Author: Team Editors admin

Gold prices on Friday snapped two days of gains, falling by Rs 10 to Rs 32,400 per 10 gram in the national capital, on reduced offtake at existing higher levels amid a weak global trend.

Weak global trend, as investors weighed speculation that the US Fed will delay a reduction in stimulus against signs of reduced demand in world’s biggest consumer – China, also influenced the sentiment, traders said.

Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.5 per cent to $1,340.44 an ounce and silver by 1.2 per cent to $22.42 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity slipped by Rs 10 each to Rs 32,400 and Rs 32,200 per ten gram, respectively. It had gained Rs 785 in last two days.

Sovereign held steady at Rs 25,300 per piece of eight gram.

Similarly, silver ready dropped by Rs 750 to Rs 49,450 per kg and weekly-based delivery by Rs 350 to Rs 49,650 per kg. The white metal had surged by Rs 1,190 on Wednesday.

On the other hand, silver coins continued to be asked at last level of Rs 88,000 for buying and Rs 89,000 for selling of 100 pieces.

Gold fell in the Asian market on Friday on the back of lower demand indicators actual present market in China and India largest consuming country in the world for the metal, investors and to rate the economic conditions in the United States ahead of Fed meeting next week amid expectations to retain the monetary stimulus program without reduction for quite some time

Gold ended trading on Thursday up by 1.1 percent its highest level in four weeks $ 1351.80 per ounce the highest since last September 30 .

Gold fell by at 07:38 GMT to the level of $ 1342.05 per ounce from the opening level of $ 1346.55 , and recorded the highest at $ 1347.83 and the lowest at $ 1340.20 .

Actual purchases

Showed signs of actual decline in demand in China ‘s second-largest consumer of the metal in the world , after the low in gold imports from Hong Kong to 110.2 metric tons in August from 113.2 metric tons during July .

The forecasts indicate a decline Purchases India ‘s largest consumer of the metal in the world to 150 metric tons to the second half of this year compared to 478 metric tons for the same period of last year and   this decline to the restrictions imposed by the Indian government on imports of gold.

SPDR Fund

Gold holdings fell to the SPDR Gold Trust Fund ‘s largest gold – backed ETF in the world to the level of 876.52 metric tons on Thursday , the lowest level since February 2009.

(Reuters) – Gold traded near the highest level in a week on Friday is expected to be its biggest weekly gain in two months as investors hoped to pay the prevailing uncertainty in Washington and the Federal Reserve ( Fed ) to defer the reduction of monetary stimulus .

And reached the U.S. Congress this week in a last – minute agreement to raise the ceiling on government borrowing until early next year to avoid a failure of historic debt repayment and the reopening of government institutions are closed.

Gold fell nearly four percent during the period of closure of those institutions , but jumped three percent on Thursday after the dollar ‘s fall to its lowest level in eight months and reduce the Chinese institution ‘s credit rating of the United States .

The price of gold in the spot market today 0.2 percent to $ 1321.66 an ounce by 0648 GMT , taking its gains this week, about four percent .

Silver rose 0.1 percent to $ 21.87 an ounce, platinum rose 0.55 percent to $ 1437.74 an ounce , while palladium settled little changed at $ 738.47 an ounce

Gold prices settled during trading early morning above $ 1,300 an ounce reached yesterday the best weekly performance during the last two months , and this after he pointed two members of the Federal Reserve Bank officially that you should not start reducing the size of its asset purchase program , and this in turn what will support demand for gold as a tool hedges.

Gold prices fell vessels as of at 03:29 New York time by 0.22% or 2.94 points registered current trading levels around $ 1318.30 per ounce and recorded the highest at $ 1328.40 and the lowest at $ 1,315.03 and compared to the opening price at $ 1321.63 .

The rise in gold on yesterday’s levels of $ 1315.00 per ounce, followed by a decline big that dominated the morning trading to levels of $ 1,270 with shrinking demand for gold as a safety after reaching the U.S. Congress at the last minute yesterday an agreement to resolve the debt crisis of America , the Congress voted to raise the U.S. debt ceiling to February next with the reopening of public institutions and funding to 15 January next .

However, this agreement failed to satisfy the financial markets , especially with threats to reduce the credit rating of sovereign debt the U.S. and this is what was done by a Chinese company, and not only that , but began to investors speculating that the temporary closure faced by the United States on the first of October and debate over the debt ceiling will push the Fed to keep the policy of quantitative easing as it is without reducing , and this is what supports the demand for gold as a hedge against inflation.

