Gold price falls below Rs 28,000 per 10 grams level

Mumbai: bullion comprehensive its slither on the bullion souk here Wednesday and dropped below the Rs 28,000 per 10 grams level on continual selling by stockists and poor trade demand in the environment of bearish universal cues.

Silver also destabilized additional following heavy unwinding from speculators amid condensed manufacturing insist.

Normal gold (99.5 purity) dropped by Rs 235 to close at Rs 27,800 per 10 grams from Tuesday's level of Rs 28,035.

Pure bullion (99.9 purity) dipped by Rs 230 to end at Rs 27,950 per 10 grams from Rs 28,180 beforehand.

hoary (.999 fineness) drooping by Rs 555 to end at Rs 45,055 per kg as beside during the night close of Rs 45,610.

In New York, bullion prices upturned previous gains to close lower for a third meeting yesterday in the wake of dovish comments from Federal Reserve Chairwoman Janet Yellen.

Gold for August release slid to USD 1,297.10 an ounce (28gm) on the Comex separation of the NYMEX late yesterday, while gray slipped to USD 20.89 an ounce.

Gold value rallies to maximum in a month, reclaims $1,250 level

 

Singapore: bullion extended gains to a third sitting on Monday to punch its maximum in a month after a astoundingly weak US jobs statement stoked potential that the Federal Reserve could rage the rapidity of its incentive wind-down.

A weaker U.S. dollar also supported prices, even if corporeal require in China - the world`s major bullion consumer - dropped off unpaid to the convention in prices.

Spot bullion was up 0.4 percent at USD 1,251.60 an little by 0313 GMT, after bass beat USD 1,254.05 previous - its peak given that December 12. "Prices may carry on to increase dig USD 1,267," said Joyce Liu, an asset psychiatrist at Phillip Futures. "As it`s wages period for U.S. equities, large disappointments in company wages may also shortest some resources flipside to bullion."

"However, the universal macroeconomic emotion and attitude carry on to weigh on gold, in particular as bond yields  continue to increase and prediction for USD linger cheerful. As such, we would believe bullion prices this week to be mostly supported but exposed to end the current gathering."

Gold mislaid virtually 30 percent of its price in 2013 as burly U.S. monetary data provoked the Fed to level back its incentive. In January, though, bullion prices have been supported by weaker equities and vigorous require in China to the front of the planetary New Year.

A reduce speed in outflows from SPDR bullion belief GLD, the world`s major gold-backed exchange-traded fund, has also helped.

Prices were agreed a transformed improve by Friday`s U.S. nonfarm payroll data which showed that U.S. employers hired the smallest personnel in virtually 3 years in December.

Markets deem the weak jobs statement could punctual the Fed to continue with concern in contraction its momentous financial incentive. The Fed last month announced its first cut to the USD 85 billion bulletin bond purchases. Other data on Friday showed that prevaricate finances and money managers raised their net long positions in gold futures and options for a subsequent directly week.

On the Shanghai Gold Exchange, premiums for 99.99 percent spotlessness bullion XAU9999=SGEX fell to about USD 15 from Friday`s USD 18 as the charge expand deterred some buyers.

Buying from China was strapping last week unpaid to new year purchases but have now slowed, traders thought.

bullion, hoary expand on squat-altitude export

 
The gold bars souk began the New Year on a optimistic note with bullion increasing by Rs 225 to Rs 30,025 per ten grams and hoary in advance by Rs 45 to Rs 43,800 per kg on Wednesday on materialization of export at customary inferior levels for the resulting matrimony period.

In Mumbai, bullion of 99.9 and 99.5 per cent spotlessness highly developed by Rs 100 each to Rs 29,630 and Rs 29,480 per ten grams, in that order, while hoary mislaid Rs 460 at Rs 44,540 per kg.

Traders said appearance of import at established inferior levels for the imminent marriage time largely led the upturn move in prized metals.

