News with Tags "Gold"

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Gold prices slide Rs 50 on sluggish demand, weak global cues

Posted on Monday, June 17, 2013 - 15:11 pm
NEW DELHI: Both the precious metals, gold and silver, today declined due slackened demand amid a weak global trend.

While gold declined by Rs 50 to Rs 28,250 per 10 gm, silver by Rs 250 to Rs 44,350 per kg on reduced offtake in the national capital.

Traders said sluggish demand due to off-marriage season and a weak trend global trend before the US Fed meeting mainly led to decline in precious metals.

Gold in London, which normally set price trend on the domestic front, fell by 0.3 per cent, to $1,386.54 an ounce and silver by 0.5 per cent to USD 21.97 an ounce.

Besides, rising equity lured investors to parked their funds for quick gains also reduced the metal demand, they said.

On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 50 each to Rs 28,250 and Rs 28,050 per 10 gm, respectively.

However, sovereign found scattered buying from retailers and rose by Rs 100 to Rs 24,400 per piece of eight gram.

In line with a general weak trend, silver ready fell by Rs 250 to Rs 44,350 per kg and weekly-based delivery by Rs 115 to Rs 43,725 per kg.

On the other hand, silver coins held steady at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.

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Posted by on Monday, June 17, 2013 - 15:11 pm.
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Gold futures down 0.30% on weak global cues

Posted on Monday, June 17, 2013 - 15:08 pm
NEW DELHI: Tracking a weak global trend, gold prices moved down by 0.30 per cent to Rs 27,795 per ten grams in futures trading today as speculators offloaded their positions.

At the Multi Commodity Exchange, gold for delivery in August fell by Rs 84, or 0.30 per cent to Rs 27,795 per ten grams in business turnover of 10,486 lots.

Similarly, the yellow metal for delivery in October contract traded lower by Rs 83, or 0.30 per cent to Rs 27,977 per ten grams in 345 lots.

Market analysts said speculators offloaded their positions in tandem with a weak global trend mainly influenced gold prices at futures trade.

Meanwhile, fell 0.3 per cent to $1,386.54 an ounce in London.

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Posted by on Monday, June 17, 2013 - 15:08 pm.
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BSE Sensex ends up 148 pts; MM, BHEL, Rel Comm gain 4%

Posted on Monday, June 17, 2013 - 14:38 pm
Moneycontrol Bureau
Live Market Commentary

3:50 pm Index gainers: BSE Capital Goods (up 1.1 percent), BSE Auto (up 1.9 percent) are top index gainers in today's trading session.

3:40 pm Macro outlook: The Reserve Bank of India's inaction today was widely anticipated with concerns around the rupee getting highlighted. Anant Narayan, Co-Head of wholesale banking, South Asia, Standard Chartered Bank does not see the fall in rupee abating and points out that foreign investors may now start pulling out of equities.


From the point of view of market, he see FOMC meet as the next trigger. On the other hand, S Narayan, former finance secretary sees RBI's status quo on rates as a message to the government to urgently address rising food inflation and stem currency fall.


Speaking about the complex statements of RBI's caution, S Narayan said food inflation's persistence presence signals that the government and policymakers are not addressing the reason of its rise. He fears unless the core issue is addressed, food inflation will continue to rise.  "Is it an issue of supply? Is it an issue of distribution? Is it an issue of urbanization? Is it an issue of market pricing? I think because we have large stocks of cereals in our food grains, it is purely a distribution issue," he told CNBC-TV18. ( Read full interview )


3:35 pm Update: JSW Steel has recorded 40 percent month-on-month jump in crude steel production in May on improved demand.


The firm produced 10.13 lakh tonne of steel during the month when compared with 7.24 lakh tonne in April. The company said, flat rolled products production was up 57 percent to 8.06 lakh tonne year-on-year, while rolled products-long was 1.68 lakh tonne, reflecting a 13 percent growth YoY.


3:31 pm Gainers: M&M (up 4.3 percent), BHEL (up 3.7 percent), Bajaj Auto (up 2.3 percent), Bharti Airtel and Sun Pharma are key gainers in the Sensex.


3:30 pm Market update: The Sensex closes up 141.45 points at 19319.38, and the Nifty ends at 5851.50, up 43.10 points 5851.50 (provisional).


3:25 pm Buzzing: Telecom major Bharti Airtel on Monday announced completion of 5 percent stake sales to Qatar Foundation Endowment for Rs. 6,796 crore.


