after encouraging U.S. retail sales data tempered fears about a sharp downturn in the world's largest economy.

FUNDAMENTALS

Spot gold was down 0.2% at $1,338.97 as of 0113 GMT, after hitting its highest since April 11, 2018 at $1,358.04 on Friday.

U.S. gold futures fell 0.3% to $1,340.20 an ounce.

U.S. retail sales increased in May and sales for the prior month were revised higher, suggesting a pick-up in consumer spending that could ease fears the economy was slowing down sharply in the second quarter.

The retail report also sent the dollar and short-dated U.S. Treasury yields higher, flattening the yield curve.

The dollar index versus a basket of six major currencies hovered near a two-week high on Monday.

Focus was shifting to the U.S. Federal Reserve meeting on Tuesday and Wednesday.

According to CME's FedWatch tool, money market traders have slightly rolled back expectations of Fed easing following data that showed solid growth in domestic retail sales in May, but Fed funds rate futures are fully pricing in a 25-basis point cut by July.

The U.S. Trade Representative's Office on Monday will kick off seven days of testimony from U.S. retailers, manufacturers and other businesses about President Donald Trump's plan to hit another $300 billion worth of Chinese goods with tariffs.

U.S. Secretary of State Mike Pompeo told Fox News on Sunday that President Trump would raise the issue of Hong Kong's human rights with China's President Xi Jinping at a potential meeting of the two leaders at the G20 summit in Japan this month.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.6% to 764.10 tonnes on Friday from 759.70 tonnes on Thursday.

Hedge funds and money managers raised their net long positions in COMEX gold in the week to June 11, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

Physical gold discounts in India widened to their biggest in five months this week as an upsurge in local prices dampened purchases, while China and Singapore saw demand rise from investors looking to hedge against a global slowdown.

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Gold futures surge on fresh bets

Gold prices edged up by Rs 331 to Rs 33,290 per 10 gram at futures trade on Friday on firm demand by local jewellers at the spot markets in tandem with positive global sentiments.

On the Multi Commodity Exchange, gold to be delivered in June contracts was up by Rs 331, or 1 per cent, to trade at Rs 33,290 per 10 gram in a business turnover of 18,187 lots.

According to analysts, raising of bets by speculators at current levels mainly pushed up gold prices at futures trade here, along with strong trends overseas.

Globally, gold was trading 1.01 per cent up at USD 1,357.30 an ounce in New York.

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Gold hits one-week high on Fed rate cut expectations, Middle East tensions in focus

Gold prices rose to their highest in a week on Friday, supported as weak U.S. economic data stoked expectations the Federal Reserve would cut interest rates.

Investors were also keeping a close eye on tensions in the Middle East after attacks on tankers there stoked U.S.-Iran tensions and raised concerns over supply flows through one of the world's main sea lanes.

Demand for gold often increases during times of political or economic uncertainty as it is widely viewed as a safe-haven asset.

- Spot gold was up 0.1% at $1,342.69 as of 0104 GMT, after hitting its highest since June 7 at $1,344.94.

- U.S. gold futures rose 0.3% to $1,347.20 an ounce.

- The number of Americans filing applications for unemployment benefits unexpectedly rose last week, adding to concerns about U.S. labour market after job growth slowed sharply in May.

- Other data showed U.S. import prices fell by the most in five months in May in the latest indication of muted inflation pressures, adding to expectations the Fed will cut rates this year.

- Increased expectations of rate cuts pulled short-dated U.S. Treasury yields lower on Thursday, steepening the yield curve ahead of Friday's retail sales data and the Fed's meeting next week.

- The United States blamed Iran for the attacks on two oil tankers in the Gulf of Oman on Thursday that drove up oil prices and raised concerns about a new U.S.-Iranian confrontation, but Tehran bluntly denied the allegation.

- President Donald Trump's top economic adviser said the economic burden of a trade war between the world's two largest economies will shift to China, rather than the United States.

- Meanwhile, China's commerce ministry said Beijing will not yield to any "maximum pressure" from Washington, and any attempt by the United States to force China into accepting a trade deal will fail.

- The dollar index, which tracks the greenback against six major currencies, was steady on Friday.

