Gold futures rise 0.13% on global cues

Gold prices rose 0.13 percent to Rs 26,502 per 10 gram in futures trade today as speculators created fresh positions, taking positive cues from global markets.

 At the Multi Commodity Exchange, gold for delivery in October was up by Rs 35, or 0.13 percent, to Rs 26,502 per 10 gram in a business turnover of 15 lots. 

The metal for delivery in far-month December moved up Rs 36, or 0.13 percent, to Rs 26,720 per 10 gm in a turnover of 15 lots. 

Market analysts said rise in the precious metal at global markets ahead of a speech from Federal Reserve chief Janet Yellen, which will provide more clarity on the bank's plans for an interest rate hike, influenced gold prices at futures trade here. Meanwhile, gold climbed as much as 0.42 percent to USD 1,135 an ounce in Singapore today.

For More Information : Bullion Tips, McxTrading Tips, Mcx Tips, Commodity Market Tips,Bullion Trading Tips,mcx market tips,Mcx Trading Tips,commodity tips,Commodity market tips

US oil slumps 4.1%, at $44.48 a barrel

Oil futures fell sharply on Wednesday after initially extending gains as government data showed a second consecutive weekly fall in US crude oil inventories. 

However, a build in gasoline inventories following the end of the US summer driving season and falling refinery runs at the start of maintenance period offset the crude drawdown, John Kilduff, founding partner at Again Capital said. US light crude closed down USD 1.88, or 4.06 percent, at USD 44.48 a barrel. Benchmark Brent crude tumbled about 3 percent to USD 48.50 a barrel. 

Gasoline demand was "the only thing keeping us alive there for the summer in terms of prices holding up," Kilduff said.

 "The downward press just keeps reemerging." The Energy Information Administration reported US commercial crude stockpiles fell by 1.9 million barrels in the last week, compared with analysts' expectations for an decrease of 533,000.

For More Information : Bullion Tips, McxTrading Tips, Mcx Tips, Commodity Market Tips,Bullion Trading Tips,mcx market tips,Mcx Trading Tips,commodity tips,Commodity market tips

Ncdex soyabean Market Update

Soyabean settled up by 0.28% at 3235 on improvement in demand from China and on supply worries from United States. China January-August soybean imports 52.4 million tons, up 9.8% on year while August soybean imports 7.78 million tons, up 29% on year, government data showed. USDA trimmed its forecast for 2014-15 US soybean ending stockpiles to 450 million bushels compared to 470 million bushels in the previous month and 210 million bushels a year ago. 

Reviewing the current market situation of India, ongoing harvest season and bearish cues from September 11 USDA report shall be seen as bearish price driver for domestic soybean. 

Despite the fact mentioned above, some support will be observed from reports of below monsoon performance this month, and rising possibility of hike in custom duty on edible oil imports. Sources say that this year's monsoon could end up as among the worst three in nearly three decades. U.S. oilseed production for 2015/16 is projected at 116.1 million tons, up 0.7 million from last month on increased soybean, cottonseed, and peanut production. 

Similarly, US Soybean production is forecast at 3,935 million bushels, up 19 million due to a higher yield forecast. The 2015/16 U.S. season-average soybean price is projected at $8.40 to $9.90 per bushel, unchanged from last month.
At the Indore spot market in top producer MP, soybean gained 16 rupee to 3357 rupee per 100 kgs.Technically market is under fresh buying as market has witnessed gain in open interest by 2.99% to settled at 52070 while prices up 9 rupee, now Soyabean is getting support at 3217 and below same could see a test of 3200 level, And resistance is now likely to be seen at 3252, a move above could see prices testing 3270.


For More Information : Bullion Tips, McxTrading Tips, Mcx Tips, Commodity Market Tips,Bullion Trading Tips,mcx market tips,Mcx Trading Tips,commodity tips,Commodity market tips

Gold Under Pressure As Dollar Gains On U.S. Rate Hike Hopes

Gold struggled on Wednesday to recover from its losses over the previous two sessions, as the dollar hit its highest in nearly three weeks on expectations the Federal Reserve would hike U.S. interest rates this year.

Spot gold was little changed at $1,124.30 an ounce by 0330 GMT, after dropping 1.3 percent over the past two days.

The metal's slide follows a rally last week that took it to a near three-week high after the Fed's move to stand pat on interest rates. However, the U.S. central bank has also said it would move to increase rates later this year for the first time in nearly a decade.

Higher rates would dent demand for non-interest-paying gold, while boosting the dollar. A stronger greenback makes dollar-denominated gold more expensive for holders of other currencies.