Airtel has allocated 199,870,006 new equity shares at price of Rs. 340 each share, representing 5 percent equity stake in the company to QFE.


"This is a landmark transaction for India and its telecom sector and a vote of confidence from one of the most respected investors in the world. We look forward to a long and fruitful partnership with Qatar Foundation Endowment," Bharti Airtel Chairman Sunil Bharti Mittal said in a statement.


3:20 pm Gold update: Government has cut gold base import price to USD 450/10gm from USD 459/10gm. The government has also reduced silver base import price to USD 709/kg from USD 737/kg.


3:17 pm Market update: The Sensex is up 151.04 points at 19328.97, and the Nifty up 42.20 points or 0.73% at 5850.60.


Expert take:  Rupee weakness good way of economic readjustment, says Vetri Subramaniam


The market has gathered momentum in afternoon trade. The Nifty is inching closer to 5850 levels led by capital goods, autos and select heavies. The Sensex is up 119.01 points at 19296.94, and the Nifty is up 36.55 points at 5844.95. About 1049 shares have advanced, 1038 shares declined, and 247 shares are unchanged.


Reliance Communication surges around 4 percent on the BSE. Bharti Airtel has also gained around 3 percent. Among other gainers in the Sensex are M&M, Bhel, Bajaj Auto, Bharti Airtel and Sun Pharma.


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Posted by on Monday, June 17, 2013 - 14:38 pm.
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Gold prices slip as investors await US stimulus outlook

Posted on Monday, June 17, 2013 - 12:40 pm
SINGAPORE: Gold fell on Monday as Asian shares reversed early losses and investors waited for a US Federal Reserve meeting later this week for an outlook on the central bank's bond buying programme.

The Fed meets on June 18-19 against a backdrop of stronger-than-expected data on US retail sales and the job market, with markets looking for clues to any tapering of its economic stimulus programme.

"The markets are a little bit fatigued at the moment," said Victor Thianpiriya, commodities analyst at Australia and New Zealand Banking Group. "They are still looking for direction from the Fed meeting. That's clearly the big driver this week."

Spot gold fell 0.2 per cent to $1,387.61 an ounce by 0650 GMT. Bullion closed up about 0.5 per cent for the week on Friday helped by strong demand for coins and bars, a pullback in US stocks and rising tensions in the Middle East.

US gold was little changed at $1,387.30, while Asian shares reversed early losses.

Markets have been volatile since Fed Chairman Ben Bernanke said last month the bank could scale back its stimulus measures if the economy improves. A cut in the Fed's $85 billion monthly bond purchases could hurt gold, which has benefited from its role as a hedge against inflation.

Thianpiriya said Bernanke was unlikely to deviate from what he has said before, as it was still too early to determine the timing of a tapering down of the bond purchases.

Most economists expect the Fed to scale back the size of its bond purchases by year end, and several expect reduced buying as early as September, a Reuters poll showed.

DEMAND EASING

Gold prices were supported by some buying in China, the No. 2 bullion consumer in the world after India. Shanghai gold futures were up 0.2 per cent on Monday.

However, demand in Asia has cooled from peak levels seen after the mid-April sell-off in gold. Bullion is down 17 per cent for the year after 12 years of annual gains.

Indian purchases of gold have fallen since an import duty hike earlier this month. The government is trying to narrow its current account deficit by reducing gold imports.

ANZ's Thianpiriya said volumes to India have fallen significantly in the last two weeks, while those to China were little changed.

Hedge funds and money managers slashed their bullish bets in gold and silver futures and options in the week to June 11, a report by the Commodity Futures Trading Commission showed on Friday.

Gold output in Australia, the No. 2 producer behind China, fell 5 per cent in the first quarter on weather-related disruption to 63.5 tonnes, according to the latest Gold Quarterly Review by Surbiton Associates.

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Posted by on Monday, June 17, 2013 - 12:40 pm.
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Gold futures little changed in rangebound trade ahead of Fed

Posted on Monday, June 17, 2013 - 12:27 pm
Investing.com - Gold futures were little changed in rangebound trade during European morning hours on Monday, as market players looked ahead to the Federal Reserve's upcoming policy meeting on Wednesday.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,386.45 a troy ounce during European morning hours, down 0.1% on the day.

Comex gold prices held in a range between USD1,385.75 a troy ounce, the daily low and a session high of USD1,391.35 a troy ounce.