- Asian stocks held their ground on Friday after Wall Street gained.

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Gold prices are expected to trade sideways today: Angel Commodities

On Wednesday, Spot gold prices ended higher by 0.49 percent to close at $1333.2 per ounce. Worries over global economic slowdown boosted the demand for he safe haven asset. On the MCX, Gold prices rose by 0.34 percent to trade at Rs.32742.0 per 10 grams. Moreover, the U.S. Federal Reserve might cut the interest rates considering global growth concerns which further supported the bullion metal. Even the U.S. consumer prices increased marginally last month, signalling towards slowdown in the economy which might further pressurized the Fed to trim the interest rates. Markets will have a keen watch on the next meeting of the US FED policymakers which is to be held on June 18-19, 2019.

Outlook

A possible rate cut by the U.S. FED might continue to help support Gold prices. On the MCX, gold prices are expected to trade sideways today, international markets are trading higher by 0.18 percent at $1333.65 per ounce.

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Gold futures up on spot demand

Gold prices rose 0.2 percent to Rs 32,810 per 10 gram in futures trade on June 13 as speculators built up fresh positions in domestic markets.

On the Multi Commodity Exchange, gold for delivery in August contracts traded higher by Rs 65, or 0.2 percent, to Rs 32,810 per 10 gram in a business turnover of 16,350 lots.

Analysts said the rise in gold prices was mostly on the back of fresh positions built up by the participants.

Globally, gold rose 0.32 percent at USD 1,341.10 an ounce in New York.

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जानिए क्या है सॉवरेन गोल्ड बॉन्ड

अगर आप गोल्ड में निवेश करने के बारे में सोच रहे हैं तो आरबीआई की सलाह पर भारत सरकार ने सॉवरेन गोल्ड बॉन्ड (SGB) स्कीम 2019-20 लॉन्च कर दी है। सॉवरेन गोल्ड बॉन्ड (SGB) योजना निवेशकों के लिए इस साल चार सीरीज में पेश की जाएगी। इस बार सॉवरेन गोल्ड बॉन्ड (SGB) हर महीने जून 2019 से सितंबर 2019 तक जारी किए जाएंगे। 

आइये जानते सॉवरेन गोल्ड बॉन्ड के बारे में विस्तार से

कहां से खरीदें सॉवरेन गोल्ड बॉन्ड (SGB):- 

सॉवरेन गोल्ड बॉन्ड में निवेश करने के लिए आपको सिड्यूल्ड कमर्शिय बैंक, स्टॉक होल्डिंग कॉरपोरेशन ऑफ इंडिया (SHCIL), कुछ चुनिंदा डाकघरों, बीएसई, एनएसई के जरिए कर सकते हैं।

सॉवरेन गोल्ड बॉन्ड में कौन कर सकते हैं निवेश 

इस स्कीम के तहत हिंदू अविभाजित परिवार, ट्रस्ट, विश्वविद्यालय या चैरिटेबल संस्था निवेश कर सकते हैं। निवेशकों को एक होल्डिंग सार्टिफिकेट जारी किया जाएगा और बॉन्ड डीमैट फॉर्म क रूप में मान्य होंगे।

मेच्योरिटी पीरियड 

बॉन्ड की अवधि 8 साल की होगी और 5 वें साल में आपके पास बाहर निकलने का विकल्प होगा। जिसका प्रयोग ब्याज तय तारीखों पर किया जा सकेगा।  इसका भुगतान चेक या इलेक्ट्रॉनिक बैंकिंग के जरिए होगा।

सॉवरेन स्वर्ण बॉन्ड के बिक्री की तारीख 

रिजर्व बैंक चार सीरीज में सॉवरेन स्वर्ण बॉन्ड योजना पेश करेगा। इनमें सबसे पहले सीरीज-1 के सॉवरेन स्वर्ण बॉन्ड आगामी 11 जून 2019 को जारी किए जाएंगे। इसके तहत अभिदान 3 से 7 जून के बीच किया जा सकेगा। इसी तरह अंतिम सॉवरेन स्वर्ण बॉन्ड 17 सितंबर 2019 को जारी होंगे। सॉवरेन स्वर्ण बॉन्ड योजना निम्न तारीखों के मुताबिक जारी किए जाएंगे।

