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BULLION
Gold prices were trading in tight ranges through out the session on Wednesday but moved against the conventional market wisdom that the yellow metal shares a positive correlation with the European currency. The market gained along with the US dollar initially yesterday, ahead of the US Fed Chairman’s testimony before the congress.
BULLION
Gold prices were trading with marginal losses on the penultimate trading day of the week, but remained between the tight range it has been for the past one week. Mixed economic signals from US failed to provide the markets with a definite direction and prices gyrated amidst uncertainty.
BULLION
Gold seems to be having a difficult time in the market as demand for its quality as a safe haven investment has come down. The general market sentiments remain to be murky, yet buying in gold looks to be falling. The most actively traded contract, for August delivery, was down $1.70, at $1,193.40 an ounce on the Comex division of the New York Mercantile Exchange.
BULLION
Precious metals gave away gains on the penultimate trading day of the week and fell towards multi-week lows as weaker than expected economic data from USA and China rocked the markets.
BULLION
Gold and silver prices were trading with losses initially during the day as rising stock markets and better investor sentiment kept precious metals out of the investment purview.
Bullions : “Bullions may trade on volatile path as some profit booking can be seen at current levels. Gold imports into top consumer India were likely to have fallen by 75% in June from 29.9 ton a year ago. The world`s largest gold-backed exchange-traded fund, SPDR Gold Trust said its holdings remained unchanged at an all-time high at 1,316.177 ton,“ said SMC Research.
BULLION
Gold prices have fallen from near highs for the second Monday as selling pressure from long liquidations continued to emerge at higher levels. Gold fell the most in a week as investors sold the metal after it climbed above $1260 levels in the spot market.
BULLION
Prices of gold seem to be well supported as investors continued to buy the yellow metal at the slightest sign of uncertainty. Buying in the metals returned as it took prices higher on the final trading day last week as economic data from US was lesser than expected. The most-actively traded contract, for August delivery, rose $10.30, or 0.8%, to settle at $1,256.20 an ounce on the Comex division of the New York Mercantile Exchange.
BULLIONS : “Bullions may trade with sideways bias. Yesterday dollar fell to a 6-week low against the pound as traders increased bets that Federal Reserve will keep interest rates near zero for longer in order to support a recovery in the world’s largest economy. Today it recovered as the durable goods orders data can show negative figures,“ the broking house SMC research.
BULLION
Gold prices, after falling from a record high on the first trading day of the week, settled with meager gains on Tuesday, Gold prices had fallen as long liquidations at higher levels weighed on the metal, resulting in it giving away around $20. The jump in stock markets after the decision of China to revalue its currency against the US dollar and allow more room for the Yuan increased the risk appetite of investors.
The brokerage house SMC Research gave the following outlook for Bullions, Metals and Energy:
BULLION
Precious metals climbed out of the range it had been trading during most of the week and moved up, reaching up near towards the all time high on the penultimate trading day as safe haven demand for the metal returned. The gains in the yellow metal also came when the US currency fell against its European counterpart.
GLDmcx Aug: While above 18640 prices could move up and find resistance near 18770, which if holds can drag prices lower again. Once above, expect short covering towards 18840-18900 levels. If unable to hold 18640 expect prices to drift towards 18600/18540 levels. A direct fall below 18540 would discourage buyers, exposing 18200.
GOLDmcxAUG
Res: 18770/18840 Sup: 18600/18540
BULLION
Gold and silver prices were trading with gains on Tuesday amidst a weaker US dollar. The inverse relation that the yellow metal conventionally shares with the US currency seems to have returned as gold prices gained when demand for an alternative investment to the US currency lifted the sentiment. Better risk appetite following rising stock markets and improving economic activity helped the Euro hold on to its gains against the US dollar.
GLDmcx Aug: Expects to move up and find resistance near 18670 for a fall towards 18540 initially followed by 18460/18380 levels.Unexpected rallies above 18690 may negate the view and take prices higher towards 18750/18800 levels.
GOLDmcxAUG
Res: 18670/18750 Sup: 18540/18460
BULLION
Improving risk appetite among investors and recovering equity markets have resulted in diversion of funds from the yellow metal. Gold prices slid on the first trading day of the week. The strength in the European currency against its American counterpart also begot selling in gold.
BULLION
Gold prices gave away gains and slid for the second consecutive session on Thursday as rise in Euro against the US dollar persuaded the yellow metal to turn down. A German court decided to reject an appeal to prohibit the country from helping the ailed nations in the Euro zone, which also gave strength to the European currency.
BULLION
Gold prices had stooped down a bit initially during the first trading day of the week but erased the earlier losses and jumped near towards the record high following renewed concerns about the European Financial crisis. The spread of the financial contagion remains to a strong source of weakness for the markets and the news of Hungary falling into debt problems seem to have realized the fear.
BULLION
Gold prices benefited yet again from its safe haven buying that returned after the release of the US economic data which came out with a lesser than expected figure. A government report showed that the Non-Farm payrolls gained by 431000 as opposed to the expectation of a 540000 increase last month.
BULLION
Gold and silver prices seem to have returned to the tune of the conventional market wisdom with the yellow metal erasing some of its earlier gains amidst a rising US dollar. Investors’ speculation that positive US data releases recently and the expectation of a strong payrolls data will help revive the equity markets and reduce the demand for gold, resulting in it weighing on the sentiments and taking prices down.
Bullion
Gold and silver prices remained buoyed on the first trading day of the week despite the main markets of US and UK being closed on holidays as European debt crisis continued to lend support to precious metals. The rating cut of Spain to AA+ from the previous AAA status by the Fitch credit rating agency has affirmed the fears of debt contagion in the Euro zone and in turn driving investors towards the yellow metal because of its safe haven appeal.
BULLION Commodity
The US dollar slid against its major counterparts, especially against the euro as the leaders of the European Union decided to offer Greece emergency loans amounting to 45 billion euros should the country default on its payment. The country will also receive assistance from the IMF as well.
Nirmal Bang has come out with its commodity report. The research firm expects crude oil to trade firm during the day.
Nirmal Bang has come out its commodity report. US crude futures stood little changed near USD 81 a barrel on Thursday after a 1.5% rise a day earlier on the back of a weaker dollar. We may witness a slight profit booking in the early part of the trading session, but the outlook for crude oil remains bullish, buying at dips is recommended.
Nirmal Bang has come out with its report on commodity. The research firm expects precious metals to trade sideways to up during the day as we expect some recovery in Euro which may lead some downward pressure on dollar thus support precious metals prices.
By Larry W. Reaugh
Currently, the metal markets are correcting as most pundits are calling for a bubble collapse in all commodities. The prices of metals both precious and base moved up rapidly throughout 2009 resulting in rapid gains.
FLORIDA :The worldwide adoption of aluminum in industrial and consumer applications is nearing a tipping point and may be about to surge, according to Philip Martens, president and chief operating officer of Novelis, a global leader in aluminum rolled products and aluminum can recycling. Martens was the keynote speaker at the Platts Aluminum Symposium 2010 held here February 1-2.
Almost all commodity markets experienced falling prices during January — the MLCX TR index returned -7.85%, the S&P GSCI TR index posted -7.89% and the DJ-UBS TR index yielded -7.28%, according to an analysis by Bank of America-Merrill Lynch (BofAML).
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
Investor holdings in the by Goldessential monitored (pure-play) gold-backed exchange-traded funds were seen decreasing 1.044 tonnes (-33,575 ounces) or 0.06 pct in the week from January 22nd up to and including January 28th, in-house calculations based on official data showed on Friday.
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