Tag: Yellow metal

Yellow metal steady ahead of US Fed rate decision

Yellow metal steady ahead of US Fed rate decision

01/02/2017 15:39

Gold futures were little changed during afternoon trade in the domestic market on Wednesday as investors and speculators extended their positions in the precious metal as demand for safe-haven emerged as traders waited to see the US Federal Reserve decision on interest rates amid uncertainty over President Trump’s policies.

Donald Trump’s move mounted criticism and protests in major American cities.

The US Fed likely to keep interest rates unchanged today in its first policy decision since President Donald Trump took office, as the central bank awaits greater clarity on his economic policies.

Fed raised interest rates in December, at that time it signaled as many as 3 rises in 2017 as the Trump administration takes over with promises to boost growth via tax cuts, spending and deregulation.

At the MCX, gold futures for February 2017 contract is trading at Rs 28950 per 10 grams, up by 0.03 per cent, after opening at Rs 28873, against a previous close of Rs 28942. It touched the intra-day high of Rs 29095 (at 15:28 hours).

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Yellow metal up on weak dollar, Trump policy worries

Yellow metal up on weak dollar, Trump policy worries

30/01/2017 14:21

Gold futures were little changed during afternoon trade in the domestic market on Monday as investors and speculators extended their positions in the precious metal as demand for safe-haven emerged on weak US dollar on uncertainty over US policy after the Trump introduced immigration curbs that sparked criticism globally.

Trump’s move to ban entry of refugees and people from 7 Muslim majority countries mounted criticism and protests in major American cities.

However, gains were curbed as many Asian markets were closed today due to holiday for the Lunar New Year.

At the MCX, gold futures for February 2017 contract is trading at Rs 28372 per 10 grams, up by 0.07 per cent, after opening at Rs 28384, against a previous close of Rs 28353. It touched the intra-day high of Rs 28423 (at 14:04 hours).

Yellow metal in reverse gear on firm dollar

Yellow metal in reverse gear on firm dollar

25/01/2017 14:13

Gold futures fell during afternoon trade in the domestic market on Wednesday as investors and speculators exited their positions in the precious metal as demand for safe-haven faded on strong US dollar as investors welcomed the new US President Donald Trump’s economic policies.

The greenback soared as investors acknowledged the Trump’s eagerness to deliver on his campaign promises as he shifted his focus back to growth initiatives including promising corporate tax breaks to fuel US investment, after focusing on protectionism in his first few days in office.

At the MCX, gold futures for February 2017 contract is trading at Rs 28565 per 10 grams, down by 0.56 per cent, after opening at Rs 28650, against a previous close of Rs 28725. It touched the intra-day low of Rs 28526 (at 13:56 hours).

Yellow metal little changed

Yellow metal little changed

18/01/2017 13:58

Gold futures were little changed during afternoon trade in the domestic market on Wednesday as investors and speculators exited their positions in the precious metal on slide in safe-haven demand despite weaker dollar and fears over US policy ahead of the President-elect Trump’s inauguration on January 20.

The dollar dropped following comments from Trump noting that the dollar is too high.

Also, investors digested the UK Prime Minister Theresa May’s speech on Brexit plans in which she made it clear- the UK will make a clean break from the EU and leave its single market of some 500 million people.

“We do not seek membership of the single market,” she said. “Instead, we seek the greatest possible access to it through a new, comprehensive, bold and ambitious Free Trade Agreement.”

At the MCX, gold futures for February 2017 contract is trading at Rs 28,730 per 10 grams, down by 0.03 per cent, after opening at Rs 28,738, against a previous close of Rs 28,738. It touched the intra-day low of Rs 28,675 (at 13:49 hours).

Yellow metal loses sheen on stronger greenback

Yellow metal loses sheen on stronger greenback

04/01/2017 14:15

Gold futures were trading lower during afternoon trade in the domestic market on Wednesday as investors and speculators exited their positions in the precious metal amid strong US dollar against a basket of currencies ahead of the FOMC minutes due to be released later in the day, which signals about the prospect of rising US interest rates this year. The precious metal is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced.