निवेश की सीमा 

गोल्ड बॉन्ड में निवेश करनेकी सीमा कम से कम एक ग्राम है और अधिक से अधिक 4 किलोग्राम तक इनवेस्टमेंट कर सकते हैं। एक ग्राम सोने का एक यूनिट माना जाएगा। ट्रस्ट और अन्य संस्थान अधिकतम 20 किलोग्राम तक निवेश कर सकते हैं।

मूल्य (प्राइस)

रजिस्ट्रेशन से पहले भारतीय बुलियन एंड ज्वैलर्स एसोसिएशन (IBJA) द्वारा 999 प्योरिटी (शुद्धता) वाले सोने की साधारण कीमत के आधार पर बॉन्ड की कीमत तय की जाएगी। यही नहीं, गोल्ड बॉन्ड्स का निर्गम मूल्य उन लोगों के लिए 50 रुपये प्रति ग्राम कम होगा जो ऑनलाइन सदस्यता लेते हैं और डिजिटल मोड के माध्यम से पेमेंट करते हैं। 

पेमेंट 

गोल्ड बॉन्ड में निवेश के पेमेंट करने के लिए आप नकद, डिमांड ड्राफ्ट, चेक या नेट बैंकिंग के जरिए कर सकते हैं।

इंट्रेस्ट रेट ( ब्याज दर) 

निवेशकों को हर साल 2.50 फीसदी की एक निश्चित दर लागू होगी।

इन दस्तावेजों की होगी जरूररत  

इस योजना में निवेश के लिए केवाईसी के नियमों का पालन करना होता है। जो वास्तविक सोने की खरीद के लिए होते हैं। केवाईसी दस्तावेज जैसे मतदाता कार्ड, आधार कार्ड/पैन या टैन/पासपोर्ट जरूरी होंगे। हर आवेदन के साथ आयकर विभाग द्वारा जारी निवेशक/ निवेशकों का पैन नंबर होना चाहिए।

गोल्ड बॉन्ड में टैक्स

गोल्ड बॉन्ड पर ब्याज इनकम टैक्स कानून को तहत होगा। हालांकि किसी व्यक्ति को गोल्ड बांड को भुनाने पर उत्पन्न होने वाले पूंजीगत लाभ कर में छूट दी गई है। बांड के हस्तांतरण पर किसी भी व्यक्ति को होने वाले दीर्घकालिक पूंजीगत लाभ के लिए सूचकांक लाभ प्रदान किया जाएगा।

ट्रेडबिलिटी ( परंपरा) 

आरबीआई क नोटिफिकेशन के मुताबिक, बॉन्ड जारी होने के एक पखवाड़े (फोर्टनाइट) के भीतर बॉन्ड एक्सचेंजों पर ट्रेडबल हो जाएगा।

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Gold gains on Fed rate cut hopes, trade worries

Gold prices advanced on June 13 as demand for the safe-haven metal rose on expectations of an interest rate cut by the US Federal Reserve following soft inflation data, and on escalating trade tensions between the world's top two economies.

Spot gold was up 0.3% at $1,336.45 per ounce, as of 0309 GMT. US gold futures were also 0.3% higher, at $1,340.10 an ounce.

"We can see strong support at $1,330 for gold, and the metal looks to trade upside with expectations of lower interest rates," said Peter Fung, head of dealing at Wing Fung Precious Metals.

"Also, we are still worried about the (US-China) trade war and people are still looking at gold as a safe haven," he said.

Data from the Labor Department showed on June 12 US consumer prices barely rose in May, pointing to moderate inflation that together with a slowing economy increased pressure on the Federal Reserve to cut interest rates this year.

Fed policymakers are scheduled to meet on June 18-19 against the backdrop of rising trade tensions, slowing growth and a sharp step-down in hiring in May which have led financial markets to price in at least two rate cuts by the end of 2019.

Lower interest rates decrease the opportunity cost of holding non-yielding bullion and weigh on the dollar, making gold cheaper for investors holding other currencies.

The dollar index versus a basket of six major currencies was down 0.1% on June 13, having risen more than 0.3% overnight.

