Author: Team Editors admin

The price of gold jumped more than one percent on Friday, where the dispute over the U.S. budget and concern for the future of monetary policy in the United States to increase the demand for buying that accelerated pace after the break through a key technical level.

The price of gold in U.S. futures rose 1.6 percent to $ 1345.20 an ounce after crossing the moving average at 100 days of 1341 dollars, the level below which fell last Friday, when prices fell 2.9 percent.

The price of gold in the spot market 1.1 percent to $ 1337.90 an ounce at 1424 GMT, while the price in the U.S. futures for December delivery December 14.30 to $ 1338.40 an ounce.

The price of silver rose 0.7 percent to $ 21.78 an ounce, platinum rose 0.8 percent to $ 1416.24 an ounce, while palladium rose 0.5 percent to $ 721.84 an ounce

Research has been conducted on the rate of gold and silver forecasts for 2014, , despite the fact that the data medium listed down the expectations of current prices.

In a report to the Canadian Bank and Hotgarir Quarterly mined goods, he preferred palladium more than platinum, despite constant of palladium unchanged and platinum rose slightly.

Description BMO palladium , iron , coal preferred goods and said it was ” neutral” on copper , platinum , gold and silver. The bank warned of the diamond , nickel , uranium and zinc , thermal coal and aluminum.

The bank said it looking for overall prices to remain largely a specified range until the end of the year.

Gold forecast was revised 2014 up to $ 1,275 an ounce from $ 1,181 in the past , while expectations silver has been revised up to $ 21 from $ 18 , and gold prices are still relatively volatile , but within a limited range .

The bank said , macro events continue to be the driver of the heavy weight of the direction of the price of gold , but what seems to have been a more recent events pricing combined with a faint interest in the metal, and there is little support to the upside for precious metals in the near future .

And BMO Research Foundation said it expects prices to fall gold and silver in 2014 , on the assumption that the recovery in the United States has made ​​great strides .

He said BMO could support gold in the long term through the repercussions are unknown from years of easy money, during the past four years of printing money and increasing debt levels unprecedented , and medium to repercussions in the long term these measures can only be speculated .

BMO said it is looking for silver to gold was impaired due to industrial demand outlook is uncertain in the United States in the near term , as well as expectations for a large supply growth in 2014 and 2016.

At the same time , BMO said it is looking for palladium to continue to outweigh platinum on the near-term , in particular , noted the bank to resolve some labor issues in South Africa , which limits the possibility of uninterrupted supply of platinum , and hence the rise in the price of the metal .

Palladium is the most leveraged to stronger auto markets of the United States and China , while platinum is more closely related to the automotive markets in Europe weaker.

Said BMO seems to market palladium stay in a large deficit in supply demand in the medium term , although the company said that this is probably already taken into account the price, Bank maintained the median forecast of 2014 palladium than 700 dollars per ounce .

It is expected to decline meaningfully over the next few years the Russian destocking of inventories , which complements mine supply .

She said BMO auditing company forecast platinum 2014 only slightly to $ 1,400 an ounce from the previous $ 1,394 mainly based on the expectations of the South African rand .

Left copper expectations of $ 3.25 pounds, and potential bank said stronger – than – expected growth in mine supply , but said it can be compensated by dragging the stock was higher than expected due to stronger industrial activity in China.

BMO also said copper projects still most important commodity on the block even though the average performance of copper prices and stock for the year so far, and with the expectations of analysts consensus calls for copper prices to fall.

Rose gold and silver prices during the U.S. session after four sessions of declines with rising fears and anxiety that haunt investors about the reach of legislators in the U.S. Congress to the agreement towards the budget of the U.S. government with the growing risk of freezing the work of the U.S. government by the middle of next month after the expiry of the budget year by early next week.

This has warned U.S. Treasury Secretary Jacob Liu on Tuesday from the fact that the U.S. government is likely to have to have about $ 50 billion of cash by mid- October / October , expressing the fact that investor confidence in reaching the American administration to an agreement on the debt ceiling is more than what it should be.

It is worth mentioning that the current U.S. administration when he faced an impasse in their efforts to raise the debt ceiling in August 2011, before it approves the U.S. Congress on a plan to avoid the solution default , signed by President Barack Obama Hanzk , we have seen the arrival of gold prices to new highs reached about $ 1,923.70 per ounce by September 6 of the same year .

This has seen gold prices rose to trade at 1,335.59 $ an ounce , marking its highest level during the day at 1,338.14 $ per ounce compared with the opening level at 1,325.46 $ an ounce and Unrealised as low as 1,316.53 $ an ounce , so at 11:41 GMT New York.

As for silver prices has caused to the march of gold somewhat , to trade at $ 21.86 an ounce , marking its highest level during the day at $ 21.91 per ounce, compared with the opening level at $ 21.73 per ounce and Unrealised as low as $ 21.47 an ounce.

On the other hand showed dollar index, which tracks the performance of the first currency in the world against six major currencies including the euro and the Japanese yen and the pound sterling , declined to currently trade at 80.34 , its lowest level during the day at 80.33 since the opening of trading at levels of 80.59 and achieving the highest level during the day at 80.63 .

Gold futures rose during the Asian session on Wednesday.

Comex according to the classification of the New York Mercantile Exchange, has been trading futures contracts for gold in December USD1324.60 an ounce at time of writing, up 0.63%.

We have already been trading on a session high USD1326.90 an ounce. Gold points may find support at USD1306.20 and resistance at USD1366.50.