Gold futures were likely to find support at USD1,366.25 a troy ounce, the low from June 11 and near-term resistance at USD1,401.05, the high from May 28.

Investors remained cautious amid ongoing speculation over whether the Fed will begin to unwind its easing program in the coming months.

Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank would end its bond-buying program sooner-than-expected.

An exit from the stimulus would deal a heavy blow to gold, which has thrived on demand from investors who buy gold to hedge against the inflationary risks of loose monetary policies.

Elsewhere on the Comex, silver for July delivery eased down 0.25% to trade at USD21.90 a troy ounce, while copper for July delivery rose 0.6% to trade at USD3.221 a pound.

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Posted by on Monday, June 17, 2013 - 12:27 pm.
Filed under Trading Calls – Commodity. Tagged with: • • •
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Metals Stocks: Gold rises as some bet on Fed inaction

Posted on Monday, June 17, 2013 - 10:57 am

By Carla Mozee, MarketWatch

LOS ANGELES (MarketWatch) — Futures prices for gold rose Monday, stepping higher as some investors wagered the Federal Reserve will hold off on tapering its monetary stimulus program this week.

Gold futures for August delivery /quotes/zigman/6585799 GCQ3 -0.12%  rose $1.20, or 0.1%, to $1,388.80 an ounce in electronic trade, with the gain for the dollar-denominated commodity recorded despite an advance in the U.S. dollar /quotes/zigman/1652083 DXY +0.24%  .

Gold futures on Friday rose $9.80, or 0.7%, finding support after a late Thursday report from The Wall Street Journal that Fed Chairman Ben Bernanke this week will try to calm fears that the central bank plans to end its bond-buying program all at once.

The Fed’s monthly bond purchases of $85 billion a month is aimed at encouraging U.S. economic growth.

Gold prices have recently suffered from concerns the Fed will scale back stimulus efforts. Gold over the last few years has benefited from fears the Fed’s aggressive stimulus efforts would debase the dollar and boost inflation.

“The Fed quitting its stimulus programs might be feasible if the economy were truly on a massive recovery and inflation were rising,” said Keith Springer, president of Springer Financial Advisors, in a note Friday. “However, tame inflation and lower global growth estimates from the International Monetary Fund indicate the world’s central banks won’t pull back anytime soon.”

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The Federal Open Market Committee, the Fed’s interest-rating setting body, is due to begin its meeting Tuesday and release its policy decision Wednesday. Bernanke is also scheduled to hold a news conference on Wednesday.

But T. Rowe Price said it believes the Fed is on track to begin reducing the pace of asset purchases during the summer quarter.

“The labor market outlook has improved since the program’s inception in September, downside risks in the economic outlook have diminished, and a revival in consumer credit-card footings is among reasons to have greater confidence in forecasts of a gradually improving growth profile,” T. Rowe Price chief economist Alan Levenson said in a report late last week.

In other Monday movements, July silver /quotes/zigman/652548 SIN3 -0.34%   shed 4 cents, or 0.2%, to $21.91 an ounce. Copper for July delivery /quotes/zigman/678445 HGN3 +0.64%   rose 2 cents, or 0.7%, to $3.22 a pound.

September palladium /quotes/zigman/10469735 PAU3 0.00%   slipped 10 cents to $731.60, and July platinum /quotes/zigman/9544538 PLN3 -0.05%  rose $1.80, or 0.1%, to $1,449.20 an ounce. .

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Posted by on Monday, June 17, 2013 - 10:57 am.
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Gold marks time as investors await stimulus outlook

Posted on Monday, June 17, 2013 - 09:50 am
SINGAPORE: Gold held steady in Asian trading on Monday as investors awaited indications from a key US Federal Reserve meeting later this week on the outlook for the central bank's bond buying programme.

The Fed meets on June 18-19 against a backdrop of stronger-than-expected data on US retail sales and the job market, with markets looking for clues to any tapering of its economic stimulus programme.

"The markets are a little bit fatigued at the moment," said Victor Thianpiriya, commodities analyst at Australia and New Zealand Banking Group. "They are still looking for direction from the Fed meeting. That's clearly the big driver this week."

Spot gold rose 0.02 per cent to $1,390.41 an ounce by 0319 GMT. Bullion closed up about 0.5 per cent for the week on Friday helped by strong demand for coins and bars, a pullback in US stocks and rising tensions in the Middle East.

