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Sell MCX Gold October; target Rs 30200: Geojit Comtrade

MCX Gold Oct : Sell around 30700 levels with a stop loss placed above 31000 levels for targets of 30200 levels.

MCX Silver Sep : Sell around 50000 levels with a stop loss placed above 51000 levels for targets of 48500 levels.

MCX Crude Sep : Sell around 6750 levels with a stop loss placed above 6850 levels for targets of 6620 levels.

MCX Natural Gas Aug : Sell around 219 levels with a stop loss placed above 222 levels for targets of 212 levels.

MCX Copper Aug : Sell around 464 levels with a stop loss placed above 470 levels for targets of 455 levels.

MCX Nickel Aug : Sell around 932 levels with a stop loss placed above 945 levels for targets of 910 levels.

MCX Lead Aug : Sell around 141 levels with a stop loss placed above 143 levels for targets of 137 levels.

MCX Zinc Aug : Sell around 123.50 levels with a stop loss placed above 125 levels for targets of 121 levels.

MCX Aluminium Aug : Sell around 118.50 levels with a stop loss placed above 120 levels for targets of 115 levels.

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MCX Gold December contract trades lower

At 10:59 hrs MCX GOLD October contract was trading at Rs 30955 down Rs 210, or 0.67 percent. The GOLD rate touched an intraday high of Rs 31179 and an intraday low of Rs 30886. So far 2754 contracts have been traded. GOLD prices have moved down Rs 895, or 2.81 percent in the October series so far.
MCX GOLD December contract was trading at Rs 30845 down Rs 136, or 0.44 percent. The GOLD rate touched an intraday high of Rs 31010 and an intraday low of Rs 30772. So far 500 contracts have been traded. GOLD prices have moved down Rs 95, or 0.31 percent in the December series so far.

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MCX Goldguinea October contract trades lower

At 10:58 hrs MCX GOLDGUINEA August contract was trading at Rs 25102 down Rs 109, or 0.43 percent. The GOLDGUINEA rate touched an intraday high of Rs 25511 and an intraday low of Rs 25065. So far 1413 contracts have been traded. GOLDGUINEA prices have moved up Rs 3396, or 15.65 percent in the August series so far.

MCX GOLDGUINEA September contract was trading at Rs 24799 down Rs 61, or 0.25 percent. The GOLDGUINEA rate touched an intraday high of Rs 25120 and an intraday low of Rs 24772. So far 723 contracts have been traded. GOLDGUINEA prices have moved up Rs 4089, or 19.74 percent in the September series so far.

MCX GOLDGUINEA October contract was trading at Rs 24670 down Rs 97, or 0.39 percent. The GOLDGUINEA rate touched an intraday high of Rs 24940 and an intraday low of Rs 24657. So far 48 contracts have been traded. GOLDGUINEA prices have moved up Rs 2181, or 9.70 percent in the October series so far.

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Gold posts 5% weekly gain on economic uncertainty

Gold rose nearly 1 percent to a two-month high on Friday, and bullion posted its biggest weekly gain in five weeks as disappointing US data dimmed hopes for a swift economic recovery.

Silver rose 1.5 percent for an eighth consecutive daily gain. The grey metal has sharply outperformed gold and was up 14 percent this week for its biggest weekly rise in almost five years.

Gold's appeal as an investment hedge increased after US economic reports on Friday showed weaker consumer confidence in August and lower-than-expected residential construction last month.

Friday's data suggested that a recent spike in interest rates, in anticipation of the US Federal Reserve scaling back its massive bond purchases as early as next month, was starting to have an impact on households, analysts said.

"Uncertainty is re-entering the economy and making money managers think," said Carlos Perez-Santalla at futures brokerage Marex Spectron. For the week, gold was up almost 5 percent. Gold's rally came as US stock indexes were lower on Friday and on track for their biggest weekly declines in months.

Benchmark US 10-year Treasury bond yields surged to a two-year high as investors bet that recent signs of economic growth will spur the Fed to begin paring back its bond purchase program next month. 