Moreover, traders keenly eyed the (US) non-farm payrolls data due this Friday. If there is lower-than-expected data, then it will be a good chance for gold to have a strong rebound.

At the MCX, gold futures for February 2017 contract is trading at Rs 27730 per 10 grams, down by 0.17 per cent, after opening at Rs 27685, against a previous close of Rs 27778. It touched the intra-day low of Rs 27672 (at 14:03 hours).

Yellow metal regains sheen as greenback slips

Yellow metal regains sheen as greenback slips

21/12/2016 13:51

Gold futures rose during afternoon trade in the domestic market on Wednesday as investors and speculators extended their positions in the precious metal as the greenback edged slightly lower from its 14-year highs, which it touched recently.

Besides, US Fed Chair Janet Yellen’s optimistic remarks on the US labour market, strengthened the possibility of further rate hikes next year, restricted gains at gold futures.

Precious metal is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced.

At the MCX, gold futures for February 2017 contract is trading at Rs 27,160 per 10 grams, up by 0.11 per cent, after opening at Rs 27,143, against a previous close of Rs 27,130. It touched the intra-day high of Rs 27,207 (at 13:40 hours).

Yellow metal in reverse gear ahead of US Fed meet

Yellow metal in reverse gear ahead of US Fed meet

13/12/2016 13:07

Gold futures fell during afternoon trade in the domestic market on Tuesday as investors and speculators exited their positions in the precious metal on looming worries over an imminent interest rate hike by the US Federal Reserve in a key meeting that begins later in the day.

The US Fed is widely expected to raise interest rates in a two-day meeting on December 13-14, which could boost the US dollar.

Precious metal is highly sensitive to rising interest rates, which lift the opportunity cost of holding non-yielding assets such as bullion.

At the MCX, gold futures for February 2017 contract is trading at Rs 27,597 per 10 grams, down by 0.25 per cent, after opening at Rs 27,635, against a previous close of Rs 27,666. It touched the intra-day low of Rs 27,565 (at 12:54 hours).

Yellow metal loses sheen on dollar strengthening

Yellow metal loses sheen on dollar strengthening

09/12/2016 14:14

Gold futures fell during afternoon trade in the domestic market on Friday as investors and speculators exited their positions in the precious metal as the US dollar strengthened.

Besides, rising hopesd that the US Federal Reserve likely to hike interest rates in its policy meeting next week, continue to weigh on gold, as rising US rates raise the opportunity cost of holding non-yielding bullion.

At the MCX, gold futures for February 2017 contract is trading at Rs 27,720 per 10 grams, down by 0.21 per cent, after opening at Rs 27,750, against a previous close of Rs 27,777. It touched the intra-day low of Rs 27,700 (at 14:08 hours).

Yellow metal shines on weakness in greenback

Yellow metal shines on weakness in greenback

07/12/2016 14:03

Gold futures rose during afternoon trade in the domestic market on Wednesday as investors and speculators extended their positions in the precious metal on weakness in the greenback and caution ahead of RBI policy meet scheduled later in the day.

Post demonetisation, this will be the first RBI policy meet and market is expecting a rate cut of at least 25 basis-points, supported gold prices at futures trade.

At the MCX, gold futures for February 2017 contract is trading at Rs 27,895 per 10 grams, up by 0.24 per cent, after opening at Rs 27,856, against a previous close of Rs 27,827. It touched the intra-day high of Rs 27,896 (at 13:48 hours).

Yellow metal loses sheen on global cues

Yellow metal loses sheen on global cues

30/11/2016 16:18

Gold futures fell during evening trade in the domestic market on Wednesday as investors and speculators exited their positions in the precious metal on looming worries over an imminent interest rate hike by the US Fed in December on expectations of improving economic growth.

The US Fed is widely expected to raise interest rates in December, which could boost the US dollar, making commodities more expensive for non-US buyers.

At the MCX, gold futures for December 2016 contract is trading at Rs 28618 per 10 grams, down by 0.50 per cent, after opening at Rs 28740, against a previous close of Rs 28762. It touched the intra-day low of Rs 28557 (at 16:07 hours).