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01/08/2013

Gold jumps in Asia after Fed minutes

21/06/2013

Outlook

In today's trade, we expect precious metals to trade lower on the back of weak global markets. Further, sharp upside in the DX coupled with fall in the SPDR holdings below the 1000 tonnes will exert downside pressure on the prices. Additionally, statement from Fed to reduce its bond buying program by end of this year as US economy is growing at a stronger pace will act as a negative factor. Depreciation in the Rupee will prevent sharp fall in prices on the MCX.

21/06/2013

Silver

Taking cues from fall in gold prices along with mixed performance in the base metals group, Spot silver prices fell 1.5 percent yesterday. Further, strength in the DX added downside pressure on the prices. The white metal touched an intra-day low of $21.23/oz and closed at $21.30/oz in yesterday's trade.

On the domestic front, prices fell 0.2 percent and closed at Rs.43,954/kg after touching an intra-day low of Rs.43,675/kg on Wednesday.

21/06/2013

Gold

Spot gold prices declined 1.3 percent in yesterday's trading session on the back of rise in risk aversion in the global markets. Further, strength in the DX exerted downside pressure on the prices. The yellow metal touched an intra-day low of $1348.74/oz and closed at $1350.70/oz in yesterday's trading session.

SPDR gold holding slipped below 1000 tonnes yesterday and this eroded more than $29 billion from the funds. Over the year, holdings have slipped by 26 percent to 999.56 tonnes marking lowest since February 2009.

In the Indian markets, prices ended on a positive note, increasing 0.2 percent. The commodity closed at Rs.28011/10 gms after touching an intra-day high of Rs. 28066/10 gms on Wednesday.

21/06/2013

Indian markets are expected to open in the red tracking SGX Nifty which is down by 1.2%. The other Asian indices too are trading in the negative zone.

The US markets closed lower on Wednesday after the Federal Reserve's announcement on quantitative easing. The Federal Reserve has left interest rates unchanged and maintained the pace of its asset purchase program at $85 billion a month. The statement from Federal Reserve at the end of two-day meeting said that downside risks to the outlook for the economy and the labor market have diminished considerably. The Federal Reserve also acknowledged further improvement in labor market conditions. The European markets closed mostly lower on Wednesday as investors were cautious ahead of the announcements from Federal Reserve which were made post the market hours.

Indian markets which traded lower for most part of the trading session on Wednesday showed a strong pull-back in the late afternoon trade and finished flat.

20/06/2013

Outlook

In today's trade, we expect precious metals to trade lower on the back of weak global markets coupled with strength in the DX. Further, investors will keep a close watch on the Fed decision regarding curtailing its bond buying program or not in a meeting starting from today. Depreciation in the Rupee will prevent sharp fall in prices on the MCX. Also cut in the base import prices will restrict fall in prices on domestic bourses.

20/06/2013

Silver

Taking cues from fall in gold prices along with strength in the DX, Spot silver prices fell 0.9 percent yesterday. Further, mixed performance in the base metals complex added downside pressure on the prices. The white metal touched an intra-day low of $21.65/oz and closed at $21.80/oz in yesterday's trade. However, sharp downside in prices was prevented on account of favourable economic data from US.

On the domestic front, prices dropped 0.4 percent and closed at Rs.43,597/kg after touching an intra-day low of Rs.43,336/kg on Monday.

20/06/2013

Gold

Spot gold prices gained declined 0.4 percent in yesterday's trading session on the back of rise in risk appetite in the global markets which led to fall in safe haven appeal for the commodity. Further, strength in the DX added downside pressure in prices. The yellow metal touched an intra-day low of $1380.44/oz and closed at $1384.40/oz in yesterday's trading session.

However, sharp upside in the prices was capped as a result of expectations of that Federal Reserve will reduce its bond buying program.

In the Indian markets, prices ended on a positive note, increasing 0.2 percent on account of depreciation in the Rupee and cut in the gold base import prices. The commodity closed at Rs.27869/10 gms after touching an intra-day high of Rs. 27947/10 gms on Monday.

20/06/2013

Indian markets are expected to open flat with a negative bias tracking marginally negative movement in SGX Nifty in the opening trade. Most of the Asian indices are trading in the negative zone.

The US markets which rallied higher in the opening trade saw selling pressure in the afternoon due to lingering worries about the outlook for the Federal Reserve's stimulus program. The stocks closed mostly higher at the end of the day with the major indices gaining 0.7-0.8%, although lower than the high point of the day. The European markets finished in positive territory on Monday, rebounding from the weakness of the prior trading week, as investors eagerly anticipated the results of the two-day FOMC meeting that will begin in the U.S. on Tuesday.

Meanwhile, Indian markets extended the gains of Friday after languishing in the negative territory in the morning trade. The markets which seemed disappointed with the RBI's decision to which kept the key policy rates unchanged, rose higher in the afternoon trade to post gains of ~0.7% for the day.