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. 

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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.