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Tuesday, 30 April 2019

Gold gains as disappointing China data bruises Asia stocks

Gold rose on Tuesday as a lacklustre Chinese manufacturing activity data pushed Asian shares down, rekindling concerns about the health of the global economy.

Meanwhile, investors braced for a raft of euro zone data and U.S. Federal Reserve's two-day policy meeting, which begins later in the day.

Spot gold was up 0.2 percent at $1,282.08 per ounce at 0318 GMT. U.S. gold futures were up 0.2 percent at $1,283.90 an ounce.

"There is a broad bearish sentiment across Asia market opening this morning as a very disappointing China manufacturing PMI triggered a sell-off in currencies and emerging markets and equity markets," said Margaret Yang, an analyst with CMC Markets in Singapore.

Reading on the official Purchasing Managers' Index (PMI) in for manufacturing unexpectedly fell to 50.1 in April from March's reading of 50.5 stoking concerns about the economic state of China and pressuring Asian equities lower.

Gold is generally used by investors as a safe haven investment against economic and political concerns.

The metal has, however, come under pressure of-late as equity markets have hit record highs and most economic data from far and wide have pacified anxieties about the pace of global growth.

Gold is yet to overcome the bearish factors, and any rallies in the metal might will be short-lived, INTL FCStone analyst Edward Meir said in a note.

"We do not recommend establishing length at current levels on gold, given the lack of upside drivers. Although the dollar is not moving higher on the back of strong macro readings, it is not coming down either; neither are the U.S. long-term rates," Meir added.

The metal had retreated from a more than one-week high yesterday after Wall Street stocks were propelled to a record high by data showing U.S. consumer spending increased by the most in more than 9-1/2 years in March.

The technical trend has turned more bearish for gold, CMC Markets' Yang said.

Investors now await a raft of economic data from the euro zone and will also focus on the commencement of the Federal Open Market Committee (FOMC) meeting that will determine the future trajectory of interest rates in the U.S.

The U.S. central bank is widely expected to hold interest rates steady as policymakers balance recent stronger-than-expected U.S. economic growth against sluggish inflation.

Elsewhere, silver fell 0.1 percent to $14.89 per ounce, while platinum slipped 0.1 percent to $893.50.

Palladium, on the other hand, was up 0.2 percent at $1,372.69, having fallen by over 7 percent to bottom at $1,361.50 in the previous session.

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Source: Moneycontrol

Friday, 26 April 2019

Gold up on positive global cues

Gold prices were up 0.08 percent to Rs 31,937 per 10 gram in futures trade Friday as speculators raised their bets amid a firm global trend.

At the Multi Commodity Exchange, gold contract for delivery in June was trading higher by Rs 26, or 0.08 percent, at Rs 31,937 per 10 gram with a business turnover of 13,819 lots.

The yellow metal for delivery in August gained Rs 36, or 0.11 percent, to trade at Rs 32,116 per 10 gram in 9,043 lots.

Market analysts attributed the rise in gold prices to positive global cues.

Globally, gold was trading 0.48 percent higher at USD 1,281.90 an ounce in Singapore.

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Source: Moneycontrol

Gold eyes first weekly gain in five as growth concerns loom

Gold climbed on Friday, as signs of weak global growth rekindled investor interest in the safe-haven metal, keeping it on track for its first weekly gain in five, while a strong dollar ahead of the U.S. GDP data capped gains for the bullion.

Spot gold was up 0.1 percent at $1,278.62 per ounce, as of 0334 GMT. The metal rose 0.4 percent so far this week, and is poised for its first gain since the week ended March 22.

U.S. gold futures edged up 0.2 percent to $1,280.60 an ounce.

Asian shares started timidly after world stocks were weighed down by data from Germany and Asia suggesting that global economy was still under slowdown constraints.

"Weak data indicates that the countries may have to undertake monetary easing measures, so that is a boost to gold prices," said Helen Lau, analyst, Argonaut Securities.

