The prices of MCX Gold closed at Rs 26247 per 10 grams, down 0.44
percent. The prices tasted decline for the third consecutive session.
The prices dipped to levels of Rs 26131 per 10 grams. The prices tested a
high of Rs 26334 per 10 grams. Volumes of Gold were 12056 in lots
compared to 10467. Open interest for Gold moved higher to 5006 against
6752 on 27 October 2014. Supports for Copper are expected to remain at
Rs 25950 per 10 grams. On the higher side, resistance for Copper is at
Rs 26350 per 10 grams.
Thursday, 27 November 2014
Friday, 21 November 2014
Gold Volatile In Midst Of Major Economic Events
Gold futures traded volatile on Friday on the back major economic
events such as FOMC minutes release, ECB president speech and China rate
cuts.The euro tumbled, after comments from officials both the euro
zone. The euro currency quotes at $1.2434, down 0.85% on Thursday and
the US dollar index quotes at 88.16, up 0.52% on Thursday.
European Central Bank President Mario Draghi sent a strong signal Friday that the central bank is ready to step up the pressure and expand its asset-purchase programs if inflation fails to show signs of quickly returning to the ECB's target.
We will continue to meet our responsibility--we will do what we must to raise inflation and inflation expectations as fast as possible, as our price stability mandate requires of us, Mr. Draghi said in a speech to a banking conference.
If on its current trajectory our policy is not effective enough to achieve this, or further risks to the inflation outlook materialize, we would step up the pressure and broaden even more the channels through which we intervene, by altering accordingly the size, pace and composition of our purchases, Mr. Draghi said. Annual euro zone inflation was 0.4% last month, far below the ECB's target of just below 2%.
In response to both a slowing domestic and global economy, the People's Bank of China, the country's central bank, has cut benchmark interest rates in the world's second-largest economy. It has cut the one-year deposit rate by 25 basis points to 2.75 per cent and the one-year lending rate by 40 basis points to 5.6 per cent. The rate will be effective from Saturday. The central bank said it was also giving banks more freedom to set their interest rates, raising the ceiling for deposit rates to 1.2 times the benchmark rate from 1.1 times.
The minutes of the US Federal Reserve's last policy meeting released Wednesday showed that the Fed decided not to alter its wording on the timing of any interest rate increases. Fed officials worried that a change could be misinterpreted by financial markets. In last week of October, the Fed voted to end its asset purchase program, by a 9-1 vote, and repeated that rates are likely to stay near zero for “a considerable time,” adding further that the first move to raise rates could come sooner if the economy is stronger than expected.
The COMEX Gold December delivery quotes at $1,195.50, up $4.60 a troy ounce and Silver December delivery quotes at $16.263, up $0.126 a troy ounce. The MCX Gold December delivery quotes at Rs 26470, up Rs 7 and Silver December delivery quotes at Rs 35996, up Rs 180 per 1 kg. Indian rupee gained strengthened against the US dollar on Friday with the currency quotes at Rs 61.756, down 0.22% on Friday.
European Central Bank President Mario Draghi sent a strong signal Friday that the central bank is ready to step up the pressure and expand its asset-purchase programs if inflation fails to show signs of quickly returning to the ECB's target.
We will continue to meet our responsibility--we will do what we must to raise inflation and inflation expectations as fast as possible, as our price stability mandate requires of us, Mr. Draghi said in a speech to a banking conference.
If on its current trajectory our policy is not effective enough to achieve this, or further risks to the inflation outlook materialize, we would step up the pressure and broaden even more the channels through which we intervene, by altering accordingly the size, pace and composition of our purchases, Mr. Draghi said. Annual euro zone inflation was 0.4% last month, far below the ECB's target of just below 2%.
In response to both a slowing domestic and global economy, the People's Bank of China, the country's central bank, has cut benchmark interest rates in the world's second-largest economy. It has cut the one-year deposit rate by 25 basis points to 2.75 per cent and the one-year lending rate by 40 basis points to 5.6 per cent. The rate will be effective from Saturday. The central bank said it was also giving banks more freedom to set their interest rates, raising the ceiling for deposit rates to 1.2 times the benchmark rate from 1.1 times.
The minutes of the US Federal Reserve's last policy meeting released Wednesday showed that the Fed decided not to alter its wording on the timing of any interest rate increases. Fed officials worried that a change could be misinterpreted by financial markets. In last week of October, the Fed voted to end its asset purchase program, by a 9-1 vote, and repeated that rates are likely to stay near zero for “a considerable time,” adding further that the first move to raise rates could come sooner if the economy is stronger than expected.
The COMEX Gold December delivery quotes at $1,195.50, up $4.60 a troy ounce and Silver December delivery quotes at $16.263, up $0.126 a troy ounce. The MCX Gold December delivery quotes at Rs 26470, up Rs 7 and Silver December delivery quotes at Rs 35996, up Rs 180 per 1 kg. Indian rupee gained strengthened against the US dollar on Friday with the currency quotes at Rs 61.756, down 0.22% on Friday.