Spot gold was up 0.9 percent at USD 1,377.60 an ounce by 3:01 p.m. EDT (1901 GMT), having set a two-month high of USD 1,379.60.

On Thursday, gold rallied more than 2 percent as a drop in the US dollar triggered short-covering and a technical breakout once prices breached key resistance at USD 1,350 an ounce.

Gold completed a bullish reversal pattern after Thursday's breakout, and prices could now rise sharply higher toward the next major resistance in the USD 1,500 area, said Mark Arbeter, chief technical strategist at S&P Capital IQ.

Silver last traded up 1.5 percent at USD 23.31 after earlier rising to a three-month high of USD 23.40 an ounce. The metal posted its strongest weekly rise since September 2008, with gains of around 13.5 percent. ETF flows, physical demand in focus US gold futures for December settled up USD 10.10 at USD 1,371 an ounce, with trading volume about 10 percent below its 30-day average, preliminary Reuters data showed. Relatively low volume in the quieter summer months suggests that the metal could easily give up its gains, traders said. As a gauge of investment sentiment, holdings of SPDR Gold Trust, the world's largest gold-backed ETF, fell just 0.3 tonnes to 912.92 tonnes on Thursday. Rare inflows were seen in the fund twice over the past six sessions but holdings remain at four-year lows.

In the physical market, a record low in the rupee lifted Indian gold futures above the closely watched 30,000-rupee mark. Dealers said the high local price of gold in the world's largest gold buyer is expected to weigh down on demand.

Platinum edged up 0.2 percent to USD 1,524.49 an ounce while palladium was up 0.3 percent at USD 761.47 an ounce.

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MCX Goldpetal September contract rises 3.6%

 

Goldpetal prices on MCX were trading higher. MCX Goldpetal September contract was trading at Rs 3025 up Rs 104, or 3.56 percent.

At 16:21 hrs MCX GOLDPETAL August contract was trading at Rs 3059 up Rs 116, or 3.94 percent. The GOLDPETAL rate touched an intraday high of Rs 3119 and an intraday low of Rs 2949. So far 43346 contracts have been traded. GOLDPETAL prices have moved up Rs 352, or 13.00 percent in the August series so far.

MCX GOLDPETAL September contract was trading at Rs 3025 up Rs 104, or 3.56 percent. The GOLDPETAL rate touched an intraday high of Rs 3095 and an intraday low of Rs 2925. So far 11526 contracts have been traded. GOLDPETAL prices have moved up Rs 448, or 17.38 percent in the September series so far.

MCX GOLDPETAL October contract was trading at Rs 3023 up Rs 101, or 3.46 percent. The GOLDPETAL rate touched an intraday high of Rs 3070 and an intraday low of Rs 2929. So far 1935 contracts have been traded. GOLDPETAL prices have moved up Rs 213, or 7.58 percent in the October series so far.

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Gold futures regain Rs 30,000 level on global cues

Continuing its rising streak, gold prices again crossed Rs 30,000 per ten gram level in futures trade today by rising 3.56 percent as speculators engaged in building up positions amid a firming trend overseas.

Further, a firming trend in the domestic spot markets for the upcoming festive and marriage season , covering up of short positions by speculators also influenced gold futures prices here, traders said.

At the Multi Commodity Exchange, metal prices for delivery in far-month December went up by a whopping Rs 1,060, or 3.65 percent, to trade above Rs 30,000 level at Rs 30,077 per ten gram, a level last seen in March. It clocked a turnover of 122 lots.

On the similar lines, the metal prices for delivery in October shot up by Rs 1,039, or 3.56 percent, to Rs 30,225 per 10 gm, in a business volume of 2,186 lots.

Analysts attributed gains in the precious metal at futures trade to a firm trend in the overseas markets where it climbed to two-month highs as lower equities and signs of rising physical purchases spurred demand.

Besides, hike in import duty on the precious metal by two percent to 10 percent by the government, also influenced prices, they said.

Globally, gold rose 0.50 percent, to trade at USD 1,372.97 an ounce in Singapore today, the highest since June 19 in Singapore today.

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