This is indicated by both the Governor of the Federal Reserve of Chicago Charles Evans and Richard Fischer, governor of Dallas that he should not start reducing the size of its asset purchase program with a lag that get in the economic data that builds upon the Feds assessment of economic conditions , and that the statements had a main role in pushing U.S. dollar to drop to its lowest level in nearly eight months and this certainly will be reflected positive for gold.

The U.S. dollar index is trading USDIX as of 10:43 pm GMT +3 around 79.68 recording a high of 79.83 and the lowest levels at 79.65 compared to the opening price at 79.77 .

Technically, the stability of the price back above levels of 1300 indicate a renewed interest in the procurement process . Based on the bullish scenario favorite today as the levels of $ 1325 and 1330.0 $ , but it must be noted that the downward trend will remain valid as long as the levels of $ 1,350 sound .

As of at 03:27 New York time silver prices rose by 0.05% registered trading levels around $ 21.89 an ounce, and platinum prices rose as _h 0.36 % registered trading levels around $ 1,439.50 , and finally palladium prices were recorded profits of 0.35 % registered trading levels around $ 740.40 .

(Reuters) – Gold prices jumped more than three percent on Thursday, with the fall of the dollar and the belief that the interim deal to avoid a historic failure to repay the debt in the United States may pay the Federal Reserve ( Fed ) to defer to reduce its program of monetary stimulus .

Gold rose more than three percent from the previous close to $ 1322.56 an ounce during the session. By the time of 1317 GMT, gold rose 2.7 percent to $ 1315.91 .

The futures rose for gold in the United States for December delivery December to $ 1322.90 an ounce.

The dollar fell against a basket of major currencies and the decline in the latest deal 0.9 percent as indicated traders to an agreement the U.S. budget and a report on reducing agency Dazhunj Chinese credit rating of the United States to ‭ ‭ ‭ ‭ A-‬ ‬ ‬ ‬ from ‭ ‭ ‭ ‭ A ‬ ‬ ‬ ‬.

The U.S. Congress passed last-minute legislation to avoid a debt default , analysts said uncertainty overshadowed by investors and business confidence for weeks has reduced its growth forecast for the world ‘s largest economy .

Silver rose 1.8 percent to $ 21.72 an ounce.

Platinum rose 2.2 percent to $ 1418.49 an ounce.

Palladium rose 1.1 percent to $ 721.47 an ounce

Traded Gold prices within a narrow range and within the lowest level in three months in early trading on Tuesday after leaks and hints that the possibility of reaching an agreement among lawmakers in the United States on the abolition of partial closure of the government and raise the debt ceiling , but that there is nothing for sure yet.

Gold prices traded around $ 1,268.00 per ounce after it has achieved the lowest so far at $ 1275.71 and the highest $ 1,266.71 per ounce after prices opened the day at $ 1,273.24 an ounce.

Yesterday there was a meeting between Senate Majority Leader ( Democrat ) with Minority Leader ( Republican ) and remarks that there has been progress in the talks , and may issue a statement later today translates the results of those meetings.

Leaks that came out of the Senate shows that perhaps the government can reopen again after a partial shutdown began since the first of October current , while the debt ceiling can be raised and you can repeat the government finance itself until February of next year .

There is nothing for sure yet , especially if there is a closed meeting of the House of Representatives will do today – which is controlled by a majority of Republicans – and even clearer things will remain uncertainty is dominant on the market.

Investors in the gold markets opted out of the market and the monetization of the governor instead of keeping metal yellow, in the usual gold is always a favorite time of crises, but the uncertainty prompted investors to stop at the side of the neutral until the Event uncertain whether negative or positive , and make sure the bankruptcy of the United States If you do not raise the debt ceiling , two days after that it would support gold prices .

Even gold prices fell to below $ 1,300 has not been matched momentum for procurement and seize the opportunity to falling prices , particularly from largest global ( India and China ) , and this reflects the decline in the pace of confidence among investors .

SPDR Gold Trust – the largest gold-backed ETF in the world shows a decline in the volume of gold has about 1.85 tonnes on Monday to reach the total amount retained to 889.13 tonnes from 890.98 on Friday to remain at the lowest level in four years.