MCX Gold closed in on Rs 26000 per 10 grams mark today as investors
eyed rather dovishcues from the latest FOMC meeting yesterday. The COMEX
Gold futures jumped along withequities last night. The FOMC statement
removed the word “patient” regardingwhen to decide to raise interest
rates. However, the statement also pointed out someweaker US economic
data recently, indicating that the Fed may not be able to raiseinterest
rates as soon as it would have liked. The COMEX gold futures had dropped
under$1150 per ounce to mark another four month low. However, a strong
wave of buying liftedthe metal from these levels and the COMEX Gold
futures are quoting at $1172 per ounce, up$21 per ounce on the day. MCX
Gold futures are trading at Rs 25914 per 10 grams on theday, up Rs 277
per 10 grams or around 1% on the day.
US stocks closed higher Wednesday after the Federal Open Market Committee indicated aslower pace of rate hikes, following the removal of the word “patient” from itspolicy statement. The S&P 500 soared 1.2%, to close at 2,099.42, with all 10 sectorsfinishing higher on the day. The Dow surged 1.3%, to close at 18,076.19, after tradingdown 100 points just before the statement’s release. Productivity in the US economyhas been disappointingly low, Yellen noted. The bright side is that low productivity meansmore workers are needed to produce the output demanded, she stated. She expectsproductivity to pick up in the medium term though.
Gold speculators and large futures traders continued to decrease their gold bullishbets last week for a sixth consecutive week and brought the overall bullish level to itslowest point since November, according to the latest Commitment of Traders (COT) datareleased by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercialfutures contracts of Comex gold futures, traded by large speculators and hedge funds,totaled a net position of 81,892 contracts in the data reported through March 10th. Thiswas a weekly change of -33,928 contracts from the previous week’s total of 115,820net contracts that was registered on March 3rd.
India imported gold worth about US$ 26 billion during the April-December period of thecurrent fiscal, Parliament was informed. In a written reply to a query in the Rajya Sabha,Minister of State for Finance Jayant Sinha said 664.29 tonnes of gold worth over US$ 25.74billion was imported during April- December period of 2014-15. The country exported 38.11tonnes of gold during the nine month period, worth US$ 1.55 billion.
US stocks closed higher Wednesday after the Federal Open Market Committee indicated aslower pace of rate hikes, following the removal of the word “patient” from itspolicy statement. The S&P 500 soared 1.2%, to close at 2,099.42, with all 10 sectorsfinishing higher on the day. The Dow surged 1.3%, to close at 18,076.19, after tradingdown 100 points just before the statement’s release. Productivity in the US economyhas been disappointingly low, Yellen noted. The bright side is that low productivity meansmore workers are needed to produce the output demanded, she stated. She expectsproductivity to pick up in the medium term though.
Gold speculators and large futures traders continued to decrease their gold bullishbets last week for a sixth consecutive week and brought the overall bullish level to itslowest point since November, according to the latest Commitment of Traders (COT) datareleased by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercialfutures contracts of Comex gold futures, traded by large speculators and hedge funds,totaled a net position of 81,892 contracts in the data reported through March 10th. Thiswas a weekly change of -33,928 contracts from the previous week’s total of 115,820net contracts that was registered on March 3rd.
India imported gold worth about US$ 26 billion during the April-December period of thecurrent fiscal, Parliament was informed. In a written reply to a query in the Rajya Sabha,Minister of State for Finance Jayant Sinha said 664.29 tonnes of gold worth over US$ 25.74billion was imported during April- December period of 2014-15. The country exported 38.11tonnes of gold during the nine month period, worth US$ 1.55 billion.
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