On the familial frontage, gold of 99.9 and 99.5 per cent spotlessness rebounded by Rs 225 to Rs 30,025 and Rs 29,825 per ten grams, in that order. It had mislaid Rs 320 in last two sessions.

Monarch detained fixed at Rs 25,100 per section of eight gram.

In line with a all-purpose dense leaning, hoary prepared healthier by Rs 45 to Rs 43,800 and weekly-based rescue by Rs 5 to Rs 43,960 per kg. It had gone Rs 1,245 in last two days.

However, hoary loose change lacked compulsory import hold at obtainable elevated levels and plunged by Rs 1,000 to Rs 84,000 for selling and Rs 85,000 for advertising 100 pieces.

Gold prices increase for subsequent day on worldwide cues

Gold prices rose for the second straight day on Saturday by gaining Rs 120 to Rs 30,120 per ten grams in the national capital, largely in tandem with a firming trend overseas.

Traders said increased buying by stockists and jewellers amid a firming global trend, as the dollar's slump boosted demand for precious metals as an alternative investments, mainly influenced gold prices.

FLASHBACK 2013: Stocks outshine gold, silver with better returns

Gold in New York, which normally sets price trend on the domestic front, up by 0.1 per cent to $1,214 an ounce while silver by 0.7 per cent to $20.04 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 120 each to Rs 30,120 and Rs 29,920 per ten grams respectively. It had gained Rs 100 on Friday.

Sovereign, however, remained steady at Rs 25,100 per piece of eight gram in scattered deals.

Silver ready rose for the fourth straight session, gaining Rs 250 to Rs 45,000 per kg and weekly-based delivery by Rs 320 to Rs 45,150 per kg on increased offtake by industrial units and coin makers, while silver coins continued to be asked at last level of Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.

Silver had gained Rs 1,200 in the previous three sessions.

Gold worth recovers on Christmas require, worldwide cues

 

Gold worth snapped its two-da trailing splash on Wednesday, trailing recuperating by Rs 125 to Rs 30,175 per ten grams in the general investment , on Christmas require coupled with a campact overall leaning.
Silver worth followed outfit and gained Rs 140 to Rs 43,690 per kg on increased offtake by manufacturing Units.
Traders said besides Christmas require, solid world wide  fashion on assumption that this month's wroth drop may encourage more material buying Mostly led to a revival in expensive metals.

Gold in New York, which as a imperative sets wroth fashion on the marital  front, rise by 0.5 per cent to $1,203.30 an small amount and silver by 0.4 per cent to $19.48 an ounce.

On the marital facade, gold of 99.9  and 99.5 per cent spotlessness well again by Rs 125 every to Rs 30,175 and Rs 29,975 per ten grams, correspondingly. It had vanished Rs 350 in last two require.

monarch   remained  stable  at  Rs 25,100 per part of eight gram.
In line with a common compact require, silver ready rebounded by Rs 140 to Rs 43,690 per kg and paper-based release by Rs 250 to Rs 43,990 per kg. The white metal had gone Rs 400 in the prior two sessions.
Silver coins, nevertheless, detained stable at Rs 84,000 for buying and Rs 85,000 for advertising of 100 pieces.

Gold recovers on low-level buying, global cues

Gold prices recovered by Rs 240 to Rs 30,400 per ten grams in the national capital on Saturday on emergence of buying at existing lower levels amid a firm global trend.

Silver also snapped three-day losing streak by gaining Rs 450 to Rs 43,950 per kg on increased offtake by industrial units and coin makers.

Traders said emergence of buying at existing lower levels amid a firm global trend, spurred by the Federal Reserve's decision to taper stimulus, mainly led to a recovery in precious metals.

Gold in New York, which normally sets price trend on the domestic front, rose by 0.8 per cent to $1,203.70 an ounce and silver by 1.4 per cent to $19.45 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 240 to Rs 30,400 and Rs 30,200 per ten grams, respectively. It had lost Rs 270 in last two sessions.

