Gold futures flat and MCX silver got higher.

Mumbai - Gold, Silver futures traded flat; while silver futures recovered from lower levele on buying support on Multi Commodity Exchange here on Friday. In the overseas market gold traded down on weak euro against dollar. In the overseas market traded up USD 2.75 at 1170.80/oz. MCX gold futures are not taking cues and traded mostly flat. 

MCX's most active Gold August contract opened down Rs 12 at Rs 17,750/10gm and moved between Rs.17,704- 17,795/10gm. At 5.33 pm IST, the contract traded un changed at Rs.17,762/10gm. August contract volumes recorded 12822 lots. 

MCX gold mini, the most active August contract opened up Rs.13 at Rs.17,777/10gm and currently traded down Rs.23 at Rs.17,741/10gm. It fluctuated between Rs.17,724-17,780/10gm. Total volumes in August contract clocked 12628 lots. 

Spot gold prices closed at $1167/oz on Thursday.

MARKET RECAP

Spot gold prices gained for a second consecutive day to close at $1167/oz on Thursday. Lower prices attracted some investors towards the yellow metal. Moreover, the weakness in the US dollar index (DX) also supported the gold prices yesterday. However, sharp trigger was not witnessed in the yellow metal prices on the back of easing concerns over a sovereign debt crisis in the Euro zone. Gold prices have suffered drastically in the last couple of sessions after the announcement of the stress test results of the Euro zone banks. Concerns over a sovereign debt crisis are easing and demand for safer investments like gold is declining.

OUTLOOK

Financial markets continue to trade on a choppy note. Hence, the DX is expected to strengthen today as choppy equities will increase demand for the currency as a safe-haven. This factor will exert pressure on the gold prices as the yellow metal has the tendency of trading inversely to the greenback.

On intraday basis, Spot Gold prices have immediate support at $1160/$1153 whereas resistance is seen at $1173/$1180. Spot Silver prices shall find support at $17.26/$17.05 whereas resistance is seen at $17.71/$17.95 levels.

Crude prices continue to decline on Wednesday.

Crude prices continued to decline on Wednesday pressured by the API report of rise in crude supplies to 3.1 million barrels last week and disappointing durable goods orders data. New orders for long-lasting US manufactured goods unexpectedly fell for a second straight month in June, posting their largest decline since August. The overall trade remained cautious ahead of the US Energy Information Administration weekly oil inventory data on Thursday.

Benchmark crude for September delivery fell 41 cents, or 0.53 percent, to $77.09 a barrel, after trading in a range of $76.88 to $77.74 on the New York Mercantile Exchange. In London Brent crude slipped 7 cents to settle at $76.06 a barrel on the ICE.

Gold and Silver daily review.

MARKET ROUNDUP

U.S. Gold futures settled at a three-month low on Tuesday, losing 2 percent after option expiration and weak consumer confidence data triggered technical selling.

IN FOCUS

- The world's largest gold-backed exchangetraded fund, SPDR Gold Trust said its holdings fell to 1,300.829 tonnes by July 27, down 0.913 tonnes from the previous business day.

- The world's largest silver-backed exchange-traded fund, the iShares Silver Trust, said its holdings stood at 9185.29 tonnes as of 27th July, unchanged from the previous business day.

- Australia-listed gold miner Lihir Gold said on Wednesday its second-quarter output rose 6 percent from the previous quarter and it remained on track to meet full-year production guidance. 

RBI raises interest rates, more tightening seen.

The Reserve Bank of India (RBI) raised interest rates more forcefully than expected on Tuesday to fight inflation that is on track to hit double digits for a sixth straight month, setting the stage for more policy tightening.One-year overnight interest rate swap rates jumped after the RBI notched up its fourth rate rise this year and said it was "imperative" to normalise policy in line with the economy's growth and inflation.

A clutch of Asian central banks have started to raise interest rates from the low levels reached during the world wide downturn as the region leads the global recovery.But inflation has risen sharply in India, sparking public protests and raising the heat for the ruling party in parliament, in contrast to several western economies that are worried more about disinflation as their recoveries show signs of faltering.

