Gold demand slumps as prices rise, seasonal consumption slows in India

Gold demand in Asia eroded this week due to higher prices with a seasonal slowdown denting the lure for the precious metal in second-biggest consumer India.

Dealers in India offered discounts for gold, as the absence of key festivals kept demand subdued, especially as the wedding season has passed.

"Every year, demand remains weak in July. There is no major festival thi

Gold prices broke out slope resistance line at 1227 - Enrich Commodities

GOLD

Gold on Thursday 20th July 2017, Gold prices up by (81) pts closed at 28331 trading range between 28131 - 28380 and August Comex Gold futures settled at $1245.50 division of the New York Mercantile Exchange.

On Thursday, Gold prices peaked higher against the feeble dollar. With expectations surrounding that the European Central Bank is m

21/07/2017 10:34:22 AM | Posted in Commodities Reports read full news
Dollar dip puts gold on track for biggest weekly rise in two months

BENGALURU  - Gold was set for its biggest weekly gain in two months on Friday as a surging euro pushed the dollar to its weakest since June 2016, making bullion cheaper for holders of other currencies.

Bond yields also fell after Mario Draghi said on Thursday the European Central Bank was in no rush to scale back its asset purchase programme.

Lower yiel

Paytm aims to sell gold worth $200 million this year

By Nivedita Bhattacharjee and Sankalp Phartiyal

BENGALURU/MUMBAI  - Paytm plans to sell 5 tonnes of gold valued around $200 million this year, the digital payments firm said on Friday, as it strives to develop a viable business from its e-wallet platform.

E-wallets like Paytm, Citrus Pay and MobiKwik, which allow users to transfer money into virtual wal

Gold prices down by (-3) pts closed at 28250 trading range between 28092 - 28121 - Enrich Commodities

GOLD

Gold on Wednesday 19th July 2017, Gold prices down by (-3) pts closed at 28250 trading range between 28092 - 28121 and August Comex Gold futures settled at $1242 division of the New York Mercantile Exchange.

On Wednesday, Gold prices could be seen unchanged as the dollar turned optimistic dropping investor interest in the metal.

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20/07/2017 10:21:42 AM | Posted in Commodities Reports read full news
Gold inches down ahead of ECB meeting

BENGALURU -

 Gold prices edged lower on Thursday, with the dollar steady as markets looked to a meeting of the European Central Bank later in the day for clues on the outlook for its stimulus programme.

The ECB is expected to lay the groundwork for an autumn policy shift when it meets, emphasising improved growth while tempering expectations after previ

Yellow metal trading in red on profit booking

Gold is trading in red in early trade on Wednesday on account of profit booking amid tepid demand of precious metals by jewellers, investors and retailers. At the MCX, gold futures for August 2017 contract is trading at Rs 28204 per 10 grams, down by 0.17 per cent, after opening at Rs 28255, against a previous close of Rs 28253. It touched the intra-day high of Rs 28255 (at 12:30 hours).

Yellow metal trading in red on profit booking

Gold is trading in red in early trade on Wednesday on account of profit booking amid tepid demand of precious metals by jewellers, investors and retailers.

At the MCX, gold futures for August 2017 contract is trading at Rs 28204 per 10 grams, down by 0.17 per cent, after opening at Rs 28255, against a previous close of Rs 28253. It touched the intra-day high of Rs 28255 (at 12:30 hour

19/07/2017 12:48:51 PM | Posted in Commodity Top News read full news
Gold prices retraced to reach the previous support - Enrich Commodities

GOLD

Gold on Tuesday 18th July 2017, Gold prices up by (133) pts closed at 28253 trading range between 28125 - 28285 and August Comex Gold futures settled at $1241.90 division of the New York Mercantile Exchange.

Investors’ doubts rose about the delay in tax reform directly after the prostration of a health care bill intended to replace

19/07/2017 11:03:59 AM | Posted in Commodities Reports read full news
Gold prices inch down as dollar creeps away from multi-month lows

BENGALURU - Gold prices edged lower on Wednesday as the dollar took a breather after plunging to multi-month lows, although fading prospects for U.S. monetary tightening this year and political gridlock in Washington continued to pressure the greenback.

The dollar stayed on the defensive and remained near over 10-month lows as investors wagered any further tightening

Yellow metal up amid subdued equity market

Gold futures were trading higher in the domestic market on Tuesday on account of buying in precious metals by jewellers, industries and retailers amid subdued equity markets. The recent softer economic data raised the speculation that the Federal Reserve may be reluctant to increase interest rates quickly, invariably leading to the rise in gold prices.

At the MCX, gold futures for Aug

Gold prices broke out resistance slope line at $1220 - Enrich Commodities

GOLD

Gold on Monday 17th July 2017, Gold prices up by 124 pts closed at 28120 trading range between 28025 - 28143 and August Comex Gold futures settled at $1233.70 division of the New York Mercantile Exchange.

After the failure of the recent economic data to display progress in the rate of inflation, Gold prices peaked on Monday as investors

18/07/2017 10:28:36 AM | Posted in Commodities Reports read full news
Gold steady as cloudy U.S. rate hike outlook drags on dollar

BENGALURU - Gold prices held steady on Tuesday near two-week highs hit in the previous session, as the dollar hovered near multi-month lows on fading prospects for further U.S. rate hikes this year.

