Gold Updates

Gold futures tumbled in tandem with the losses in equity markets on Monday morning on concerns of surprise contraction in the U.S. manufacturing activity and investor fear of the fiscal cliff grows.

Asia’s major stock markets lost ground Tuesday following lower finish Monday on Wall Street, where stocks were pressured after a measure of U.S. factory activity unexpectedly contracted in November and as uncertainty lingered over the fiscal cliff of automatic tax hikes and spending cuts.

Japan’s Nikkei Stock Average fell 0.4%, South Korea’s Kospi lost 0.5%, and Australia’s S&P/ASX 200 index traded down 0.2%. In China, Hong Kong’s Hang Seng Index traded fractionally lower, while the Shanghai Composite Index lost another 0.2% to hit a fresh four-year low.

On the economic front today, Australia's central bank cut its key cash rate by a quarter of a percentage point to 3%. Reserve Bank of Australia Gov. Glenn Stevens said in a statement alongside the decision that "the board judged at today's meeting that a further easing in the stance of monetary policy was appropriate now. This will help to foster sustainable growth in demand and inflation outcomes consistent with the target over time."

Australia's current-account deficit widened to 14.9 billion Australian dollars ($15.5 billion) in the three months to Sept. 30, the Australian Bureau of Statistics reported Tuesday. In the three months to the end of June, the deficit stood at A$12.4 billion on an adjusted basis.

COMEX February gold futures are trading down $6.1 at $1715 an ounce in Asia electronic trades today. Yesterday, it rose $8.40, or 0.5%, to settle at $1,721.10 an ounce on the Comex division of the New York Mercantile Exchange.

In economic news Monday, business among U.S. manufacturers contracted in November and activity fell to the lowest level since July 2009, according to the closely followed ISM index. The Institute for Supply Management’s index fell to 49.5% from 51.7% in October. U.S. construction spending, however, jumped 1.4% in October, well above analysts’ expectations for a 0.5% gain.

MCX February gold futures may open today’s session near Rs 31650 levels with support around Rs 31570 levels.

Gold Updates

Bullion metals ended substantially lower at Comex on Wednesday, 28 November 2012. Gold prices ended lower for third straight day as the dollar headed up. Just after the Comex gold futures market opened, heavy sell orders flooded in and prices quickly extend earlier losses and hit the daily low. There was no major news event, which occurred during to explain the sudden downdraft in prices. Silver futures followed gold's lead and sold off sharply. But, silver by the close Wednesday did post a good recovery from its daily low.
Gold for December delivery fell $25.8 (1.5%) to settle at $1,716.5 an ounce on the Comex division of the New York Mercantile Exchange on Wednesday.
On Wednesday, December silver fell 30 cents, or 0.9%, to settle at $33.77 an ounce.
Traders and investors are more keenly focused on the negotiations among U.S. lawmakers and President Obama regarding the so-called “fiscal cliff” tax increases and spending cuts that are approaching. European and Asian stock markets, and the Euro currency were weaker overnight on the fiscal cliff worries. There is still a sense among many veteran politicos and market watchers that some type of deal will be reached soon to avoid the U.S. government going over the fiscal cliff.
The dollar index, which weighs the strength of the dollar against a basket of six other currencies, rose by 0.25% on Wednesday.
In today's economic news at Wall Street, housing data pointed to a 0.3% decrease in October new home sales. The annualized rate of 368,000 fell short of expectations.
The Federal Reserve released its October Beige Book, which pointed to modest growth in seven Districts. Meanwhile, two Districts reported stronger growth while Boston, New York, and Philadelphia saw weak performance. The weakness in New York and Philadelphia was attributed to disruptions caused by Superstorm Sandy. Further, contacts in several regions expressed concerns over the uncertainty surrounding the ongoing budget debate.
At the MCX, gold prices for February delivery closed lower by Rs 328 (1%) at Rs 32,266 per ten grams. Prices rose to a high of Rs 32,640 per 10 grams and fell to a low of Rs 32,140 per 10 grams during the day's trading.
At the MCX, silver prices for December delivery closed lower by Rs 404 (0.61%) at Rs 65,131/Kg. Prices opened at Rs 65,421/kg and fell to a low of Rs 63,976/Kg during the day's trading.

