Last Updated : March 11, 2010 15:15
Gold steady on bargain buying, Nymex April flle 1.3%
Gold traded steady in Asia as some bargain buying after the metal’s losses in the previous two days kept bullion prices supported. However, crude oil in late trades caused heavy volatility in bullion markets.
Gold fell for the third day amid heavy liquidation after easing Greek debt woes clouded gold’s safe haven demand.
US gold futures for April month delivery fell 1.3 percent to $1,108.10/oz. The dollar index closed 0.18 percent down at 80.445 after hitting session high of 80.859.
The euro settled at 1.3657, 0.40 percent appreciation. The MSCI index for world stocks rose for the eighth day in the last nine trading days.
The index closed 2.15 percent up, supported by firm US equities yesterday. Crude oil prices rose 0.74 percent to $82.09/barrel after the reports showed inventories added were lesser than expected. SPDR Gold holdings fell marginally by 0.51 MT to 1115.51 MT as on Mar 10.
MCX gold futures fell more than Comex gold futures due to rupee strengthening. Rupee strengthened 0.6 percent to 45.3637 yesterday and put pressure on domestic bullion prices.
Gold for immediate delivery on MCX fluctuated between Rs. 16,430 and Rs. 16,758/10 gm before closing 1.45 percent down at Rs. 16,484/10 gm.
Outlook Gold is treading waters to regain some strength during Asian hours as the metal trades slightly up at $1,109.30/oz. The dollar index is little changed after yesterday’s fall. Reports showed that the Federal budget deficit widened to $210 bn in January against $42.6 bn in the month before. Trade deficit may also rise in today’s data release while jobless claims data are slightly positive for the dollar. Overall, data remain mixed. Some technical selling could be seen which may drag prices to below $1,100/oz. However, dollar movement on data releases will be crucial for further direction. MCX gold futures may see flat opening with sideways to negative view for the day.
Courtesy: Karvy Commtrade Ltd.
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MCX CARBON CREDITS 14 December 2012
contract was trading at
Rs 562 , down Rs. -53 . What's your view on it?
