Showing posts with label mcx gold. Show all posts
Showing posts with label mcx gold. Show all posts

Wednesday, 3 April 2019

Gold inches lower as equities hover near seven-month peak


Gold prices slipped on Wednesday, after touching their lowest level in four weeks in the previous session, as equities traded near a seven-month high, denting bullion's appeal.

FUNDAMENTALS

Spot gold dipped 0.1 percent to $1,291.65 per ounce by 0106 GMT, after touching its lowest since March 7 at $1,284.76 in the previous session.

U.S. gold futures were flat at $1,295.60 an ounce.

Asian shares hovered near seven-month highs on Wednesday as global investors took a breather from a rally boosted by positive U.S. and China factory activity surveys.

The dollar was down about 0.1 percent against key rivals, after touching its highest since March 8 in the previous session.

New orders for key U.S.-made capital goods slipped in February and shipments were unchanged, but data for January was revised slightly higher, which could support views that the manufacturing sector was stabilising.

British construction activity slowed slightly for the second month in a row in March, as businesses continued to postpone major building projects due to Brexit uncertainty, an industry survey showed on Tuesday.

International Monetary Fund Managing Director Christine Lagarde said on Tuesday that global growth has lost momentum amid rising trade tensions and tighter financial conditions, but pauses in rate hikes will help boost activity in the second half of 2019.

The United States and China "expect to make more headway" in trade talks this week, White House economic adviser Larry Kudlow said on Tuesday as the top U.S. business lobbying group said differences over an enforcement mechanism and the removal of U.S. tariffs were still obstacles to a deal.

Prime Minister Theresa May said on Tuesday she would seek another Brexit delay to agree an EU divorce deal with the opposition Labour leader, a last-ditch gambit to break an impasse over Britain's departure that enraged many in her party.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.6 percent on Tuesday.

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Source: Moneycontrol

Tuesday, 2 April 2019

Gold futures weaken to Rs 31,760 per 10 gram


Gold prices fell by Rs 82 to Rs 31,760 per 10 gram in futures trade on Tuesday as speculators reduced exposure despite a firm trend in the precious metal in overseas market.

At the Multi Commodity Exchange, gold for delivery in June traded lower by Rs 82, or 0.26 percent, at Rs 31,760 per 10 gram in a business turnover of 15,453 lots.

The gold for delivery in far-month August also fell sharply by Rs 60, or 0.19 percent, to Rs 31,870 per 10 gram in 3,222 lots.

Marketmen said the fall in gold prices in futures trade was mostly due to trimming of positions by participants in the domestic markets.

Globally, gold was trading lower by 0.12 percent at USD 1,286.91 an ounce in Singapore.

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Source: Moneycontrol

Gold prices are expected to trade lower today: Angel Commodities


On Monday, spot gold declined by 0.35 percent to close at $1287.9 per ounce whereas MCX Gold prices declined by 0.66 percent to close at Rs.31526.0 per 10gms. Gold prices continue to decline as optimism over US-China trade deal and better than expected China’s economic data drove the investors towards riskier assets denting the demand for the yellow metal. Positive manufacturing data from China for the first time in four months improved the market sentiments. China’s factory activity rose to 50.5 in March 2019 compared to 49.4 in February 2019.

Outlook

Improving risk appetite amongst investors and appreciating Dollar might weigh on the Gold prices. On the MCX, gold prices are expected to trade lower today; international markets are trading lower by 0.17 percent at $1291.85 per ounce.

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Source: Moneycontrol

Gold rises on jewellers' buying


Gold prices on April 1 advanced by Rs 85 to Rs 32,820 per 10 gram in the national capital on increased buying by jewellers, according to the All India Sarafa Association. Silver, however, declined marginally by Rs 20 to Rs 38,580 per kg.

Traders said gold prices saw an uptrend due to rise in domestic demand, though a weak trend overseas capped the gains.

In the international market, gold was trading lower at $1,289.83 an ounce and silver at $15.10 an ounce in New York.