"Some investors are wanting to switch out of equity markets into the safe-haven asset class," she added.

Analysts polled by Reuters deduced that major central banks are done tightening policy especially with the global growth outlook fatiguing across developed and emerging economies along with scant prospects for a surge in inflation.

The view is supported by a recent slashing of its growth outlook by the Bank of Canada and Bank of Japan's disclosure that it will keep interest rates super-low for at least one more year.

The greenback held near a two-year peak on signs that the U.S. economy was doing significantly better than elsewhere, curbing gains for the bullion.

Data on Thursday showed new orders for U.S.-made capital goods increased by the most in eight months in March, hitting their highest level on record.

However, analysts still believe that the U.S. Federal Reserve will undertake no further rate-hiking activities at least until the end of next year, another Reuters poll showed.

Earlier this week, gold prices fell to their lowest level this year at $1,265.90 an ounce.

This trough has helped reinstate some physical demand for gold, said Brian Lan, managing director at dealer GoldSilver Central in Singapore.

Investors will now be looking towards the release of the U.S. GDP data, due at 1230 GMT on Friday, to gauge the strength of the world's largest economy.

Among other precious metals, silver was up 0.3 percent at $14.98 per ounce, while platinum rose 0.8 percent to $889.85.

Palladium fell 0.2 percent to $1,412.43 per ounce.

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Source: Moneycontrol

Thursday, 25 April 2019

Gold futures weaken to Rs 31,815 per 10 gm

Gold prices fell by Rs 63 to Rs 31,934 per 10 gram in futures trade on Thursday as speculators reduced exposure as dollar firmed up against the rupee.

At the Multi Commodity Exchange, gold for delivery in August contracts traded lower by Rs 63, or 0.20 percent, at Rs 31,934 per 10 gram with a business turnover of 3,199 lots.

Gold for delivery in June contracts, too, fell by Rs 3, or 0.01 percent, to Rs 31,815 per 10 gram in 13,782 lots.

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

Globally, however, the yellow metal was trading a shade higher by 0.19 percent at USD 1,277.88 an ounce in Singapore.

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Source: Moneycontrol

Gold prices firm on weak German data, strong dollar caps gains

Gold prices edged up on April 25 as weak data from Germany and a dip in equities raised flags about the pace of global economic growth, while a firm dollar curbed further gains for the metal.

German business morale deteriorated in April, bucking expectations for a small improvement, as trade tensions hurt the industrial engine of Europe's largest economy, leaving domestic demand to support slowing growth.

Spot gold was up 0.1 percent at $1,276.19 per ounce, as of 0335 GMT. US gold futures slipped 0.1 percent to $1,278 an ounce.

Gold is often used as a hedge against economic and financial uncertainties.

The bullion gained for a second straight session, after having dipped to its lowest level since end-December earlier this week.

"Global growth data outside the US have been actually quite poor, we haven't had anything to sink our teeth in," said Stephen Innes, head of trading and market strategy, SPI Asset Management.

"We have also anticipated some correction on the equity markets and that just turns the focus back to the major economic drivers," Innes added.

Asian shares also slipped after the data from Germany deflated risk apetite, stoking concerns that global economy may still not be out of the woods despite recent positive data from China and the United States.

Market participants will now shift focus towards the release of the US GDP data, which is due on Friday.

Investors also eyed further trade negotiations between the United States and China. The two countries are slated to begin the next round of talks on trade on April 30, in an attempt to conclude a nearly year-long tariff spat.

However, the US dollar, which traded close to a near two-year peak, capped further gains for the safe-haven bullion.

A stronger dollar makes gold expensive for holders of other currencies.

The metal is still below its 50-day and 100-day moving averages.

"Heavy technical selling activities have imposed negative pressures on the precious metal for the near term," Benjamin Lu, analyst, Phillip Futures, said in a note.