U.S. Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.05% to trade at USD80.73.

At the same time on the Comex, silver price fell for the month of December by 0.57% to trade at USD21.708 per ounce, while the price of copper fell for the month of December by 0.19% to trade at USD3.256 per ounce.

Gold:

Gold fell slightly lower in trading yesterday after he had achieved his biggest increase on Wednesday in percentage terms since 2009 and the decline caused by gold as investors awaited the federal statements that are issued every day for stimulus plans

Gold closed at a price of 1321 dollars per ounce after it opened on the price of 1326 dollars per ounce.

GOLD support and resistance points

R1 1329.6 S1 1315.5

R2 1333.9 S2 1311.2

R3 1341 S3 1304.2

Pivot Point: 1322.6

(Reuters) – Indian measures to discourage gold imports is shutting the door on top exporter Dubai, where trade activity has fallen by as much as 60 percent over the past two months, dealers said.

With gold the most expensive non-essential item on India’s import bill, the country’s government, in moves to curb a bulging current account deficit, hiked the duty on gold bullion imports three times this year to a record 10 percent, while increasing the import duty on gold jewellery to 15 percent.

Pakistan also suspended a duty-free gold import arrangement in August after purchases soared in the first half and topped $514 million in July alone, citing smuggling into India. The ban was lifted in September, but trade has remained subdued.

“Overall, Dubai gold trade is down by 60 percent as a result of the Indian move and a swathe of paperwork and laws introduced by Pakistan recently, which make it very difficult to ship gold there,” said Abid Riaz, chief accountant at wholesalers ACM Gold in Dubai’s Gold Souk.

More than 25 percent of the world’s physical gold passed through the emirate in 2012, with the value of gold traded reaching $70 billion.

India, the world’s biggest gold market, is Dubai’s top trading partner for gold, accounting for around 50 percent of its total gold exports. In the first half of the year, Dubai’s exports of gold and jewellery to India stood at $21 billion, some 10 percent above last year’s figure.

On September 20, the Indian government and banks agreed how new rules on imports should work, but shipments into the country are unlikely to match the levels seen in the first half of the year, traders said.

“Even once imports have re-started, we will not see the same kind of volumes that we used to see earlier,” a Dubai-based source at an international trading house said.

“For now, there is a new imports model, which is quite complicated, and nobody still has a clear understanding on how to execute that,” he added.

SCRAP SALES

A sharp rise in Indian gold prices, which reached an all-time high above 35,000 rupees per 10 grams in August, also attracted a lot of scrap jewellery selling from the domestic market, which would have curbed imports from traditional suppliers Dubai and Switzerland.

“Even if there was no imports control, there wouldn’t have been much in terms of exports into India as you had a lot of old jewellery being resold within the country,” Emirates NBD head of commodities Gerry Schubert said.

But a higher gold rupee price compared to the cost of jewellery in the United Arab Emirates (UAE) is seen by some to be to Dubai’s advantage, as it could increase demand from Indian expats living in the Gulf, who would usually buy gold in India.

“With a 15 percent import duty on jewellery, gold in Dubai becomes much cheaper, and traders think that should be positive for Dubai’s jewellery demand, but Dubai is not a huge consumption market,” Gautam Sashittal, COO at the Dubai Multi Commodity Centre, said.

India’s measures are however unlikely to dampen local consumers’ appetite for the metal in the upcoming wedding and festival season and are conversely seen creating a big incentive for smuggling, which could help Dubai’s trade.

“Ultimately (in the next 6-12 months) a lot of Dubai-based Indian companies will manage the gold imports here and then bring the gold from here directly into India through whichever means necessary,” Emirates NBD’s Schubert said.

The World Gold Council says smuggled gold via neighbouring countries would hit 200 tonnes this year, up 50 percent on 2012.

Gold fell on Tuesday for the fourth day in a row on Tuesday with a higher U.S. currency dollar, while the lack of clarity on the monetary and fiscal policy of America to the decline in demand for the precious metal, as indicated monetary policy makers to the possibility of reducing the stimulus program cash by the middle of next month.

Gold fell by at 13:05 GMT to the level of $ 1309.07 per ounce from the opening level of $ 1321.40, and recorded the highest at $ 1329.02 and the lowest at $ 1305.81.

U.S. stimulus program

Doubts still dominate the investors towards the establishment of the Federal Reserve to reduce bond-buying program, or what is known as the monetary stimulus, doubts increased after comments monetary policy makers about the possibility of reducing the council program slightly during the month of October meeting next October.

Said James Bullard, president of the Federal Reserve Bank in St. Louis on Friday that the Fed may begin to reduce its purchases of bonds in October if the economic data helped to do so.

The chairman of the Federal Reserve Bank of New York William Dudley on Monday from the fact that the two main conditions for the disease to reduce the bond-buying program has not yet been achieved, pointing out that these two conditions are improving economic data, especially the labor sector and the return of confidence in the U.S. economy.

The metal has lost more than 22 percent of its value this year, with its appeal as a safe haven affected the recovery of the U.S. economy and growing concerns that the Fed will cut bond purchases that benefit commodities.

Government funding

Investors also focused on budget problems in the United States is the largest economy in the world. If the country did not reach an agreement on the budget before the end of September, the work may stop some federal government agencies, has been lagging behind Washington repay some of its debt if members of Congress did not vote in favor of raising the debt ceiling by mid-October.