In the national capital, gold of 99.9 percent and 99.5 percent purity rose by Rs 85 to Rs 32,820 and Rs 32,650 per 10 gram, respectively.

On March 30, gold stood at Rs 32,735 per 10 gram.

Sovereign gold, however, remained unchanged at Rs 26,400 per eight gram.

Silver ready fell by Rs 20 to Rs 38,580 per kg and weekly-based delivery declined Rs 311 to Rs 37,450 per kg.

Silver coins were unchanged at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

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Source: Moneycontrol

Gold hits three-week low as easing growth woes lift equities, dollar


Gold prices slipped to a more than three-week low on Tuesday as waning global economic slowdown concerns lifted the dollar and equity markets.

Spot gold was flat at $1,286.85 per ounce by 0332 GMT, after touching its lowest since March 8 at $1,285.80 earlier in the session.

U.S. gold futures were down about 0.2 percent at $1,291.30 an ounce.

"Concerns we saw emerge in the past few weeks around economic growth has certainly eased and that shift (in sentiment) in the past day or two resulted in little bit of selling in gold market," ANZ analyst Daniel Hynes said.

"Most of the global growth is coming from China and the (Chinese) data over the weekend eased those concerns."

Strong manufacturing data from the United States and China triggered a massive sell-off in the U.S. bond market, which in-turn lifted Asian equities to seven month highs.

The dollar index, which tracks the currency against key rivals, was trading close to a three-week high posted on Monday. A stronger dollar makes gold expensive for holders of other currencies.

Following an upbeat factory activity data from China released on Sunday, a private business survey on Monday showed that the economy's manufacturing sector unexpectedly returned to growth for the first time in four months in March.

This was followed by a better-than-expected U.S. manufacturing report which showed that activity rebounded a bit more than expected in March.

Indicating investor sentiment for bullion, holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 1.5 percent on Monday, its biggest one-day percentage decline in a month.

On the technical front, $1,275 to $1,280 an ounce level remains the key longer-term support for gold, according to an OANDA note.

Among other precious metals, spot palladium was down 0.6 percent at $1,412.16 an ounce, after rising the most since late February in the previous session.

Silver was down 0.4 percent at $15.05 an ounce, while platinum rose 0.2 percent to $849.37 an ounce.

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Source: Moneycontrol

Monday, 1 April 2019

Gold futures fall on profit-booking


Gold futures traded lower by Rs 109 to Rs 31,625 per 10 gram Monday due to profit-booking by participants in tandem with the precious metal prices slipping overseas.

Gold for delivery in April was trading lower by Rs 109, or 0.34 per cent, to Rs 31,625 per 10 gram in a business volume of 519 lots.

In a similar fashion, gold to be delivered in June fell by Rs 108, or 0.34 per cent, at Rs 31,890 per 10 gram in 15,017 lots.

Analysts said the fall in gold futures was mostly attributed to profit-booking by participants at the domestic market.

Globally, gold prices dipped 0.24 per cent to USD 1,289.92 an ounce in Singapore.

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Source: Moneycontrol

Gold inches up as dollar eases; surge in equities caps gains


Gold prices inched up on Monday as the dollar backed off three-week highs, but gains in the metal were limited as equities rose on signs of progress in the Sino-U.S. trade talks and upbeat Chinese economic data.

Spot gold was up 0.1 percent at $1,293.15 per ounce by 0337 GMT, after touching its lowest since March 8 at $1,286.35 in the previous session.

U.S. gold futures were down about 0.1 percent at $1,297.90 an ounce.

The U.S. dollar slipped 0.1 percent against key rivals, after hitting its highest since March 11 on Friday, while Asian stocks rallied as positive Chinese factory data and signs of progress in Sino-U.S. trade talks supported sentiment.

"The most extreme part of the global growth slowdown panic has subsided a little bit and the Chinese data is responsible for that, but it is a single data point which should be backed by more data," said Kyle Rodda, a market analyst with IG Markets in Melbourne.