US gold rose $2.40 to $1,390. Markets have been volatile since Fed Chairman Ben Bernanke said last month the bank could scale back its stimulus measures if the economy improves. A cut in the Fed's $85 billion monthly bond purchases could hurt gold, which has benefitted from its role as a hedge against inflation.

Thianpiriya said Bernanke was unlikely to deviate from what he has said before, as it was still too early to determine the timing of the tapering down of the bond purchases.

Most economists expect the Fed to scale back the size of its bond purchases by year end, and several expect reduced buying as early as September, a Reuters poll showed.

DEMAND EASING

Gold prices were supported by some buying in China, the No. 2 bullion consumer in the world after India. Shanghai gold futures were up 0.4 per cent on Monday.

However, demand in Asia has cooled from peak levels seen after the mid-April sell-off in gold. Bullion is down 17 per cent for the year after 12 years of annual gains.

Indian purchases of gold have fallen since an import duty hike earlier this month. The government is trying to narrow its current account deficit by reducing gold imports.

ANZ's Thianpiriya said volumes to India have fallen significantly in the last two weeks, while those to China were little changed.

Hedge funds and money managers slashed their bullish bets in gold and silver futures and options in the week to June 11, a report by the Commodity Futures Trading Commission showed on Friday.

Gold output in Australia, the No. 2 producer behind China, fell 5 per cent in the first quarter on weather-related disruption to 63.5 tonnes, according to the latest Gold Quarterly Review by Surbiton Associates.

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Posted by on Monday, June 17, 2013 - 09:50 am.
Filed under Commodities & Bullion. Tagged with: • • •
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Gold can still add shine to your portfolio, but it’s best to take SIPs

Posted on Monday, June 17, 2013 - 06:27 am
The price of gold has fallen 18.75% in the past six months in dollar terms in the international market. However, the yellow metal has lost only 13.45% in India during the same period. Globally, with the advent of 'risk on trade', an environment in which investors are willing to take risk, gold prices are expected to remain under pressure.

However, the story may be a little different in India - the weak rupee may support gold prices. Also, the legendary Indian appetite for gold is likely to emerge every time the precious metal takes a beating. Sure, the government has been making a lot of noise about curbing gold imports, but it remains to be seen how it will materialise.

In short, Indian investors have many factors to consider before taking a call on gold. Experts believe that gold prices are likely to hover in a narrow range and they are asking not to go overboard shopping for gold on dips, at the same time not shunning it altogether.

"Gold prices may remain in the range of $1,350 to $1,450 per ounce in the near term. Retail investors should take exposure to gold through systematic investment in e-gold and gold ETF," says Priti Gupta, director, Anand Rathi Commodities and Currencies. Retail investors should look at gold more as portfolio insurance, than taking active trading calls on it, say experts.

The rupee factor

Rupee price of gold is dependent on two factors - its price in dollar terms in the international market and the rupee-dollar exchange rate. If gold prices in international market remain stable, but dollar strengthens against rupee, then gold turns costlier in rupee terms, and the other way round.

That means, if you are expecting the rupee to weaken further against the greenback, you should buy gold, as its value will appreciate with a fall in the rupee against the dollar.

In recent times, the rupee has been on a wet pitch. After hitting a high of 51.83 against the greenback on October 5, the rupee has been on a downward spree, and now quotes around 57.75 a piece.

Gold prices too have inched up from recent lows, in the international market and weak rupee has been further fuelling gains for Indian investors. In the last fortnight, Indian gold investors have made 4.71%.

"But the rupee may gain from here and the appreciation in gold prices in rupee terms may be capped," says Abhilash Tatipamula, AVP - commodity research, GEPL Capital. He is not the only person expecting a strong rupee. "RBI may intervene in the forex market and the expectations of 60 rupee a dollar may not materialise in the short term, thereby capping gains in gold," says Priti Gupta.

Foreign hand at play

Though the rupee's appreciation may be a spoiler for gold investors in the short term, you must keep an eye on dollar prices of gold too. "Global economy is perceived to be growing and there are some green shoots. Also quantitative easing done by Federal Reserve is expected to taper off. All these factors have led to lower investment demand for gold, which should ensure weakness in gold prices," says a fund manager.

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Posted by on Monday, June 17, 2013 - 06:27 am.
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Gold slips as investors await outlook for bond purchases

Posted on Monday, June 17, 2013 - 06:10 am
SINGAPORE: Gold fell in early Asian trading on Monday as investors await indications from a key US Federal Reserve meeting this week on the pace of the central bank's bond buying programme.

