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  • Copper prices rises after China promised to support growth

    Copper prices rises after China promised to support growth

    Copper prices rose on Monday to its lowest level in recorded last week after investors were encouraged China’s efforts to prevent any slowdown in growth at a time when the fears dissipated on the achievement of Chinese in a fraud case.

    He said Chinese Premier Li Keqiang said China was confident of achieving the targeted growth rate for this year at 7.5 percent, adding that the government is ready to adjust policies to ensure the achievement of this goal.

    The futures closed copper for delivery in three months after the London Stock Exchange for the metals high at 0.5 percent at 6690 per tonne, extending gains from the previous session, Ltd.. Copper prices have fallen in the past three weeks.

    The decline is mainly due to investors’ concerns that the push to investigate the fraud case in stores port of Qingdao Chinese banks to finance the purchase of cut metal.

    Nickel closed up 3.2 percent at 18650 per tonne and aluminum increased 0.4 percent to U.S. $ 1853, while tin closed down 0.7 percent at 22450 per ton.

    Lead closed up one percent at $ 2,106 per tonne, while zinc rose 0.7 percent to close at 2103.50 dollars per ton

  • Gold falls from the highest level in nearly three weeks due to profit-taking

    Gold falls from the highest level in nearly three weeks due to profit-taking

    (Reuters) – Gold prices fell on Monday as investors booked profits after rallying earlier to its highest level in nearly three weeks due to disturbances Iraq that supported the metal’s appeal as a safe haven compared with other assets involve a higher risk, such as stocks.

    The prices of platinum and palladium after big losses last week as investors awaited the result of talks to end the strike in the mines of South Africa.

    Gold rose initially after the United States said it had launched air strikes in support of the Iraqi government after the attack in which Islamic militants seized several towns and cities in Iraq.

    Usually turns investors to gold or other precious metals in times of political unrest or to hedge financial risks.

    The decline in gold on the spot market 0.2 percent to 1273.50 dollars per ounce by the time 1614 GMT, after hitting its highest level since May 27 of $ 1284.85 earlier in the session.

    The futures fell for gold in the United States August delivery dime to 1274 dollars per ounce.

    Gold prices got support also in the beginning of the developments in Ukraine, where insurgents shot down pro-Russian transport plane belonging to the Ukrainian army.

    Platinum rose 0.7 percent to 1434.40 dollars an ounce.

    And palladium rose 0.1 percent to 810.20 dollars an ounce.

    And silver fell 0.2 percent to 19.63 dollars an ounce

  • Gold price glitters an rises to Rs 27,600 strong global cues

    Gold price glitters an rises to Rs 27,600 strong global cues

    Gold regained its sheen with prices rising by Rs 360 to Rs 27,600 per ten grams in the national capital on Friday after it surged to two-week high in global markets amid increased demand from stockists.

    In addition, depreciating rupee in the forex market, which makes imports costlier, also influenced the prices.

    Silver also saw a hefty rise of Rs 900 to Rs 42,100 per kg on increased offtake by industrial units and coin makers.

    Sentiments turned bullish after gold rose to two-week high in global markets as concerns that a US recovery may be stalling and escalating tensions in Iraq boosted demand for the safe-haven, traders said.

    Gold in Singapore, which normally sets price trend on the domestic front, rose 0.2 per cent to USD 1,275.65 an ounce, the highest level since May 27 and silver by 0.5 per cent to USD 19.63 an ounce, the highest since May 26.

    In Delhi, gold of 99.9 and 99.5 per cent purity went up by Rs 360 each to Rs 27,600 and Rs 27,400 per ten grams, respectively, while sovereign gained Rs 100 to Rs 24,500 per piece of eight grams.

    In line with a general firm trend, silver ready spurted by Rs 900 to Rs 42,100 per kg and weekly-based delivery by Rs 770 to Rs 41,370 per kg.

    Silver coins also flared up by Rs 2,000 to Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.

  • Gold rises amid weak European equities

    Gold rises amid weak European equities

    Gold Price rose above $ 1260 per ounce Wednesday with the decline in European stocks and the dollar, while the cohesion of palladium near its highest level in more than three years with the support of an ongoing strike since 5 months in South Africa.

    And palladium increased about 20 per cent since the beginning of the year, boosted by strong demand from the automotive sector and anxiety on supplies after lowering the strike in South Africa, the global production of platinum increased by 40 per cent and the damage to the economy, the second largest producer of palladium in the world.

    Collapsed and a new round of wage talks between union miners and major companies platinum major record Monday, when the metal its highest level since February 2011 at 854 dollars per ounce.