"We are getting a lot of data from across the globe (this week) so the global growth story and the fears related to that will be tested in the very short term."

Factory activity in China unexpectedly grew for the first time in four months in March, an official survey showed on Sunday, suggesting government stimulus measures may be starting to take hold in the world's second-largest economy.

Market participants are now awaiting manufacturing PMI data from the United States and Europe and U.S. retail sales data later in the day.

"Though Asian PMIs have demonstrated for respite in the current term, we opine that a synchronized economic slowdown remains in place in lieu of weakness in both domestic and foreign demand," Phillip Futures wrote in a note.

Investors are also keeping a close watch on the trade talks between the United States and China.

U.S. President Donald Trump said on Friday that trade talks with China were going very well, but cautioned that he would not accept anything less than a "great deal" after top trade officials from both the countries wrapped up two days of negotiations in Beijing.

The talks are set to resume later this week in Washington with a Chinese delegation led by Vice Premier Liu He.

Among other precious metals, spot palladium was up 0.1 percent at $1,384.70 an ounce, having declined more than 11 percent last week.

The auto-catalyst metal also posted its biggest monthly decline in March since December 2016.

Silver was up 0.2 percent at $15.16 an ounce, while platinum rose about 1 percent to $853.38 an ounce.

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Source: Moneycontrol

Friday, 29 March 2019

Gold futures slide on weak global cues


Gold prices fell 0.25 percent to Rs 31,528 per 10 gram in futures trade Friday as speculators cut down their bets amid a weak global trend.

On the Multi Commodity Exchange, gold prices for delivery in April contracts was down by Rs 79, or 0.25 percent, to Rs 31,528 per 10 gram in a business turnover of 3,028 lots.

The yellow metal for delivery in June contracts also was quoting lower by Rs 76, or 0.24 percent, at Rs 31,747 per 10 gram in a business turnover of 14,442 lots.

Analysts attributed the fall in gold prices to trimming of positions by participants, taking weak cues from the global market.

Meanwhile, gold fell 0.13 percent to USD 1,288.11 an ounce in Singapore.

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Source: Moneycontrol

Gold faces worst month in eight; palladium recovers


Gold slipped on March 29 and was headed for its worst month since August 2018 as the dollar and equities rose, while palladium bounced back after three straight sessions of sharp selloffs.

Spot gold was down about 0.1 percent at $1,288.74 per ounce by 0507 GMT, after declining about 1.5 percent in the previous session, the most in over seven months.

The metal is set for its first weekly fall in four and has lost about 1.8 percent this month. But on a quarterly basis, gold is on path for a second straight rise, due to a dovish US Federal Reserve and concerns about a global economic slowdown.

US gold futures were down 0.1 percent at $1,288 an ounce.

The dollar was poised for its strongest monthly gain in five, while Asian shares rose on hopes that Washington and Beijing are making progress in trade talks.

The world's two largest economies started the new round of talks on March 28 to end the year-long tit-for-tat tariffs war.

"If we have a positive outcome from the trade talks, gold will be under pressure as investors will rotate out into more risk seeking assets," said Jeffrey Halley, a senior market analyst with OANDA.

"But, if we have disappointing outcome then stocks will go down and people will move into safe-haven assets like gold."

White House economic adviser Larry Kudlow said on March 28 the United States could lift some tariffs on China, while leaving others in place as part of an enforcement mechanism on a trade deal.

Meanwhile, spot palladium rose 1.1 percent to $1,363 an ounce on March 29, recovering from a two-month low touched in the previous session.

The metal, used in the making of catalytic converters in vehicles, slid 6.6 percent on March 28, the most since January 2017, and was set for its worst week since November 2015, as worries about a slowdown in global economic growth triggered a sharp sell-off.

On a monthly basis, it was headed for its biggest drop since end-2016.

"Negative market sentiment due to slowing economic growth triggered speculative selling in palladium," ANZ analysts said in a note.