FUNDAMENTALS

* Spot gold was up 0.1 percent at $1,234.48 per ounce at 0033 GMT, after hitting its highest since July 3 at $1,235.94 in the previ

Gold up, poised for more gains on soft U.S. rate outlook

By Eric Onstad

LONDON- Gold climbed on Monday and was likely to see further gains after the dollar slumped to multi-month lows on the back of data that pointed to weak U.S. inflation and less prospect of rate hikes.

"The dollar continues to be on the back foot and yields have dropped back somewhat from their relatively elevated positioning lately,"

Gold prices broke out resistance slope line to which the prices reacted - Enrich Commodities

GOLD

Gold on Friday 14th July 2017, Gold prices up by (159) pts closed at 27996 trading range between 27771 - 28073 and August Comex Gold futures settled at $1227.50 division of the New York Mercantile Exchange.

On Monday, Gold augmented in Asia being at the forefront of China second quarter GDP and industrial productivity and retail sales fi

17/07/2017 10:42:03 AM | Posted in Commodities Reports read full news
Asia Gold: India prices at discount on weak demand

MUMBAI/BENGALURU - Gold demand fell in India this week, with dealers offering a discount for the first time in one month despite a correction in local prices as consumers advanced purchases in June before the rollout of a new nationwide sales tax.

Elsewhere in Asia, a spurt in buying was short-lived as global prices recovered from near four-month lows hit on Monday.

Gold dips on firming dollar

Gold futures were trading in the red in the late-afternoon trade in the domestic market on Friday as the US dollar turned higher and global stocks gained on upbeat data. A stronger US currency weighs on gold, making the dollar-priced commodity more expensive for non-US investors. The gold was further weakened owing to the lukewarm demand by the jewelers, industries and retailers.

At t

Yellow metal in red amid tepid demand

Gold futures were trading in the red in the afternoon trade in the domestic market on Friday as the dollar steadied ahead of the key US economic data. Also, tepid demand of precious metals by jewellers, industries and retailers contributed to the weakness of the gold.

At the MCX, gold futures for August 2017 contract is trading at Rs 27810 per 10 grams, down by 0.10 per cent, after op

14/07/2017 12:53:32 PM | Posted in Commodity Top News read full news
Gold prices are expected to move to $1225(27950) - Enrich Commodities

GOLD

Gold on Thursday 13th July 2017, Gold prices up by (15) pts closed at 2864 trading range between 2903 - 2964 and August Comex Gold futures settled at $1217.30 division of the New York Mercantile Exchange.

Gold prices were unchanged on Thursday, as investors continued to cheer comments from Federal Reserve chair Janet Yellen suggesting th

14/07/2017 10:32:35 AM | Posted in Commodities Reports read full news
Gold prices ease in choppy trade as dollar, stocks advance

By Chris Prentice and Maytaal Angel

NEW YORK/LONDON  - Gold retreated from earlier gains on Thursday as the U.S. dollar turned higher and global stocks gained on upbeat data, even as investors wagered that policy tightening in the United States would be glacial at best.

Denting gold's safe-haven appeal, the MSCI world index hit a record high for the

Gold holds steady, on track for first weekly gain in three

BENGALURU - Gold was little changed early on Friday after snapping three days of gains in the previous session, and was set for its first weekly rise in three weeks as the dollar and equities steadied.

 

FUNDAMENTALS

* Spot gold eased 0.1 percent to $1,215.67 per ounce at 0107 GMT but was up 0.3 percent for the week so far.

Jewellers not to pay tax on old jewellery buys from individuals

The government on Friday clarified that jewellers will not need to pay the Goods and Services Tax (GST) under reverse charge mechanism on old jewellery purchases from individuals.

"Even though the sale of old gold by an individual is for a tax consideration, it cannot be said to be in the course or furtherance of his business, as selling old gold jewellery is not the busines

Yellow metal rises as Yellen sounds less-than-hawkish

Gold futures sustained its momentum during the late afternoon trade in the domestic market on Thursday owing to the firm overseas trend post the comments by the Federal Reserve calling for the gradual interest-rate hikes amid weak dollar, raising the demand of the precious metal, influenced gold prices at the futures trade.

At the MCX, gold futures for August 2017 contract is trading

Gold up after Yellen hints at only gradual tightening

Gold edged higher on Thursday on a weaker dollar and lower U.S. yields, with investors wagering that policy tightening in the United States would be glacial at best, though gains were capped by surging global stock markets.

The dollar was steady against a basket of currencies after falling to its lowest since last October on what was viewed as dovish testimony on Wednesday from U.S. F

Gold rises after Yellen hints at only gradual tightening

BENGALURU- Gold prices rose on Thursday after U.S. Federal Reserve Chair Janet Yellen said the central bank would only gradually tighten monetary policy, curbing speculation that interest rates would rise more than once this year.

Spot gold rose 0.3 percent to $1,223.11 per ounce at 0351 GMT. U.S. gold futures for August delivery rose 0.3 percent to $1,222.60 per ounc

13/07/2017 10:13:31 AM | Posted in Commodity Top News read full news