Time 06:44pm : Jackpot Call :- 2nd tgt achieved in silver dec @ 36450. profit rs.19,500 per lot.mcx www.commodityjackpotcall.com +91-9811301862
Time 06:44pm :
Jackpot Call :- 2nd tgt achieved in silver dec @ 36450. profit rs.19,500 per lot.mcx
www.commodityjackpotcall.com
+91-9811301862
Jackpot Call :- 2nd tgt achieved in silver dec @ 36450. profit rs.19,500 per lot.mcx
www.commodityjackpotcall.com
+91-9811301862
Thursday, 20 November 2014
Technical Comment For The Day: Gold
Gold moved higher and ended the day at Rs 26463 per 10 grams, against Rs
26711 per 10 grams a day before. From here the prices can look to move
towards Rs 26400 and 26366 per 10 grams that are the immediate supports.
On the higher side, the resistance for Gold is at Rs 26780 per 10
grams. The volumes for Gold were 17269 on 20 November against 25380 on
19 Nov 2014. The prices tested a high of Rs 26617 and a low of Rs 26366
per 10 grams. Open interest moved down and was at 8158 lots.
WTI Oil Edges Up Towards $75
World crude oil prices edged up from their lows amid continued signs
of bargain buyingthough tepid economic data could arrest the gains in
the commodity. Worries about theactions from OPEC oil cartel at its
upcoming meeting is offering some support for thecommodity after prices
sank to a three year low last week. The slightly weak undertone inthe US
dollar is also pushing up the prices. The dollar is of its recent highs
and quotesaround 1.2540 against the Euro right now. The WTI Crude oil
is quoting at $74.79 perbarrel, up 25 cents per barrel on the day.
However, MCX Crude oil is quoting at Rs 4661per barrel, down Rs 22 per
barrel on the day.
China's HSBC manufacturing PMI came in at 50.0 in November, down from 50.4 in October.A score above 50 signals expansion in a sector, while a reading below means contraction.The manufacturing sector defied expectations for expansion in November as the purchasingmanagers' index fell its lowest level in six months, preliminary figures from HSBC andMarkit Economics revealed on Thursday.
Germany's private sector expanded at the slowest pace since July last year, flashsurvey data from Markit Economics showed today. The Markit composite output index slippedto 52.1 in November from 53.9 in October. The activity expanded for 19 consecutive monthsbut it was the slowest expansion in 16 months. However, output growth slowed at bothmanufacturers and service providers. The services Purchasing Managers' Index droppedunexpectedly to 52.1 from 54.4 a month ago. The PMI for manufacturing fell to 50 from 51.4in October, while it was expected to improve to 51.5.
US commercial crude inventories increased by 2.6 million barrels last week, maintaininga total US commercial crude inventory of 381.1 million barrels, according to the weeklypetroleum status report from US Energy Information Administration (EIA) Yesterday,. Crudeinventory remains in the upper half of the five-year range for this time of the year.
The EIA, in its latest monthly short-term energy outlook cut its forecast for benchmarkUS crude-oil prices to an average of $95 a barrel this year and $77.75 a barrel next year,below its previous forecasts of $97.72 a barrel this year and $94.58 a barrel next year.For Brent, the global benchmark, the EIA expects prices to average $101.04 a barrel in2014 and $83.42 a barrel in 2015. In October, the agency called for price averages of$104.42 a barrel this year and $101.67 a barrel next year.
The EIA raised its forecast for total US crude production this year to 8.57 millionbarrels a day, up from its prior forecast of 8.54 million barrels a day. For 2015, theagency lowered its production forecast from 9.50 million barrels a day to 9.42 millionbarrels a day. The forecast 2015 production would represent the highest level of annualaverage oil production since 1972, the EIA said.
China's HSBC manufacturing PMI came in at 50.0 in November, down from 50.4 in October.A score above 50 signals expansion in a sector, while a reading below means contraction.The manufacturing sector defied expectations for expansion in November as the purchasingmanagers' index fell its lowest level in six months, preliminary figures from HSBC andMarkit Economics revealed on Thursday.
Germany's private sector expanded at the slowest pace since July last year, flashsurvey data from Markit Economics showed today. The Markit composite output index slippedto 52.1 in November from 53.9 in October. The activity expanded for 19 consecutive monthsbut it was the slowest expansion in 16 months. However, output growth slowed at bothmanufacturers and service providers. The services Purchasing Managers' Index droppedunexpectedly to 52.1 from 54.4 a month ago. The PMI for manufacturing fell to 50 from 51.4in October, while it was expected to improve to 51.5.
US commercial crude inventories increased by 2.6 million barrels last week, maintaininga total US commercial crude inventory of 381.1 million barrels, according to the weeklypetroleum status report from US Energy Information Administration (EIA) Yesterday,. Crudeinventory remains in the upper half of the five-year range for this time of the year.
The EIA, in its latest monthly short-term energy outlook cut its forecast for benchmarkUS crude-oil prices to an average of $95 a barrel this year and $77.75 a barrel next year,below its previous forecasts of $97.72 a barrel this year and $94.58 a barrel next year.For Brent, the global benchmark, the EIA expects prices to average $101.04 a barrel in2014 and $83.42 a barrel in 2015. In October, the agency called for price averages of$104.42 a barrel this year and $101.67 a barrel next year.
The EIA raised its forecast for total US crude production this year to 8.57 millionbarrels a day, up from its prior forecast of 8.54 million barrels a day. For 2015, theagency lowered its production forecast from 9.50 million barrels a day to 9.42 millionbarrels a day. The forecast 2015 production would represent the highest level of annualaverage oil production since 1972, the EIA said.
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