Attesting the bearish momentum, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, dipped 0.2 percent to 747.87 tonnes on April 24, its lowest since Oct. 19.

Elsewhere, silver traded steady at $14.92 an ounce, while platinum climbed 0.4 percent to $882.06.

Palladium dipped 0.4 percent to $1,410.77.

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Source: Moneycontrol

Wednesday, 24 April 2019

Gold futures up on higher demand

Gold prices rose by Rs 32 to Rs 31,594 per 10 gram in futures trade Wednesday as participants created fresh positions on spot demand. However, equity gains and strengthening dollar capped the gains in the precious metal.

On the Multi Commodity Exchange, gold contracts for delivery in June traded higher by Rs 32, or 0.1 per cent, at Rs 31,594 per 10 gram in a business turnover of 13,843 lots.

The gold for delivery in August also rose by Rs 15, or 0.05 per cent, to Rs 31,740 per 10 gram in 3,089 lots.

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

Globally, gold was trading higher by 0.23 per cent at USD 1,272.28 an ounce in Singapore.

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Source: Moneycontrol

Gold slips towards four-month low as robust dollar, stock markets dent appeal

Gold prices fell on Wednesday to hover around a four-month low touched in the previous session, as share markets rose and the dollar gained after strong U.S. housing data dampened concerns about an economic slowdown in the country.

Spot gold was down 0.3 percent at $1,268.84 per ounce by 0328 GMT, having hit its lowest since the end of last year at $1,265.90 in the last session.

U.S. gold futures were 0.2-percent lower at $1,270.70 an ounce.

"The major factor that is pressuring gold prices is the strength of the dollar, which is also pressuring physical demand," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.

The dollar index hovered near a 22-month peak after data showed that sales of new single-family homes in the United States rose to a near 1-1/2-year high in March.

The data eased concerns about a slowdown in the world's largest economy, right ahead of the release of U.S. GDP figures on Friday.

The United States is expected to beat analyst estimates of a 2.1 percent rate of growth with the Atlanta Federal Reserve's GDPNow model projecting growth anywhere between 2.2 to 3.4 percent.

Such an event would lift global Gold and Silver,Spot gold,USsentiment and support the dollar, analysts said.

Gold prices were also pressured as Asian shares tracked overnight gains on Wall Street, where both the Nasdaq and S&P 500 indexes marked record closing highs.

Gold dropped to its lowest this year in the last session, nearly 6 percent away from its February peak of $1,346.73 an ounce.

"Gold's key support at $1,280 was taken out some time ago, while compounding the negativity further is the fact that both the 50-day and 100-day moving averages have turned south as well," INTL FCStone analyst Edward Meir wrote in a note.

"We continue to see a slow grind in gold for the moment, as there is very little that can make the case for a short-term upside swing. About the only thing we see is that the complex is somewhat oversold ... but even that is not in extreme territory."

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, on Tuesday fell to 749.63 tonnes, the lowest since Oct. 23.

In other metals, silver dropped 0.4 percent to $14.75 per ounce, after declining to its lowest level since Dec. 26 at $14.71 in the previous session.

Platinum was up 0.3 percent at $886.87 per ounce, while palladium was 0.3-percent lower at $1,386.01 per ounce.

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Source: Moneycontrol

Tuesday, 23 April 2019

Gold futures weaken on spot demand

Gold prices fell by Rs 15 to Rs 31,581 per 10 gram in futures trade on April 23 on weak demand as strong equities reduced gold's appeal.

Investor sentiment in stock market turned positive in early trade on April 23 on reports that India has lined up alternate sources to make up for the likely shortfall in supplies after the US decided not to give waiver from its sanctions for buying oil from Iran, traders said.

Besides, strengthening rupee also exerted pressure on gold futures.

At the Multi Commodity Exchange, gold for delivery in June traded lower by Rs 15, or 0.05 percent, at Rs 31,581 per 10 gram in a business turnover of 14,014 lots.

