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Precious Metal Updates for 27 Oct 2016

Precious Metal Updates for 27 Oct 2016

Silver trading range for the day is 41730-42762.Silver dropped as investor appetite for riskier assets such as equities, denting demand for bullion, often considered a safe haven. Data released by the U.S. Department of Commerce showed that new home sales rose 3.1 percent to an annual rate of 593,000.The U.S. central banks next meeting is in November, but a rate hike ahead of the presidential election is seen as unlikely. Gold trading range for the day is 29681-30077.Gold prices inched down as the U.S. dollar steadied, but underlying demand for bullion was seen as robust ahead of major festivals in India. Bank of England Governor Mark Carney cast doubt on expectations for more monetary stimulus. SPDR gold trust holdings dropped by 1.49% i.e. 14.24 tonnes to 942.59 tonnes from 956.83...
Precious Metal Updates for 25 Oct 2016

Precious Metal Updates for 25 Oct 2016

Silver futures ended higher in the domestic market on Monday after participants raised their bets amid firming global trends. Analysts attributed the rise in silver prices at futures trade to a firming trend in the precious metals overseas. At the MCX, silver futures for December 2016 contract ended at Rs 42,039/ kg, upward by 0.19 %, after opening at Rs 41,997, against a last close of Rs 41,958. It touched the intra-day max of Rs 42,570. Gold futures ended lower in the domestic market on Monday as the U.S. dollar touched another eight-month high in the wake of data showing that the pace of growth among American manufacturers was better than expected in October. The dollar & gold often move inversely because a firmer buck leaves dollar-priced commodities less desirable to purchasers using another currency. At the MCX, gold futures for December 2016 contract ended at Rs 29743/10 grams, downward by 0.68 %, after opening at Rs 29,905, against a last close of Rs 29,946. It touched the intra-day low of Rs...
Precious Metal updates for 6 Oct 2016

Precious Metal updates for 6 Oct 2016

Silver trading range for the day is 41566-43722.Silver dropped amid mounting concern that an improving U.S. economy will push the Federal Reserve to boost interest rates soon. Federal Reserve officials are talking up the increasing likelihood of an interest-rate rise in the U.S. Holdings at ishares silver trust dropped by 0.52% i.e. 59.05 tonnes to 11206.36 tonnes from 11265.41 tonnes. Gold trading range for the day is 29600-30296. Gold prices dropped after data showed that the U.S. services sector accelerated in September to the fastest level in 11 months. Prices seen under pressure as the U.S. dollar climbed to a two-month high amid indications the Fed is getting closer to raising interest rates. The European Central Bank is said to be building an informal consensus to gradually wind down bond...
Precious Metal Updates for 29 Sept 2016

Precious Metal Updates for 29 Sept 2016

Gold futures ended lower in the domestic market on Wednesday as desired for haven assets dulled in the wake of the first U.S. presidential debate. Gold & the dollar typically move inversely, & a higher dollar can diminish the appeal of the yellow metal priced in dollars. At the MCX, gold futures for October 2016 contract ended at Rs 30,949/10 grams, downward by 0.09 %, after opening at Rs 30,980, against a last close of Rs 31,978. It touched the intra-day low of Rs 30,866. Silver futures ended higher in the domestic market on Wednesday as speculators widened positions amid a firm trend in precious metals overseas. Analysts said that speculative positions created by participants tracking a firm trend in global market for precious metals raised desired for the commodities including precious metals. This influenced silver prices at the futures trade. At the MCX, silver futures for December 2016 contract ended at Rs 45,623/kg, upward by 0.28 %, after opening at Rs 45,363, against a last close of Rs 45,494. It touched the intra-day maximum of Rs...
Precious Metal Updates for 23 Sept 2016

Precious Metal Updates for 23 Sept 2016

Precious Metal : Gold trading range for the day is 31067-31513.Gold prices gained as support continues as the Fed stayed pat on interest rates in the world’s biggest economy. But it also indicated it could still tighten monetary policy by the end of the year as the labor market improved further. SPDR gold trust holdings gained by 0.69% i.e. 6.53 tonnes to 950.92 tonnes from 944.39 tonnes. Markets will be closely analyzing upcoming U.S. data such as GDP, non-farm payrolls and inflation for clues on the direction of rates. Copper trading range for the day is 321.9-329.7. Copper gained as the dollar slipped though gains were limited by worries about slow demand growth. A report from the ICSG showed the global refined copper industry was in a production deficit of around 306,000 tonnes in the first half China boosted output to the highest level in at least six months as domestic smelters expanded capacity amid favorable margins. Warehouse stock for Copper at LME was at 346050mt that is down by -1750mt. Silver trading range for the day is 46859-47989.Silver gained as the U.S. dollar sold off after the Federal Reserve held off on raising interest rates. The Fed left interest rates unchanged, but hinted that a hike could come in December if the job market continued to improve. The number of Americans filing for unemployment benefits unexpectedly fell last week to a two-month low. BOE policymaker Forbes said she did not see a case for a further interest rate cut to help Britain’s economy after Junes vote to leave the...
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