On the trade front, US President Donald Trump said he had a "feeling" a US-China trade deal could be reached, but reiterated his threat of increasing tariffs on Chinese goods if there is no agreement.

However, Trump declined to set a deadline for levying tariffs on another $325 billion of Chinese goods and called the relationship with Beijing good but "testy" after China walked back commitments for a trade deal.

Meanwhile, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.5% to 759.70 tonnes on June 12 from 756.18 tonnes on June 11.

Among other precious metals, silver rose 0.4% to $14.79 per ounce and platinum gained 0.3% to $811.

Palladium fell 0.3% to $1,401.55 an ounce after hitting a more than one-month high of $1,414.40 in the previous session.

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Gold futures jump Rs 188 to Rs 32,820 on global cues

Gold prices rose by Rs 188 to Rs 32,820 per 10 gram in futures trade on June 12 as participants created fresh positions, tracking a firm trend overseas.

On the Multi Commodity Exchange, gold contracts for August delivery traded higher by Rs 188, or 0.58 percent, at Rs 32,820 per 10 gram in a business turnover of 16,277 lots.

Similarly, the precious metal for October delivery moved up 0.44 percent to Rs 32,946 per 10 gram in a business turnover of 2,017 lots.

Analysts said investors are putting money in gold over growing worries about global economic growth with trade tensions between the US and China showing no signs of easing.

Globally, the yellow metal was trading higher by 0.64 percent at USD 1,334.91 an ounce in Singapore.

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Silver futures up 0.51% on global cues

Silver futures traded 0.51 percent higher at Rs 36,924 per kg on June 12 as speculators raised bets, driven by a firm trend overseas.

Silver contracts for July delivery rose by Rs 189, or 0.51 percent, to Rs 36,924 per kg in a business turnover of 22,612 lots on the Multi Commodity Exchange.

Silver contracts for September delivery also shot up by Rs 155, or 0.42 percent, to Rs 37,330 per kg in 6,168 lots.

Analysts said widening of positions by traders, in sync with a firm trend overseas for precious metals, mainly influenced silver prices here.

In the international market, silver traded 0.58 percent higher at USD 14.83 an ounce in New York.

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Silver prices fall by Rs 16 per kg on profit-booking

Silver prices fell by Rs 16 to Rs 36,525 per kg in futures trade on June 11 amid profit-booking by speculators.

At the Multi Commodity Exchange, silver contracts for July delivery dipped by Rs 16, or 0.58 percent, to Rs 36,525 per kg, clocking a business volume of 23,663 lots.

The white metal contracts for September delivery also traded lower by Rs 86, or 0.23 percent, to Rs 36,969 per kg in 6,106 lots.

Marketmen said profit-booking at prevailing levels led to the fall in silver prices at futures trade.

In the international market, silver rose 0.04 percent to $14.65 an ounce in New York.

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Gold prices are expected to trade higher today: Angel Commodities

On Monday, Spot gold prices ended lower by 0.94 percent to close at $1327.7 per ounce. Prices declined as risk appetite amongst inventors boosted after U.S. President Trump decided not to impose tariffs on Mexico. Even the Dollar strengthened and the markets shifted towards riskier assets which weighed on the yellow metal prices. U.S. & Mexico struck a deal last week, side stepping a possible trade war and averting chances of an economic slowdown which dented the appeal for the safe haven asset. On the MCX, gold declined by 0.84 percent to trade at Rs.32660.0 per 10 grams.

Outlook

We expect gold prices to trade lower after worries over a global slowdown eased a bit after US and Mexico struck a deal and averted the chances of a possible trade war. On the MCX, gold prices are expected to trade higher today, international markets are trading higher by 0.25 percent at $1332.65 per ounce.

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Gold futures down in afternoon trade

Gold prices fell by Rs 224 to Rs 32,712 per 10 gram at 6 pm in futures trade on June 10 as traders booked profit after Mexico reached a trade deal with the US.

The yellow metal touched an intraday high of Rs 32,850 and an intraday low of Rs 32,638 per 10 gram.

On the Multi Commodity Exchange, Gold contracts for October delivery traded lower by Rs 243, or 0.73 percent, at Rs 32,855 per 10 gram in a business turnover of 1,892 lots, while the August contract saw a business turnover of 16,475 lots.