"The dominant concern that has shaped the monetary policy stance in this review is high inflation," the central bank said, striking its most hawkish tone since the global downturn."With growth taking firm hold, the balance of policy stance has to shift decisively to containing inflation and anchoring inflationary expectations," it said.

GOLD, SILVER CLOSE HIGHER ON MCX .

Mumbai - Gold, Silver futures closed with mild gains on Multi Commodity Exchange on buying support Saturday. 

On MCX, Gold August futures closed up Rs 3/10gm and silver September futures up Rs 12/kg. 

MCX's most active gold August contract closed at Rs 18,257/10gm and moved between Rs 18,240- 18,259/10gm. Contract volume was 1,296 lots. 

MCX Gold mini, the most active August ended at Rs 18,240/10gm and fluctuated between Rs 18,348-18,309/10gm. Total volume was 2,741 lots. 

US Bank Failures Reach 103 So Far In 2010.

U.S. Regulators also closed one more bank on Friday, taking the total number of bank failures in the country to 103 so far this year.

Home Valley Bank, Cave Junction was closed by the Oregon Department of Consumer and Business Services, and the Federal Deposit Insurance Corporation was named Receiver.
The FDIC entered into a purchase and assumption agreement with South Valley Bank & Trust, Klamath Falls, Oregon, to assume all of the deposits of Home Valley Bank.

The five branches of Home Valley Bank will reopen on Monday as branches of South Valley Bank & Trust. Depositors of Home Valley Bank will automatically become depositors of South Valley Bank & Trust.

As of March 31, 2010, Home Valley Bank had about $251.80 million in total assets and $229.6 million in total deposits. South Valley Bank & Trust will pay the FDIC a premium of 1.05%to assume all of the deposits of Home Valley Bank. In addition to assuming all of the deposits of the failed bank, South Valley Bank & Trust agreed to purchase essentially all of the assets.

Gold and silver daily review (July 23, 2010)

MARKET ROUNDUP 

U.S. Gold futures ended higher on Thursday as strong corporate earnings pointed to a brighter economic outlook, increasing gold's investment appeal. 

IN FOCUS 

- The world's largest Gold-backed exchangetraded fund, SPDR Gold Trust said its holdings fell to 1,302.046 tonnes by July 22 from 1,308.128 on July 20. The holdings hit a record at 1,320.436 tonnes on June 29. 

- The world's largest silver-backedexchange-traded fund, the iShares Silver Trust, said its holdings stood at 9185.29 tonnes as of 22th July, unchanged from the previous business day. 

Precious Metals up by overseas cues support .

Mumbai - Gold, Silver futures traded higher on Multi Commodity Exchange here on Wednesday. Gold, silver futures traded down on selling pressure from higher level in the morning session. Precious metals settled with gains in the previous session. In the international market gold traded down USD3.15 at USD1194.55/oz. 

On MCX, Gold August futures traded up Rs.38/10gm and silver September futures up Rs.155/kg. 

MCX's most active gold August contract opened down Rs.14 at Rs.18,325/10gm and moved between Rs.18,312-Rs.18,399/10gm. At 5.28 pm IST, the contract traded Rs.38 higher at Rs.18,377/10gm. August contract volumes clocked 16637 lots. 

MCX gold mini, the most active August contract opened down Rs.6 at Rs.18,331/10gm. It fluctuated between Rs.18,302-18,381/10gm. At 5.30 pm IST, August contract traded up Rs.23 at Rs.18,360/10gm. Total volumes in August contract clocked 21206 lots. 

Gold and Silver daily review (July 21, 2010)

MARKET ROUNDUP

Precious metals prices edged higher with gold prices rising by 1 percent after prices rebounded from near two-month lows in the previous session, and as weak U.S. housing data stirred economic uncertainty.

IN FOCUS

- The world's largest gold-backed exchangetraded fund, SPDR Gold Trust said its holdings fell to 1,308.128 tonnes by July 20 down by 6.083 tonnes from July 20, the previous business day.

- The world's largest silver-backed exchange-traded fund, the iShares Silver Trust, said its holdings stood at 9185.29 tonnes as of 20th July, unchanged from the previous business day.

- Argonaut Gold Inc posted a 57 percent jump in quarterly gold production at its El Castillo mine in Durango, Mexico, and said it was on target to achieve its full-year production outlook.