Besides, strengthening rupee also exerted pressure on gold futures.

At the Multi Commodity Exchange, gold for delivery in June traded lower by Rs 15, or 0.05 percent, at Rs 31,581 per 10 gram in a business turnover of 14,014 lots.

Gold for delivery in August fell by Rs 25, or 0.08 percent, to Rs 31,740 per 10 gram in 3,018 lots.

However, globally, gold was trading higher by 0.01 percent at $1,273.64 an ounce in Singapore.

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Source: Moneycontrol

Gold prices are expected to trade higher today: Angel Commodities

On Monday, Spot Gold prices ended marginally lower by 0.03 percent at $1274.7 per ounce. Prices recover post Easter Holiday after hitting its lowest levels since December 2018 over falling equities and rising crude prices. Gold is closely correlated to crude as the yellow metal is often used to hedge against oil-led inflation. Oil rose in yesterday’s trading session as U.S. planned to impose more sanctions on Iranian oil which supported Gold prices. As per reports from U.S. Commodity Futures Trading Commission (CFTC), speculators increased their net short position in COMEX gold last week which capped gains for Gold.

Outlook

Dollar rises over robust U.S. economic data which might in turn pressurise Gold. On the MCX, gold prices are expected to trade higher today; international markets are trading lower by 0.06 percent at $1276.85 per ounce.

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Source: Moneycontrol

Gold steadies as strong equities counter support from US-Iran jitters

Gold prices steadied on Tuesday as strong equities provided a risk-conducive backdrop for investors, countering support from geopolitical concerns as Washington ends sanctions waivers on Iranian oil.

Spot gold was nearly unchanged at $1,275.10 per ounce as of 0319 GMT. U.S. gold futures were also steady at $1,277.20 an ounce.

"Gold is currently trying to find a short-term bottom around $1,274-1,275 an ounce level, especially as equity markets continue to rally," said Margaret Yang, an analyst with CMC Markets in Singapore.

Asian shares hover near a nine-month peak touched last week while stocks on Wall Street were near break-even on Monday as the benchmark S&P 500 index was about 1 percent away from the record high hit in September.

Strong equities of late have wiped off much of gold's appeal, with the metal now more than 5 percent below its 2019 peak touched in February.

Better-than-expected economic readings from both the United States and China have also assuaged most concerns of a steep global economic slowdown amongst market participants.

Augmented geopolitical tensions between the United States and Iran, with the former terminating all Iranian sanction waivers on Monday, prompted oil prices higher and also supported prices for the metal, Jeffrey Halley, a senior market analyst with OANDA, said.

"However, this is not enough to change the general sentiment surrounding gold. It just seems to be marking time, before other factors like a stronger dollar or equities exert downward pressure on the market," Halley added.

The dollar index was also near a 2019 high of 97.71, struck in early March.

An upbeat risk sentiment was also reflected in the data from the U.S. Commodity Futures Trading Commission, which showed that hedge funds and money managers switched to a net short position in COMEX gold in the week to April 16.

Markets now eye the release of the U.S. GDP data later in the week, which will provide clear indications about the strength of the world's largest economy.

Elsewhere, silver rose 0.2 percent to $15.01 per ounce.

Platinum gained 0.4 percent to $899.08 per ounce and palladium was 0.2 percent higher at $1,388.55 per ounce, having shed over three percent to $1,373 in the previous session.

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Source: Moneycontrol

Monday, 22 April 2019

Gold futures jump Rs 234 to Rs 31,697/10 gm on global cues

Gold prices rose by Rs 234 to Rs 31,697 per 10 gram in futures trade on Monday as participants created fresh positions, tracking firm trend overseas.

On the Multi Commodity Exchange, gold for delivery in June contracts traded higher by Rs 234 or 0.74 percent to Rs 31,697 per 10 gram in a business turnover of 13,679 lots.

Marketmen attributed the rise in gold futures to higher crude rates amid tensions scaling up between the US and Iran.