Gold Updates

Bullion metals ended lower at Comex on Tuesday, 27 November 2012. Gold prices ended lower for second straight day as the dollar headed up and a sort of debt deal was reached at Greece. Upbeat US data also took some shine away.

Gold for December delivery fell $7.3 (0.4%) to settle at $1,742.3 an ounce on the Comex division of the New York Mercantile Exchange on Tuesday.

On Tuesday, December silver fell 16 cents, or 0.5%, to settle at $33.98 an ounce.

In overnight trading, the European stock markets rallied only modestly on news that Euro zone leaders meeting in Brussels agreed late Monday to disburse fresh bailout funds to cash-starved Greece. Most market watchers had reckoned EU leaders would grant new monies to Greece. The world market place showed no significant reaction to the as-expected news on Greece.

A meeting to discuss Greece's finances wrapped up early Tuesday with Greece's institutional lenders reaching a deal to pave the way for Athens to receive almost 44 billion euros (almost $57 billion) of financial aid, while bringing its debt down to a sustainable level. The deal is expected to trigger another aid payment for the debt-struck country.

A heavy slate of U.S. economic data released Tuesday did show generally better-than-expected readings overall, and that put modest upside pressure on the U.S. dollar index, which in turn helped push gold and silver prices to their daily lows.

The dollar index, which weighs the strength of the dollar against a basket of six other currencies, rose by 0.2% on Tuesday. The Euro currency also was initially supported on the Greece news but could not hold those gains as the day wore on.

In today's economic news at Wall Street, Consumer confidence rose in November to its best reading in more than four years. The latest consumer confidence reading for November came in at 73.7, while market expected a reading of 73.0. The Conference Board said its consumer confidence index rose to 73.7 in November from 73.1 in October. That's above the 72.2 level forecast. The October reading was upwardly revised from 72.2.

Separately, the September Housing Price Index from the FHFA increased by 1.1%, which follows a 0.7% increase observed during the prior month. Also, the September Case-Shiller 20-city Home Price Index rose by 3.0%, while a 3.1% increase had been expected. This followed the previous month's increase of 2.0%.

Durable goods orders were unchanged in October, which was better than the 0.4% decrease that had been expected. Excluding transportation related items, durable goods orders increased in October by 1.5%, which was better than the 0.4% decrease that had been broadly anticipated. Prior month's reading was revised down to reflect an increase of 1.7%.

Traders and investors are also focused on the negotiations among U.S. lawmakers and President Obama regarding the so-called “fiscal cliff” tax increases and spending cuts that are approaching.

At the MCX, gold prices for February delivery closed lower by Rs 149 (0.45%) at Rs 32,594 per ten grams. Prices rose to a high of Rs 32,825 per 10 grams and fell to a low of Rs 32,550 per 10 grams during the day's trading.

At the MCX, silver prices for December delivery closed lower by Rs 198 (0.31%) at Rs 63,536/Kg. Prices opened at Rs 63,877/kg and fell to a low of Rs 63,361/Kg during the day's trading.

Gold Updates

Gold after a sharp rally in the preceding two trading sessions cooled-off a wee bit owing to profit taking at higher levels.

However, going ahead the bias is likely to remain positive as long as Gold sustains above the short-term 20-day DMA - which is currently at Rs 31,000. On the upside, Gold can rally to Rs 31,450-odd levels.

For today, the Gold MCX December futures may face resistance around Rs 31,365-31,415-31,470. On the downside, Gold MCX may seek support around Rs 31,045-30,995-30,945.

The corresponding key levels for Gold Mini December futures are as follows - support at Rs 31,060-31,000-30,950, while face resistance around Rs 31,375-31,425-31,475.

Gold Updates

Gold came back in action today after the commodity had silent session for past two days as the hurricane Sandy thinned the trading in markets. However the metal may face resistances near $1735 levels as traders become cautious ahead of the US employment data due on Friday and the presidential election next week.

The metal surged above $1720 an ounce after data released showed that China's economy is finally regaining traction, although the recovery remains sluggish. China's manufacturing activity rose to an eight-month high in October, firming to a level marginally below expansion, according to survey released by HSBC on Thursday. The China Purchasing Managers' Index rose to 49.5 on a 100-point scale, showing improvement from HSBC's final PMI reading of 47.9 in September.