Spot Gold prices touched low of 2 months at $1176/oz on Monday .

MARKET RECAP 

Spot Gold Prices declined yet again to close at $1184/oz on Monday. The yellow metal prices touched a two-month low of $1176/oz yesterday, but later closed at $1184/oz at the end of the trading session. However, on the MCX platform, gold prices declined marginally as compared to its global peers on the back of sharp depreciation in the Indian rupee. The spot rupee which slipped below 47.00 made the yellow metal prices expensive on the Indian bourses. 

OUTLOOK 

Global financial markets are expected to trade with a positive bias today. The DX is expected to trade with a negative bias today as positive sentiments in the financial markets will decrease demand for the currency as a safe-haven. However, despite this, Gold prices would trade with a negative bias today as the yellow metal prices would continue to consolidate in the near term. However, any negative news from the global front may drive demand for gold on the back of a traditional safehaven investment. 

Gold, Silver futures settled higher on buying.

Mumbai - Gold futures settled higher on Multi Commodity Exchange on buying support here on Saturday. Gold futures traded up; while silver futures steady to down on profit taking. Precious metals settled lower in the previous session on weak global trend. In the overseas market gold settled up but silver seen down. In the international market gold settled steady at USD1190.15/oz.

MCX's most active Gold August contract opened down Rs.6 at Rs.18,300/10gm and moved between Rs.18,300-Rs.18,337/10gm. The contract settled Rs.29 higher at Rs.18,335/10gm. August contract volumes clocked 2287 lots.

MCX Gold mini, the most active August contract opened down Rs.18 at Rs.18,305/10gm. It fluctuated between Rs.18,300-18,346/10gm. August contract settled up Rs.19 at Rs.18,342/10gm. Total volumes in August contract clocked 4399 lots.

Gold, silver futures slip; global cues weak .

Mumbai - Gold futures slipped from higher level on Multi Commodity Exchange on weak global cues here on Friday. Gold futures traded steady on weak global cues and silver futures are down on profit taking. Precious metals settled higher in the previous session on positive global trend. In the overseas market gold traded down but silver is steady. In the international market gold traded down USD2.30 at USD1205.45/oz. 

On MCX, gold August futures traded down Re.10/10gm and silver September futures down Rs.57/kg. 

MCX's most active gold August contract opened un changed at Rs.18,400/10gm and moved between Rs.18,372-Rs.18,421/10gm. At 5.17 pm IST, the contract traded Re. 10 lower at Rs.18,390/10gm. August contract volumes clocked 12417 lots. 

Crude declines for the second straight day on weak economic reports .

Crude prices declined for the second consecutive day on Thursday on getting some weak economic reports pointing to the slow recovery in the economy. The report of weak manufacturing activity in Northeast coupled with decline in producer price and slow gains in industrial production weighed on the sentiments. The other factor that contributed to the weakness was the report of crude inventories at the Cushing, Oklahoma, crude oil delivery hub rising 999,814 barrels, to 39.93 million barrels, in the week to July 13. 

Benchmark crude for August delivery closed 42 cents lower or 0.55 percent to $76.62 a barrel, after trading in a range of $75.33 to $77.66 on the New York Mercantile Exchange. In London, August Brent crude expired and settled at $76.19 a barrel, down 58 cents or 0.75 percent on the ICE.

Spot Gold prices declined,close marginally at $ 1207/oz

MARKET RECAP 

Spot Gold prices declined, albeit marginally to close at $ 1207/oz on Wednesday. Profit booking at the higher levels was inevitable, which exerted pressure on the yellow metal prices. SPDR holdings stood at 1,314.819 tonnes as of Wednesday. Gold prices have been witnessing range bound activity for the last couple of sessions. A minor fall below the psychological $1200/oz mark is attracting investors towards the yellow metal on the back of bargain hunting. 

OUTLOOK 

Risk aversion is expected in the financial markets today on the back of slow growth in China. Gold prices may gain today on the back of weak sentiments in the financial markets. However, sharp gains may be capped as the US dollar index (DX) is also expected to strengthen simultaneously. 