Elsewhere, silver was flat at $15.01 an ounce, while platinum rose about 1 percent to $844.75 an ounce.

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Source: Moneycontrol

Gold edges up after steep fall; palladium faces worst week since end-2015


Gold inched up on Friday, but was on track for its first weekly decline in four weeks after posting its steepest fall in more than seven months in the previous session on a strong dollar.

Palladium, meanwhile, was set for its worst week since November 2015, after recording its biggest one-day decline in more than two years on Thursday.

FUNDAMENTALS

- Spot gold rose 0.1 percent to $1,291.40 per ounce by 0120 GMT, after falling about 1.5 percent in the previous session to touch its lowest since March 8 at $1,288.30.

- The metal is down about 1.6 percent so far this week, but is virtually flat for the quarter.

- U.S. gold futures were flat at $1,290 an ounce.

- Spot palladium gained 0.5 percent to $1,355.18 an ounce, after sliding 6.6 percent - the most since January 2017 - in the previous session.

- The auto-catalyst metal has still gained about 8 percent for the quarter.

- The dollar was poised on Friday for its strongest gain in three weeks as investors responded positively to a bounce in U.S. Treasury yields and as some of its rivals were hit by dovish signals from their own central banks. [USD/]

- The U.S. economy slowed more than initially thought in the fourth quarter, keeping growth in 2018 below the Trump administration's 3 percent target, and corporate profits fell by the most in a year after a one-off boost from lower taxes.


- China will sharply expand market access for foreign banks and securities and insurance companies, especially in its financial services sector, Premier Li Keqiang said on Thursday, as senior U.S. officials arrived in Beijing for more trade talks.

- White House economic adviser Larry Kudlow said on Thursday the United States could lift some tariffs on China, while leaving others in place as part of an enforcement mechanism on a U.S.-China trade deal.

- British Prime Minister Theresa May scrambled on Thursday for a way to secure a new delay to Brexit in the face of parliamentary deadlock by setting out plans for a watered-down vote on her EU divorce deal to be held on Friday.

- The U.S. Federal Reserve is done raising interest rates until at least the end of next year, according to economists in a Reuters poll who gave a 40 percent chance of at least one rate cut by end-2020.

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Source: Moneycontrol

Thursday, 28 March 2019

Gold futures weaken by Rs 41 per 10 gram


Gold prices were down by Rs 41 to Rs 31,975 per 10 gram in futures trade Thursday as speculators reduced exposure despite a firm trend in the precious metal overseas.

At the Multi Commodity Exchange, gold for delivery in April traded lower by Rs 41, or 0.13 percent, at Rs 31,975 per 10 gram in a business turnover of 4,663 lots.

The gold for delivery in June also fell by Rs 48, or 0.15 percent, to Rs 32,227 per 10 gram in a business turnover of 172 lots.

Marketmen said the fall in gold prices at futures trade was mostly due to trimming of positions by participants.

Globally, however, gold was trading 0.08 percent higher at USD 1,310.91 an ounce in Singapore.

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Source: Moneycontrol

Wednesday, 27 March 2019

Gold is expected to trade lower today: Angel Commodities


On Tuesday, spot gold prices declined by 0.48 percent to close at $1315.4 per tonne. U.S. dollar recovered after the bond yield rebounded as worries over a possible U.S. recession faded away. Downfall in the 10-year US Treasury yield coupled with falling global equities over chances of a possible U.S. recession and global growth concerns weighed on the U.S. Dollar in turn supporting the yellow metal prices. Markets will keep an eye on the latest round of U.S.-China trade talks in Beijing which is scheduled on Thursday i.e. tomorrow.

Outlook

Fading fears of a possible recession in U.S. led to recovery in the Dollar which might weigh on Gold. On the MCX, gold prices are expected to trade lower today; international markets are trading higher by 0.10 percent at $1322.75 per ounce.