US December gold futures are trading gold futures are up $3 at $ 1722.1 per ounce on the Comex division of the New York Mercantile Exchange. Gold had climbed to near $1,800 an ounce in early October after aggressive stimulus measures announced by central banks including the US Federal Reserve and European Central Bank fuelled a rally.

In other metals, December silver futures were up 6 cents at $32.38 an ounce while December copper futures rose 2 cents to $3.53 per pound. Platinum for December delivery declined $2.70 to $1,574.30, while January palladium futures slipped $1.15 to $608.65 an ounce.

MCX December gold futures are trading flat at Rs 31110 per 10 grams today. It may face a stiff resistance near Rs 31150 levels.

COMEX Gold Updates

Gold futures are trading flat in Asia electronic trades today post the damaging hurricane Sandy which left more than 35 dead, millions without power, and cities and towns flooded.

Sandy’s storm surge neared 14 feet, driving water into the still-open construction pit at the World Trade Center and flooding parts of the New York subway system. President Barack Obama declared a major disaster in New York and Long Island.

Asian shares advanced on Wednesday, with investors eyeing local earnings results and the impact from super storm Sandy in the U.S. Japan’s Nikkei Stock Average advanced 1% after losing 1% in the previous session. South Korea’s Kospi rose 0.7%, and Australia’s S&P/ASX 200 index also gained 0.7%. In China, Hong Kong’s Hang Seng Index climbed 0.6%, but the Shanghai Composite Index slipped 0.2%.

U.S. markets remained closed Tuesday for the second day after storm system Sandy brought widespread flooding and power outages to New York City, among other places.

Yesterday, Bank of Japan announced near the close of trading that it would expand its asset-buying program by ¥11 trillion to a total of ¥91 trillion. But the Bank of Japan also introduced a new lending facility to stimulate bank loans and issued an unprecedented joint statement with the Finance Ministry, highlighting its commitment to fighting deflation.

COMEX December gold futures are trading up 2 cents at $ 1712.3 per ounce in Asia electronic trades today. Yesterday, it advanced $3.40, or 0.2%, to settle $1,712.10 an ounce.

Floor trading remained closed Tuesday on the New York Mercantile Exchange after Hurricane Sandy triggered an evacuation order Monday. Metals futures prices settled at their usual times.

MCX December gold futures may open today’s session near Rs 31090 levels with resistance near Rs 31140 levels.

MCX Gold & Silver Updates

Silver Prices will rise higher even after Gold rally weakens:

With the uncertainty over the outcome, the US Presidential election has many investors on the sidelines . Gold will be supported by and likely see gains into year end due to the coming uncertainty surrounding the US “fiscal cliff.” For more details read: “Fiscal Cliff gets into Focus…” Tax increases and spending cuts are expected which would sink the US economy into a deep recession or a Depression. If US Congress cannot agree on a deal by the end of the year it could have deleterious effects on the dollar and on capital markets. Stormy volatility may be seen soon after the election when the reality of the appalling US fiscal and monetary situation is realized. China could become more aggressive in stimulating its economy with the new government in place at the end of the first quarter. Given the extremely bullish fundamentals for Inflation triggered due to ultra loose monetary policies, negative fiscal outlooks, negative real interest rates and global currency debasement, we expect this November and year end to be very positive for Gold and particularly the still highly undervalued Silver. The rational & prudent investors should ideally use the current dips in Gold and Silver Prices to enter fresh buy positions as both may soon rise with extreme volatility, especially Silver. Investment demand should support silver, as it benefits from higher Gold Prices, and may benefit the most from loose monetary policy and a rebound in risk appetite. The rally in Silver will extend higher even after the Gold rally weakens. A Rally in Base Metals & Silver is what seems the most likely outcome of the ultra lose monetary policy adopted by several central banks. With Gold already not far below its lifetime peak, the best alternate avenues are Silver & then the Base Metals complex with Copper riding the sector. Price out-performance more likely to come from those supply-constrained metals such as Copper & Lead. Accommodative monetary policy should provide support but the upside is limited by subdued demand in a sub-par economy. Weaker consumer demand will later hurt the industrial use of silver, while high prices then will reduce its demand as a jewelry material. Silver & Gold would then see sharp declines, though there is a long time to go for that to occur.