FUNDAMENTALS

Spot gold eased 0.2 per cent to $1,387.24 an ounce by 0022 GMT. Bullion closed up about 0.5 per cent for the week on Friday helped by strong demand for coins and bars, a pullback in US stocks and rising tensions in the Middle East.

US gold fell slightly to $1,386.9. Markets have been on the edge since May 22 when Fed Chairman Ben Bernanke said the bank could scale back its stimulus programme if the economy improves.

A reduction in the $85 billion monthly bond purchases could hurt gold, typically seen as a hedge against inflation. The Fed meets on June 18-19.

Hedge funds and money managers slashed their bullish bets in gold and silver futures and options in the week to June 11, a report by the Commodity Futures Trading Commission showed on Friday.

Gold output in Australia, the No. 2 producer behind China, fell 5 per cent in the first quarter on weather-related disruption to 63.5 tonnes, according to the latest Gold Quarterly Review by Surbiton Associates.

HSBC lowered its platinum price forecasts for this year and next, even though supplies are tight, because the metal has been influenced by the sharp sell-off in gold.

Anglo American Platinum said on Saturday operations at its Thembelani mine in South Africa were back to normal after a "group of employees" on Friday prevented 2,400 workers from going above ground.

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Posted by on Monday, June 17, 2013 - 06:10 am.
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Gold traders turn bearish as investors pare holdings

Posted on Monday, June 17, 2013 - 05:35 am
LONDON: Gold traders turned bearish for the first time in a month as investors reduced holdings in exchange-traded products for an unprecedented 17th consecutive week and India, the biggest buyer, announced curbs on imports.

Eighteen analysts surveyed by Bloomberg expect prices to fall next week, with 14 bullish and four neutral, the largest proportion of bears since May 17. Investors sold 497.2 tonne valued at about $22 billion through ETPs since February 8 and the 2,117.96 tonne left is the least they have held since March 2011, data compiled by Bloomberg show.

Bullion is on track for the first annual drop since 2000 as some investors lose faith in it as a store of value. While the slump into a bear market in April hurt billionaire hedge fund manager John Paulson and producer Newcrest Mining (NCM), it spurred purchases of coins and jewelry worldwide.

"Sentiment is very bleak," said Andrey Kryuchenkov, a commodity strategist in London at VTB Capital, a unit of Russia's second-largest lender. "The Indian import tax hike is concerning and it's obviously not helping sentiment. Investors are basically on the sidelines. They don't want to do anything and are still spooked."

The metal fell 17% this year to $1,389.93 an ounce and is trading 28% below the record $1,921.15 set in September 2011. The Standard & Poor's GSCI gauge of 24 commodities dropped 2.2% since January started and the MSCI All-Country World Index of equities rose 7.3%. Treasuries lost 1.4%, a Bank of America index shows.

India's move to slow demand comes amid the worst drop in ETP holdings since the first product was listed in 2003. Assets fell for 17 weeks through June 7 and are down 17.9 tonne so far this week.

Paulson, the largest investor in the SPDR Gold Trust, the biggest ETP, had a 13% loss in his Gold Fund last month. That takes the decline since the start of the year to 54%, according to a copy of a letter to investors obtained by Bloomberg News.

Gold's plunge is also hurting producers already contending with rising costs. Newcrest, Australia's largest gold producer, said last week it will write down the value of its assets by as much as A$6 billion ($5.9 billion) after the slump. The 30-member Philadelphia Stock Exchange Gold and Silver Index slid 37% this year.

Data released last week showed US payrolls increased more than forecast in May and Federal Reserve Chairman Ben S Bernanke said last month that the central bank could curtail its $85 billion monthly bond purchases if the economy improves. The World Bank raised its 2013 US growth forecast on June 12 to 2%, from 1.9% in January, even as it cut its estimate for the global economy to 2.2%, from 2.4%.

Bullion rose 58% since 2008 as the Fed led a global surge in money printing to boost growth. While the US central bank will slow purchases, it will still buy $65 billion a month by October, the median of 59 economist estimates compiled by Bloomberg this month shows.

"The market is slowly realizing that despite the talk about tapering of bond buying by the Fed, there will be no meaningful global tightening any time soon," said Adrian Day, the president of Adrian Day Asset Management in Annapolis, Maryland.

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Posted by on Monday, June 17, 2013 - 05:35 am.
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