On intraday basis, Spot Gold prices have immediate support at $1201/$1194 whereas resistance is seen at $1216/$1225. Spot Silver prices shall find support at $18.05/$17.85 whereas resistance is seen at $18.45/$18.66 levels.

GOLD AND SILVER DAILY REVIEW

MARKET ROUNDUP 

Precious metals prices traded higher with gold rose nearly 2 percent to a high of $1,217.60 an ounce on Tuesday after debt rating agency Moody's cut Portugal's debt, boosting the yellow metal's appeal as a haven from risk and a hedge against currency market volatility. 

IN FOCUS 

-The world's largest Gold-backed exchange traded fund, the SPDR Gold Trust, said holdings stood at 1,314.819 tonnes as of Tuesday, unchanged from the previous business day. 

-The world's largest Silver-backed exchange-traded fund, the iShares Silver Trust, said its holdings stood at 9185.29 tonnes as of 13th July, up by 33.51 tonnes from the previous business day. 

Gold continues to Trade steady, Silver down on MCX.

Mumbai - Gold futures continued to trade steady, silver futures down on Multi Commodity Exchange on Monday. Gold, silver futures traded lower on profit taking with that of weak over seas cues. Precious metals settled higher on buying support in the previous session. In the overseas market precious metals traded down on profit taking. In the international market gold traded down USD6.50 at USD1205.35/oz. 

On MCX, Gold August futures traded down Rs.7/10gm and silver September futures down Rs.55/kg. 

MCX's most active gold August contract opened Rs.16 higher at Rs.18,430/10gm and moved between Rs.18,373-Rs.18,447/10gm. At 5.07 pm IST, the contract traded Rs.7 lower at Rs.18,407/10gm. August contract volumes clocked 14483 lots. 

Gold,Silver futures traded high on short covering

Mumbai - Gold, silver futures traded higher on buying support on Multi Commodity Exchange on Saturday. Gold, silver futures traded lower on selling pressure in the previous session. In the overseas market precious metals settled sharply higher on weak dollar against euro. In the international market gold settled up USD15.02 at USD1211.50/oz.


MCX's most active Gold August contract opened Rs.22 higher at Rs.18,415/10gm and moved between Rs.18,398-Rs.18,415/10gm. At 11.03 am IST, the contract traded Rs.10 higher at Rs.18,403/10gm. August contract volumes clocked 340 lots.

Copper prices moved up of Chinese June import data.

Copper prices moved higher on Friday and closed up a two-week top, driven by improving economic sentiment and expectations that demand from China, the world's biggest consumer, remained robust in June. China during the weekend will release its June import figures.

Copper for September delivery rose 3.80 cents or 1.3 percent to finish at $3.0535 per lb after trading in a range of $3.0160 to $3.0705 on the Comex metals division of the New York Mercantile Exchange. LME copper for three-month delivery closed at $6,769 per tonne from Thursday close at $6,610 a tonne.

Gold futures traded down with weighing Profits.

Mumbai - Gold, silver futures traded down on profit taking on Multi Commodity Exchange on Friday. Gold, silver futures traded lower on selling pressure in the previous session. In the overseas market precious metals traded higher on weak dollar against euro. In the international market gold traded up USD2.22 at USD1198.70/oz. 

MCX's most active Gold August contract opened Rs.7 higher at Rs.18,320/10gm and moved between Rs.18,272-Rs.18,328/10gm. At 5.20 pm IST, the contract traded Rs.11 lower at Rs.18,302/10gm. August contract volumes clocked 13454 lots. 

MCX gold mini, the most active August contract opened down Rs.8 at Rs.18,311/10gm. It fluctuated between Rs.18,277-18,329/10gm. At 5.22 pm IST, August contract traded lower Rs.3 at Rs.18,316/10gm. Total volumes in August contract clocked 16980 lots. 

Daily Nifty50 Reports

Gold breaks USD1,200/oz, unusually again.

London - Spot gold is expected to hold relatively steady Thursday, despite breaking through $1,200 a troy ounce, with analysts saying there is a lack of any real catalysts to push the market higher. 

UBS analyst Edel Tully added that spot gold "currently lacks sufficient drivers to bring it back on course to fresh highs." 

At 0923 GMT, spot gold was trading unchanged at $1,202/oz. 