    And palladium rose 0.1 per cent to 852.78 dollars an ounce by 11 pm GMT, and platinum rose 0.3 per cent to U.S. $ 1474.40, after rising 2 percent in the previous session.

    Gold rose 0.1 per cent to 1262.40 dollars an ounce to settle above the lowest level in four months to $ 1240.61 from the previous week, benefiting from the decline in stock markets and the dollar down 0.1 percent against a basket of currencies.

    The price of gold in U.S. futures contracts for August delivery was 0.2 per cent to 1262.60 dollars, and silver climbed 0.3 per cent to $ 19.20 an ounce.

  • Gold Analysis Today 6-6-2014

    Gold Analysis Today 6-6-2014

    Gold rises to near resistance 1256.00 and re-tested, where he is still bullish corrective rebound so far after breaking the symmetrical triangle appears on the chart above.

    1256.00 penetration levels may extend the bullish trend towards 1262.00 resistance levels, but we are waiting for new attempts to bear after the completion of the rebound upward, where the remains negative torque while still MACD is in bearish tendency.

    Support 1250.00 1251.00 1236.50 1231.00 1226.50

    Resistance 1256.20 1262.00 1266.50 1272.00 1278.00

  • Gold settled at its lowest level in 18 weeks

    Gold settled at its lowest level in 18 weeks

    Gold contract traded on the stability of Wednesday , hovering near its lowest level in 18 weeks, after the issuance of the final basket of good U.S. data , which reduced demand for safe haven . , While awaiting the issuance of a series of markets, U.S. economic reports later in the day.
    Gold settled at its lowest level in 18 weeks

    On the Comex division of the New York Mercantile Exchange , August delivery traded gold / August to score 1.245.00 . Dollars per ounce during early European afternoon , gaining 0.05% .

    August delivery settled contract / August , up by 0.04% on Tuesday to close at 1.244.5 dollars per ounce .

    Was likely to find support at Gold 1.237.50 dollars per ounce , the lowest price since June 30 and resistance at 1.260.60 dollars per ounce , the highest price since May 30

    Later in the day investors awaited a series of U.S. economic reports , after official data showed on Tuesday that U.S. factory orders rose 0.7% in the month of April / May , while expectations were for a 0.5% rise , after the proportion of an upwardly revised 1.5% in March .

    The report came after correcting the Institute of Supply Management manufacturing data for the month of May twice on Monday . Where the first indicator was corrected by 56.0 after it was initially 53.2 , before the patch is for the second time to 55.4 .

    Data confirmed a strong view that the U.S. economy regains its strength after temperatures dropped its unusually during the winter months .

    The precious metal was under heavy selling pressure recently as investors bet on strong economic growth in the United States during the second quarter .

    Elsewhere on the Comex , silver fell delivery in July rose 0.15% to trade at 18.735 dollars per ounce , while copper fell delivery in July rose 1.44 % to trade at 33.092 dollars per pound .

  • Gold falls to lowest level in 4 months

    Gold falls to lowest level in 4 months

    Gold fell for the fifth straight session on Monday , recording the longest losing streak in seven months as it went for the gold market’s attention after the stock rally and ahead of a meeting of the Policy Committee of the European Central Bank and the important U.S. data this week .

    Spot gold fell 0.5 percent to 1244.20 dollars an ounce by 0939 GMT time . The hostel in gold futures trading in the United States for August delivery $ 1.30 to U.S. $ 1244.70 .

    Silver surged 0.2 percent to 18.72 dollars an ounce , recovering from its lowest level in 11 months at 18.60 dollars.

    Platinum was down 0.8 percent to U.S. $ 1433.25 while palladium lost 0.2 percent to 831.25 dollars an ounce

  • Gold price falls further; hovering near Rs 26,700 per 10 gm

    Gold price falls further; hovering near Rs 26,700 per 10 gm

    Gold prices declined further by Rs 122 to Rs 26,712 per 10 gm in futures trade Thursday as participants reduced their positions largely in tandem with a weak trend overseas where the metal dropped to 16-week low.

    At the Multi Commodity Exchange (MCX), gold for delivery in June eased by Rs 122, or 0.45 percent, to Rs 26,712 per 10 gm in business turnover of 175 lots.

    Likewise, the metal for August contract shed Rs 88, or 0.34 percent, to Rs 25,979 per 10 gm in 55 lots.

    Analysts said the trend was weak in overseas markets as US economic data backed the case for the Federal Reserve to keep on reducing monetary stimulus. It has dimmed the appeal of the bullion and weighed on gold prices at futures trade here.