The Trump administration is expected to inform five nations, including allies Japan, South Korea and Turkey, that they will no longer be exempt from US sanctions if they continue to import oil from Iran. The other two countries are India and China.

Besides, a depreciating rupee also helped gold futures to rise.

Globally, the yellow metal was trading higher by 0.44 percent at USD 1,277.49 an ounce in Singapore.

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Source: Moneycontrol

Gold rebounds from near four-month low, oil rally lends support

Gold prices rebounded on Monday from a near four-month trough hit in the previous session as investors resumed trading after the Easter holiday, with the bullion gaining further traction on higher crude rates.

Spot gold was up 0.4 percent at $1,279.48 per ounce, as of 0325 GMT, having touched $1,270.63 in the previous session - its lowest since Dec. 27, 2018.

The metal dropped 1.2 percent in the previous week, marking a fourth consecutive weekly decline.

U.S. gold futures were 0.5 percent higher at $1,281.70 an ounce.

"Gold prices last week have suffered from a very sharp decline, for now what is happening is just technical buying, with some people coming and pushing prices up," said Benjamin Lu, analyst, Phillip Futures.

Also adding to the metal's gain was a rally in oil prices due to mounting tensions between the United States and Iran, with the former expected to announce a blanket ban of Iranian oil imports worldwide.

"Gold has climbed slightly ... benefiting from higher oil prices driven by geopolitical tensions. With regional equity markets possibly coming under pressure today as a result, gold could be a principal beneficiary in today's session," Jeffrey Halley, a senior market analyst with OANDA, said in a note.

However, capping gains for the metal was an upbeat dollar, which gained against the British pound after data showed that United Sates' economic growth might have picked up in the first quarter.

U.S. retail sales increased the most in 1-1/2 years in March, the latest indication that economic growth picked up in the first quarter after a false start, data showed on Thursday.

Gold is positively correlated to oil as the metal is often seen as a hedge against oil-led inflation, while a stronger greenback makes dollar-denominated gold more expensive for holders of other currencies.

Meanwhile, investors continue to cut their exposure to gold. Speculators switched to a net short position in COMEX gold in the week to April 16, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

Also, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, dropped to 751.68 tonnes on Thursday, the lowest levels seen since Oct. 26.

Elsewhere, silver rose by nearly 1 percent to $15.07 per ounce. Platinum gained 0.5 percent to $905.40. Earlier in the session, the metal hit its highest level in over a week at $906.80.

Palladium was steady at $1,422.19, having earlier climbed to its highest in over two weeks at $1,424.50.

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Source: Moneycontrol

Friday, 19 April 2019

Gold gains Rs 305 on jewellers' buying

Gold prices on April 19 surged by Rs 305 to Rs 32,690 per 10 gram in the national capital on account of increased buying by local jewellers, according to the All India Sarafa Association. Silver also rose by Rs 204 to Rs 38,450 per kg on more offtake by industrial units and coin makers.

Traders said sentiment turned upbeat on the back of a pick-up in buying from local jewellers and retailers, thereby leading to a rise in gold prices.

In the national capital, gold of 99.9 per cent and 99.5 per cent purities gained by Rs 305 each to Rs 32,690 and Rs 32,530 per 10 gram, respectively.

The international bullion market was closed on account of 'Good Friday'.

Similarly, sovereign gold advanced by Rs 100 to Rs 26,400 per eight gram.

Silver ready surged by Rs 204 to Rs 38,450 per kg, while weekly-based delivery rose Rs 95 to Rs 37,230 per kg.