Since 0000 GMT, the yellow Precious metal has traded within a $6 range, hitting a high of $1,207/oz at 0620 GMT. 

Other precious metals are trading slightly lower. Platinum was at $1,523.50/oz, down 0.1% and palladium was at $447/oz, down 0.2%. Spot silver was unchanged at $17.96/oz. 

Moore said both platinum and palladium opened in a "steady mood" Thursday, with further direction expected from broader industrial commodity sentiment and favorable fundamentals providing ongoing support. 

Markets will be watching when the European Central Bank and Bank of England set interest rates later in the day, although the focus will be on the tone of the statements rather than the rates, which are both expected to remain unchanged.

Gold, Silver futures traded weak on overseas cues.

Mumbai - Gold, silver futures traded lower on Multi Commodity Exchange on weak overseas market coupled with profit taking from higher level on Wednesday. Gold futures traded higher on buying support in the previous session. In the overseas market precious metals traded lower on weak euro against dollar. In the international market gold settled down USD4.25 at USD1187.25/oz.

On MCX, Gold August futures traded down Rs.49/10gm and silver September futures down Rs.185/kg. MCX's most active gold August contract opened Rs.6 higher at Rs.18,350/10gm and moved between Rs.18,276-Rs.18,384/10gm. At 5.28 pm IST, the contract traded Rs.49 lower at Rs.18,295/10gm. August contract volumes clocked 24879 lots.

MCX gold mini, the most active August contract opened up Rs.20 at Rs.18,372/10gm. It fluctuated between Rs.18,282-18,389/10gm. At 5.29 pm IST, August contract traded lower Rs.51 at Rs.18,301/10gm. Total volumes in August contract clocked 28955 lots. 

Spot Gold raises on euro, eyes on US.

London - Spot gold is trading slightly higher early Tuesday, tracking a stronger euro, but analysts predict there may be further consolidation ahead as investors pare their stale longs.

Following a quiet day of trade Monday, where prices kept within an $8 range, the markets are expected to closely watch how Wall Street opens Tuesday after the U.S.'s July 4 holiday break.

At 0931 GMT Spot gold was at $1,210.55 a troy ounce, up $2 since 0000 GMT. Silver is also up, rising 10 cents to $17.86/oz. Traders will also be awaiting the U.S. Institute for Supply Management's non-manufacturing data, due at 1400 GMT, for direction.

At 0931 GMT, the euro was trading at $1.2583, up from $1.2488 at 0000 GMT. Other Precious metals are also up, with platinum at $1,517/oz, up $13 and palladium at $436/oz, $8 higher.

In a note Tuesday, Commerzbank said platinum and palladium had been under pressure in recent weeks, and that worse-than-expected car sales figures in China "could keep this trend going."

Spot Gold prices declined sharply on Thursday to close below $1200/oz

MARKET RECAP
Spot Gold prices declined sharply on Thursday to close below $1200/oz. The yellow metal prices lost more than 3% yesterday. Gold prices have rallied this year gaining around 12% on a year-todate basis. Inevitable profit booking at higher levels exerted pressure on the yellow metal prices yesterday.
OUTLOOK
The yellow metal is expected to remain under pressure today on the back of mixed sentiments in the financial markets. Strength in the DX will also make gold look unattractive for holders of other currencies. Negative economic data from the US has led to doubts over economic progress in the world’s largest economy. Concerns and negative sentiments are expected to lead to lowerrisk appetite among investors.
On intraday basis, Spot Gold prices have immediate support at $1180/$1165 whereas resistance is seen at $1213/$1230. Spot Silver prices shall find support at $17.40/$17.05 whereas resistance is seen at $18.03/$18.38 levels.

India Silver imports poised to recover on monsoon.

Mumbai - India's Silver imports are poised to recover from a first half slump as normal monsoon rains will boost rural incomes and therefore demand, industry officials said Thursday.

More than 60% of India's Silver demand comes from farmers, who stash their savings in silver bangles and other jewelry. Good monsoon rains boost farm output, enhancing the spending power of the millions of people employed in agriculture.


India's weather department has forecast that June-September monsoon rains will be normal, providing relief after the country last year experienced one of its worst-ever droughts, which hurt farm output and left little scope for rural spending.