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Source: Moneycontrol

Gold inches up as equities retreat on recession fears


Gold inched up on Wednesday, after declining the most in nearly two weeks in the previous session, as U.S. recession fears triggered by a sharp decline in U.S. Treasury yields and weak data weighed on the share markets.

Spot gold was up 0.1 percent at $1,316.09 per ounce as of 0419 GMT. U.S. gold futures were also up about 0.1 percent at $1,315.70 an ounce.

"Investors are very cautious on Treasury yield curve inversion, which had proven many times as early signal for a recession," said Margaret Yang, a market analyst with CMC Markets, Singapore.

Yang said the falling Treasury yields gave market sufficient reason to take some hedging measures, which along with weaker-than-expected U.S. data supported the non-interest bearing gold.

U.S. homebuilding fell more than expected in February, while consumer confidence ebbed in March, offering more evidence of a sharp slowdown in economic activity early in the year.


Asian shares slipped on Wednesday, giving up small gains made the previous day as investors tried to come to terms with a sharp shift in U.S. bond markets and the implications for the world's top economy.

Though benchmark 10-year note yields were steady above their lowest level since December 2017, the yield curve was inverted by around four basis points.

Uncertainties around Brexit are also increasing bullion's safe haven appeal, analysts said. The next Brexit vote is due later in the day.

The Sino-U.S. trade negotiations scheduled to start on Thursday in Beijing are also watched keenly.

"There is a strong hurdle at higher levels close to $1,325 per ounce mark which may lead to some consolidation in gold prices," said Sugandha Sachdeva, vice-president, metals, energy and currency research, Religare Broking Ltd.

"But once that is taken out convincingly, further run-up in prices towards $1,350 per ounce looks plausible."

Limiting gold's gains was a stronger U.S. dollar, which rose 0.2 percent to its highest in two weeks.

"We need to pay attention to U.S. dollar strength which is negatively correlated to gold. If dollar continues to strengthen that could put pressure on gold," Yang said.

Among other precious metals, palladium gained 0.3 percent to $1,544.60 per ounce.

Silver was flat at $15.43, while platinum was up 0.6 percent to $860 an ounce.

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Source: Moneycontrol

Gold dips as dollar rebounds, risk appetite improves


Gold on Tuesday retreated from the more than 3-week highs touched in the previous session after the dollar rebounded and risk appetite and bond yields recovered, easing nerves over recession worries.

Spot gold was down 0.5 percent at $1,315.30 per ounce as of 10:11 a.m. EDT (1411 GMT), after hitting its highest since Feb. 28 at $1,324.33 on Monday. U.S. gold futures were down 0.6 percent at $1,315 an ounce.

"The trend of the U.S. dollar has reversed a little bit and at the same time there was a bounce back from the lows across yield curves," said Bart Melek, head of commodity strategies at TD Securities in Toronto.

Benchmark bond yields ticked higher on Tuesday after a few days dominated by recession worries, which prompted investors to seek safe-haven assets such as gold. An inverted yield curve is widely seen as indicating an economic recession.

"The firm U.S. dollar remains a big impediment (for gold)," Melek added. "Even with a very dovish U.S. Federal Reserve, the market is still looking at other asset classes such as equities. Until that turns a little sour, we should probably not see huge inflows into gold."

The dollar index was up 0.2 percent. A higher greenback makes gold expensive for buyers holding other currencies.

Gold has gained about 14 percent since touching more than 1-1/2-year lows last August, on the back of a dovish U.S. Fed and global growth concerns.

Calm returned to global markets on Tuesday, with gains on European and Asian bourses and higher benchmark bond yields.

The 10-year U.S. Treasury yield edged up, having fallen below the yield for three-month bills on Friday for the first time since 2007, inverting the yield curve.

"Overall, though, conditions remain supportive for both gold and to a lesser degree, silver to stage a rally. We need to see further price action and some technical confirmation to increase our conviction that gold and silver are indeed headed higher," Fawad Razaqzada market analyst with Forex.com wrote in a note.