Sovereign, however, held steady at Rs 25,150 per piece of eight gram.

In line with a general firm trend, silver ready rebounded by Rs 450 to Rs 43,950 per kg and weekly-based delivery by Rs 200 to Rs 44,000 per kg. The white metal had lost Rs 1,580 in the previous three sessions.

Silver coins also jumped up by Rs 1,000 to Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.

Gold, silver prices zoom on seasonal demand

Gold prices surged by Rs 305 to Rs 31,930 per ten gram in the national capital on Wednesday on brisk buying by stockists and jewellers to meet the rising seasonal demand amid strong global trend.

Silver prices too zoomed by Rs 1,190 to Rs 50,200 per kg on increased offtake by industrial units and coin makers for coming festivals led by Diwali and ongoing marriage season.

Silver and gold coins, which are normally used for pooja on Diwali and gifting purpose during marriage celebrations, remained in keen demand.

Firm global trend after payrolls in the US climbed, increasing speculation the Federal Reserve will maintain monetary stimulus to boost the economy, also influenced the sentiment, traders said.

Gold in New York, which normally sets price trend on the domestic front, climbed 2 per cent to $1,342.60 an ounce, nearing the highest level since September 30. Silver also climbed 2.3 per cent to $22.79 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity surged by Rs 305 each to Rs 31,930 and Rs 31,730 per ten gram, respectively, while sovereign held steady at Rs 25,300 per piece of eight gram.

In a similar fashion, silver ready surged by Rs 1,190 to Rs 50,200 per kg and weekly-based delivery by Rs 700 to Rs 50,000 per kg. However, silver coins held steady at Rs 87,000 for buying and Rs 88,000 for selling of 100 pieces.

Gold falls below $1,300 as Fed stimulus decision looms

Singapore: Gold extended losses into a third session on Wednesday, falling over 1 percent to trade below USD 1,300 an ounce, with investors expecting the US Federal Reserve to announce a reduction in its bullion-friendly stimulus measures.

The Fed is expected to begin its long retreat from ultra-easy monetary policy by announcing a small reduction to its USD 85 billion monthly bond purchases following a two-day policy meeting that ends on Wednesday. Many expect a USD 10 billion cut.

Spot gold had fallen 1.2 percent to USD 1,293.69 an ounce by 0217 GMT, bringing the year's losses to 23 percent. It had earlier dropped to USD 1,291.34 - its lowest since August 8.

"It all dependent now on the FOMC," said a precious metals trader in Hong Kong, referring to the Federal Open Market Committee. "It depends on what the language is going to be on their stimulus and what sort of tapering they pursue."

"Gold is still technically under pressure and will probably struggle to go above USD 1,350 again."

Traders said prices would find their next support level at USD 1,270- USD 1,280 an ounce.

Gold, often seen as a hedge against inflation and a slowing economy, benefited when central banks around the world launched stimulus measures to support their economies. The metal hit an all-time high of about $1,920 an ounce in 2011.

But this year several analysts have cut their forecasts for gold prices in anticipation of the US central bank curbing its stimulus measures. Goldman Sachs expects prices to drop to USD 1,050 by the end of next year.

PHYSICAL DEMAND

Due to the volatility in prices, physical demand has failed to pick up rapidly in key consumers India and China. Expectations that prices could fall further once the Fed announces a cut in stimulus have also restrained purchases.

Shanghai gold futures fell 2 percent on Wednesday.

Top gold consumer India increased its import duty on gold jewellery to 15 percent from 10 percent, setting it higher than the duty on raw gold in a move to protect the domestic jewellery industry.

The Indian central bank and finance ministry have taken several steps this year to curb bullion imports in an effort to reduce the country's record trade deficit.

Silver and palladium dropped about 1.6 percent, while platinum fell nearly 1 percent.