    Globally, gold lost as much as 0.20 percent, to USD 1,255.76 an ounce, the lowest since February 6 in Singapore today.

    With agency inputs

  • Gold price hits 11-month low of Rs 27,500 on weak global cues

    Gold price hits 11-month low of Rs 27,500 on weak global cues

    New Delhi: Extending its downward journey for the fourth straight session, gold prices tumbled by Rs 200 to hit nearly 11-month low of Rs 27,500 per ten grams in the national capital Thursday amid a weak trend in global markets.

    Besides, subdued demand from jewellers and retailers and a weak trend in futures trade also weighed on gold prices.

    Silver also remained under pressure for the fifth straight day and fell by Rs 500 to Rs 40,500 per kg.

    “Weak global cues and falling demand from jewellers on hopes of further dip in prices are pulling down gold prices”, jewellers said.

    Sentiments remained bearish as gold fell to 16-week low in the overseas markets as positive US economic data backed the case for the Federal Reserve to keep on reducing monetary stimulus which has dimmed the metal’s appeal.

    Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.5 percent to USD 1,251.86 an ounce, the lowest since February 4 and silver by 0.9 percent to USD 18.85 an ounce, the lowest since May 1.

    Meanwhile, at the Multi Commodity Exchange (MCX), gold for delivery in June was down by 0.45 percent to Rs 26,712 per 10 grams.

    In Delhi, gold of 99.9 and 99.5 percent purity plunged by Rs 200 each to Rs 27,500 and Rs 27,300 per 10 grams, respectively, a level last seen on July 11 last year. It had lost Rs 620 in previous three days.

    Sovereign, however, held steady at Rs 24,600 per piece of eight grams in limited deals.

    In a similar fashion, silver ready moved down by Rs 500 to Rs 40,500 per kg and weekly-based delivery by Rs 360 to Rs 39,990 per kg. The white metal had lost Rs 700 in last four days.

    Silver coins also nosedived by Rs 2,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

    PTI

  • UAE gold sales growth of 16% the first quarter to 25.4 tons

    UAE gold sales growth of 16% the first quarter to 25.4 tons

    Gold sales volume grew in the UAE market by about 16% during the first quarter of this year to reach 25.4 tons, compared to 22 tons in the same period in 2013, an increase of 3.4 tons, according to the statistics of the World Gold Council.

    According to official statistics issued by the Board according to the “Union” that the UAE topped the countries of the Middle East in the demand for gold during the first quarter of 2014 in the quantities and value, despite the decline in prices of the yellow metal, which is reflected in the value of gold sales, and there were differences in quantities from the nearest state «Saudi Arabia» by about 7.6 tons.

    The value of gold sales in the country during the period from January to March of this year, 3.89 billion dirhams, compared with 4.23 billion dirhams, down 8% due to the decline in gold prices over the first three months of this year, and that continues even now .
    According to the World Gold Council forecast to reach the value of gold sales during the current year, in the light of the results of the first quarter, about 12.7 billion dirhams, compared to 12.4 billion dirhams in 2013, a growth of 2%, while the expectation of the Council reaching gold sales volume in the year current to 80.9 tons compared to 63.9 tons in 2013, a growth of 26%.

    Also recorded sales of jewelry in the busy markets of the state during the first quarter of this year, about 22.1 tons compared to 18.8 tons in the same quarter last year , a growth of 18% , while the value of sales in the period from January to March of this year 3 , 38 billion dirhams , compared with 3.62 billion dirhams during the same period last year, a decline of 7% .

    The statistics showed that the World Gold Council, demand for gold in order to invest in the first quarter of the current year amounted to 3.3 tons, compared to 3.2 tons, a growth of 5% , while sales fell in value to 504 million dirhams , compared with 574 million dirhams during the period of comparison.

    According to the World Gold Council data sales growth of the yellow metal in the Middle East during the first quarter of 2014 by 16 % , to reach 66.2 tons , compared to 57.1 tons in the same quarter of last year, while the value recorded a decrease of 8% the decline prices globally , a drop from 2.99 billion dollars to 2.75 billion dollars .

    The volume of sales of jewelry polished and processed in the region in the first quarter of this year, 54.6 tons compared to 48.3 tons in the corresponding period , a growth of 13 %, while the value fell between the periods of comparison by 10 % to 2.26 billion compared to $ 2.53 billion, while the total size of the demand for gold for investment in the region of 11.7 tons , compared with growth of 8.8 tons , 32% , and its value has grown by about 4% to 484 million dollars against 464 million dollars during the period of comparison .