"Persistent dollar strength will hamper the precious complex, whilst the timing of the first Fed interest rate rise will also add to the uncertainty and continued volatility," said MKS Group trader James Gardiner.

The Fed will likely hike interest rates in December, according to economists polled by Reuters who assigned a 60 percent probability of it happening. This has buoyed the dollar, which on Wednesday hit 96.484 against a basket of currencies, its strongest level since Sept. 4.

For More Information : Bullion Tips, McxTrading Tips, Mcx Tips, Commodity Market Tips,Bullion Trading Tips,mcx market tips,Mcx Trading Tips,commodity tips,Commodity market tips

Oil Price Rally Reverses As Dollar Ticks Higher

Oil prices fell in Asia today, reversing sharp gains in the previous session, hit by a strong dollar and persistent concerns over a global supply glut. 

US benchmark West Texas Intermediate for October delivery, which expires at the end of the trading day, eased 39 cents to USD 46.29 in late-morning trade after spiking 4.1 per cent at its close in New York yesterday. 

Brent crude for November dipped 37 cents to USD 48.55 a barrel following a 3.1 per cent surge in London.

 "A resurgent US dollar weighed on crude prices. However, an improved risk tone could cushion oil prices on the downside," said Bernard Aw, market strategist at IG Markets in Singapore. 

The dollar climbed after three Federal Reserve presidents put the argument for borrowing costs the rise by year's end, in a bid to soothe concerns about the global economy that were stoked by the bank's decision to hold fire Thursday.

For More Information : Bullion Tips, McxTrading Tips, Mcx Tips, Commodity Market Tips,Bullion Trading Tips,mcx market tips,Mcx Trading Tips,commodity tips,Commodity market tips

Mcx Silver Trading Update

MCX SILVERM November contract was trading at Rs 36080 down Rs 16, or 0.04 percent. The SILVERM rate touched an intraday high of Rs 36111 and an intraday low of Rs 35973.

 So far 2167 contracts have been traded. SILVERM prices have moved down Rs 6980, or 16.21 percent in the November series so far. MCX SILVERM February contract was trading at Rs 36818 down Rs 10, or 0.03 percent.

 The SILVERM rate touched an intraday high of Rs 37000 and an intraday low of Rs 36706. So far 111 contracts have been traded. 

SILVERM prices have moved down Rs 683, or 1.82 percent in the February series so far.

Marketmagnify provide tips and advices to our clients by sms/calls/chat. We have dedicated team of analysts and we are providing reliable and valuable tips on stock, commodities. We believe in our customer satisfaction by giving them successful results.We provide high accurate Mcx Tips at very reasonable price to help small traders and investors to make decent money. Fill OUR FREE TRIAL We cover all types of services all segment.

Gold Hovers Near Three-Week High

Gold held close to its highest level in nearly three weeks on Monday, boosted by safe-haven demand after the Federal Reserve's move last week to leave U.S. interest rates unchanged weighed on global equities.
Spot gold eased slightly to $1,137.56 an ounce by 0311 GMT, after gaining 3 percent in the previous three sessions. Trading liquidity is likely to be thin during Asian hours due to a three-day holiday in Japan.


The metal had climbed to $1,141.50 in the previous session, its highest since Sept. 2.

Asian shares followed Wall Street lower on Monday after the Fed's decision to keep interest rates at record lows raised fresh concerns about growth globally, particularly in China. U.S. and European debt yields also tumbled.

"The retreat in equities plus the continued decline in U.S Treasury yields helped encourage buying in gold," said HSBC analyst James Steel.

"Buying appeared to be a combination of safe-haven demand and fresh short covering," he said.

The Fed kept interest rates unchanged last week in a bow to worries about the global economy, financial market volatility and sluggish inflation at home. It left open the possibility of modest rate rises later this year.

With the Fed having sounded a cautious tone on the health of the global economy, the focus this week will likely turn to China and the flash PMI report on Wednesday.

The decision to not hike rates last week is positive for non-interest-paying gold, which could see demand drop with higher rates. Bullion prices have dropped about 4 percent this year on uncertainty over the timing of a rate hike.

But with the Fed expected to hike rates before the end of the year, gold could come under pressure again.

Marketmagnify provide tips and advices to our clients by sms/calls/chat. We have dedicated team of analysts and we are providing reliable and valuable tips on stock, commodities. We believe in our customer satisfaction by giving them successful results.We provide high accurate Mcx Tips at very reasonable price to help small traders and investors to make decent money. Fill OUR FREE TRIAL We cover all types of services all segment.