"The fact that gold has held key support around the $1,275-$1,285 area is bullish, as the move below the long-term pivotal $1,300 hurdles proved to be temporary."


Investors are also watching for the latest round of China-U.S. trade negotiations, scheduled to start on Thursday in Beijing, and British lawmakers' bid to find a way through a deadlock over Britain's plans to leave the European Union. The lawmakers will vote on a range of Brexit options on Wednesday.

Palladium slipped 1.9 percent to $1,546.16 per ounce, after touching its lowest in about two weeks at $1,532.56 in the previous session.

Silver was down 0.6 percent at $15.45, while platinum rose 0.4 percent to $858.60 an ounce.

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Source: Moneycontrol

Tuesday, 26 March 2019

Gold futures drop 0.27% on weak global cues, profit-booking


Gold futures traded lower by 0.27 percent at Rs 32,138 per 10 grams on March 26 amid a weakening global trend and profit-booking by speculators.

Gold for delivery in April was trading lower by Rs 86, or 0.27 per cent, at Rs 32,138 per 10 grams in a business turnover of 828 lots at the Multi Commodity Exchange.

In a similar manner, gold to be delivered in August contracts fell by Rs 81, or 0.25 percent, to Rs 32,450 per 10 grams in a business turnover of 33 lots.


Analysts said the fall in gold futures was mostly in tandem with a weak trend overseas where it slipped from over three-week high hit in the previous session and profit-taking by speculators.

Globally, gold prices fell 0.11 per cent to USD 1,320.90 an ounce in New York on March 26. It had touched over three-week high of USD 1,322.70 an ounce on March 25, its highest since February 28 on March 25.

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Source: Moneycontrol

Gold edges lower as equities, US bonds yields gain


Gold eased on March 26, after hitting one-month high in the previous session, as a slight recovery in share markets and US Treasury yields reduced some of the precious metal's safe-haven appeal.

Spot gold was down 0.2 percent at $1,319.86 per ounce as of 0426 GMT, after touching its highest since February 28 at $1,324.33 in the previous session.

US gold futures were down 0.2 percent at $1,319.80 an ounce.

"Though concerns have gone up, we are not hundred percent sure there is going to be a recession as the yield curve inversion should be there for a whole quarter and not just for a day or two," said John Sharma, economist at the National Australian Bank.

The 10-year US Treasury yield fell below the yield for three-month bills on March 22 for the first time since 2007, inverting the yield curve. An inversion is widely seen as an indicator of an economic recession.

However, Asian shares bounced back on March 26 as US 10-year Treasury yields edged higher, but the outlook remained murky as investors weighed the odds of whether the US economy is in danger of slipping into recession.


"Risk of a US economic slowdown has gone up and interest rates are on hold, which is giving some stimulus to gold, but it's not enough to sky rocket gold prices. Investors need more confirmation of further weakness in the economy," Sharma said.

Chicago Federal Reserve Bank President Charles Evans said on March 25 it was understandable for markets to be nervous when the yield curve flattened, though he was still confident about the US economic growth outlook.

US Federal Reserve last week abandoned projections for any interest rate hikes this year.

Gold has gained about 3 percent so far this year, mainly on the back of a dovish Fed and concerns about a global economic slowdown.

Market participants are also keeping a close watch on the latest round of Sino-US trade negotiations, scheduled to start on March 28 in Beijing, and the next Brexit vote.

British lawmakers will now vote on a range of Brexit options on March 27, giving parliament a chance to indicate whether it can agree on a deal with closer ties to Brussels.

Any positive developments from either of the geo-political issues will weigh on gold prices as investors appetite for riskier assets will rise, denting bullion's safe-haven appeal.

Among other precious metals, palladium slipped 0.1 percent to $1,575 per ounce, after touching its lowest in two weeks at $1,532.56 in the previous session.

Silver was flat at $15.54, while platinum dipped 0.2 percent to $853.45 an ounce.

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Source: Moneycontrol