Similarly, Gold Mini contract for July traded lower by Rs 209 at Rs 32,658 in a business turnover of 8,732 lots.

MCX Gold has intraday support at Rs 32,530 whereas resistance is at Rs 33,040, according to Motilal Oswal.

Spot gold traded lower by $15.18 at $1325.12 an ounce in New York retreating from a 14-week high hit on June 7.

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Silver futures shed on low demand

Silver prices fell 0.37 percent to Rs 36,847 per kg Monday as participants reduced their exposure in tandem with low demand at the spot market.

On the Multi Commodity Exchange, silver to be delivered in July contracts was trading lower by Rs 497, or 0.37 percent, to Rs 36,847 per kg in a business turnover of 22,397 lots.

Similarly, the white metal for delivery in September contracts was down by Rs 464, or 1.23 percent, to Rs 37,325 per kg in 5,121 lots.

Analysts attributed the weakness in silver prices at futures trade to cutting down of positions by participants to book profits at current levels.

Meanwhile, silver was trading 1.77 percent higher at USD 14.77 an ounce in New York.

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Gold off 14-month peak as US-Mexico deal cools safe-haven demand

Gold prices retreated from a 14-month peak on June 10 after an agreement between the United States and Mexico to avert a tariff war crimped safe-haven demand for the yellow metal.

Spot gold was down 0.9% at $1,328.08 per ounce, as of 0530 GMT. In the previous session, the bullion hit its highest since April 19, 2018 at $1,348.08 an ounce.

US gold futures fell 1% to $1332.20 an ounce.

"Talks between the US and Mexico seem to have smoothened out already and the (gold) market seems to have lost its safe-haven appeal a little bit," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.

"However, hopes that the US Federal Reserve will reduce the interest rate is still looking a little positive for gold."

The United States and Mexico struck a deal on June 7 to avert a tariff war, with Mexico agreeing to rapidly expand a controversial asylum programme and deploy security forces to stem the flow of illegal Central American migrants.

US President Donald Trump also defended the deal with Mexico against criticism that there were no major new commitments to stem a flow of Central American migrants crossing into the United States, and said on Sunday more details would soon be released.

US stock futures and Asian shares rose on June 10 after the United States dropped its threat to impose tariffs on Mexico in a deal to combat illegal migration from Central America, and as weak US jobs data raised hopes for US interest rate cuts.

Investors will now look for any developments in Sino-US trade, with a protracted spat between the two countries keeping market optimism under wraps.

On Saturday, the chief editor of China's Global Times newspaper said China is preparing to curb some technology exports to their trade adversaries, thawing hopes of a Mexico-like settlement to the Sino-US trade war.

China's trade surplus with the United States, which has been a major sticking point with Washington, rose to $26.89 billion in May, from $21.01 billion in April, customs data showed on June 10.

Also cushioning gold's losses were increasing bets of a US Federal Reserve rate cut, as trade tensions and soft economic data from the country cast a cloud on global economic outlook.

Fed fund futures now price in more than two 25-basis point rate cuts by the end of this year, with one almost fully priced in by July.

Lower interest rates increase the opportunity cost of holding gold.

Speculators have also raised their net long positions in COMEX gold in the week ended June 4, data from the US Commodity Futures Trading Commission (CFTC) showed on June 7.

Elsewhere, silver shed 1.3% to $14.79 per ounce.

Platinum traded steady at $806.28 an ounce, while palladium dipped 0.3% to $1,353.55 an ounce.

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Gold futures down on profit-booking

Gold prices fell by Rs 17 to Rs 32,783 per 10 gram in futures trade on June 7 amid profit-booking by speculators, in tandem with weakening prices overseas.

On the Multi Commodity Exchange, gold contracts for August delivery traded lower by Rs 17, or 0.05 percent, at Rs 32,783 per 10 gram in a business turnover of 16,529 lots.

Similarly, the metal for delivery in October was down by Re 1 to Rs 32,936 per 10 gram in 1,726 lots.

Analysts attributed the fall in gold prices to trimming of positions by participants to book profits.

Globally, gold traded 0.36 percent lower at USD 1,337.80 an ounce in New York.

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