On the other hand, silver coins held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

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Source: Moneycontrol

Thursday, 18 April 2019

Gold prices are expected to trade sideways today: Angel Commodities

On Wednesday, spot gold prices declined marginally by 0.19 percent to close at $1273.7 per ounce. Stronger Chinese economic data eased the global slowdown concerns which increased the demand for riskier assets in turn pressurizing Gold. In the first quarter China’s economy grew at a steady rate of 6.4 percent, well above the expectations of a 6.3 percent expansion. Gold prices were also dented further over strong US economic data which eased slowdown concerns in the world’s largest economy. Strong US economic data is likely to strength US dollar in coming time. On MCX, gold prices declined by 0.22 percent for the day to close at Rs. 31850.

Outlook

Robust economic data from US & China might increase the demand for riskier assets and in turn might push Gold lower. On the MCX, gold prices are expected to trade sideways today; international markets are trading lower by 0.18 percent at $1274.45 per ounce.

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Source: Moneycontrol

Gold near four-month low as China GDP fuels risk sentiment

Gold prices stayed below the key $1,280 level on Wednesday, near a four-month trough, as better-than-expected economic readings from China lifted Asian shares and sharpened risk appetite, denting the metal's safe-haven appeal.

Spot gold was steady at $1,276.36 per ounce as of 0324 GMT, after having fallen as much as 1.2 percent to $1,272.70, its lowest since Dec. 27, in the previous session.

U.S. gold futures were up 0.1 percent to $1,278.80 an ounce.

China's pace of economic growth in the first quarter remained steady at 6.4 percent, beating expectations of a growth rate of 6.3 percent, helped by a sharply higher factory production.

The data, which signalled that Beijing's recent stimulus drive might be paying off, swung Asian shares higher.

"With the (Chinese) data that we've got, it certainly adds a bit of a downside to gold from here," said IG Markets analyst Kyle Rodda.

"The fact that we have broken below the key $1,280 level might make it difficult for prices to recover."

The metal has fallen by over 5 percent since its February high of $1,346.73 an ounce and is trading below its 50 and 100-day moving averages, which, analysts say is a sign of further weakness.

"Signs of progress in U.S.-China trade negotiations and strong U.S. economic data have further bolstered risk appetites since the start of the second quarter," Phillip Futures said in a note.

"The precious metal looks poised to undergo a bearish correction amidst growing downside risks in the near term," the note added.

Gold, a non-yielding asset for investors looking to hedge against times of economic and political uncertainty, loses appeal when interest-yielding equities rise.

A gauge of investors' interest in the metal, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell to a near six-month low to 752.27 tonnes on Tuesday. Elsewhere, silver gained 0.2 percent to $15 an ounce.

Spot platinum rose 0.3 percent, to $879.50 per ounce, while palladium climbed 0.4 percent to $1,355.46.

The recent weakness in palladium prices was instigated by a conjunction of profit-taking and poor car sales data in China and the U.S., Metals Focus said in a note on Tuesday.

However, analysts at Standard Chartered expect supply deficit which had earlier pushed the metal to a record high of $1,620.53 last month, to deepen through this year and in 2020.

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Source: Moneycontrol

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Tuesday, 30 April 2019

Gold gains as disappointing China data bruises Asia stocks

Friday, 26 April 2019

Gold up on positive global cues

Gold eyes first weekly gain in five as growth concerns loom

Thursday, 25 April 2019

Gold futures weaken to Rs 31,815 per 10 gm

Gold prices firm on weak German data, strong dollar caps gains

Wednesday, 24 April 2019

Gold futures up on higher demand

Gold slips towards four-month low as robust dollar, stock markets dent appeal

Tuesday, 23 April 2019

Gold futures weaken on spot demand

Gold prices are expected to trade higher today: Angel Commodities

Gold steadies as strong equities counter support from US-Iran jitters

Monday, 22 April 2019

Gold futures jump Rs 234 to Rs 31,697/10 gm on global cues

Gold rebounds from near four-month low, oil rally lends support

Friday, 19 April 2019

Gold gains Rs 305 on jewellers' buying

Thursday, 18 April 2019

Gold prices are expected to trade sideways today: Angel Commodities

Gold near four-month low as China GDP fuels risk sentiment