Gold Tips

MCX Gold futures slipped from their intraday highs today as the global prices dropped well under $1750 per ounce amid a rally in the US dollar and profit selling pressure. The equities mostly stayed supported on the latest Chinese economic growth data and traders stayed off entering fresh longs in the yellow metal after the metal launched a bounce from one month lows. COMEX Gold futures are trading at $1743, down $10 per ounce on the day.

China's gross domestic product grew 7.4% in the third quarter compared to a year earlier, slowing from the second quarter's 7.6%, according to National Bureau of Statistics data released today. This marked a near year low for the growth trend and markets are betting it to form a bottom. In other data, the value-added industrial output in China rose 9.2% in September from a year earlier, accelerating from an 8.9% on-year increase in August. Chinese housing market is also showing signs of stabilization. The latest data reveals that average property prices in 70 Chinese cities in a government survey were flat in September over the month after recording gains for previous three months

Meanwhile, the Euro slipped back from its one-month highs of 1.3138 against the US dollar as the traders eyed the outcome from the two-day summit of Eurozone finance ministers that started in Brussels yesterday. The prospect of an early debt relief deal is receding as German chancellor Angela Merkel resists pressure to escalate her response to the European banking crisis.

Merkel has reportedly stated before the summit that the development of a new euro zone-banking supervisor within the European Central Bank must take priority. The meeting is expected to bring in no greater results for the debt heavy PIIGS nations given that deeper economic integration looks elusive for the region and a slowing global economy is making it difficult to push the austerity measures amid heavy public uproar.

European equities are trading slightly lower after a mixed opening. COMEX Gold could drop back again to one month lows towards $1730 per ounce given that the positive momentum is fading. MCX Gold futures edged up in early moves but topped out at Rs 31214 per 10 grams. The contract trades at Rs 31160, up Rs 20 per 10 grams on the day with 2.31% increase in the open interest.

Gold Trading Level's

GOLD TRADING LEVELS FOR MORNING SESSION


S1 RS 31080 , S2 RS 31040 , S3 RS 30960

R1 RS  31190, R2 RS 31250 , R3 RS 31330

Gold Updates

MCX Gold futures are trading steady after a sell off in the last session amid a weary undertone in global equities and commodities market. The metal fell yesterday in the global markets, yet again facing selling pressure amid weak equities and the strength in the US dollar. However, impressive central bank buying is expected to keep the metal supported. US dollar rose to a two week high today nearing 1.2850 levels against the Euro.

The central banks continue to buy Gold, a trend which has been quite fervent over last three years. An International Monetary Fund report has revealed yesterday that central banks increased their holding of the precious metal in both July and August, with South Korea raising its gold holdings by nearly 16 tonnes in July. South Korea has doubled its bullion reserves in the past 12 months, while Paraguay made noted increases to is reserves.

Strikes that have seriously disrupted South Africa's mining sector spread Tuesday night, affecting two more mines belonging to the country's biggest gold producer, AngloGold Ashanti Ltd., and a coal mine operated by Coal of Africa Ltd., the companies said. Anglo Gold said it negotiates wages through a bargaining council that includes all gold-mining companies and unions. The gold sector is in the middle of a two-year wage agreement, and Gold Fields said last week it wouldn't entertain a wage increase outside the structures of the bargaining council. This can be a supportive factor the uptrend in the gold prices.

The Eurozone economies worries continue to hurt sentiments in world markets. The German Ifo index, a key gauge of business confidence, dropped for a fifth month in a row in September, data out earlier in the week showed. Europe's common-currency bloc has reinforced its toolkit to tackle the crisis dogging it, but a full fiscal union among its 17 member states can't be expected to happen overnight and the macroeconomic outlook remains bleak, European Commissioner for Economic and Monetary Affairs Olli Rehn said Tuesday.

COMEX Gold December contract is quoting at $1765.7 per ounce, down 0.7 in the after-hours trading session. MCX Gold December is trading at Rs31475, up Rs77 per 10 grams and may test resistance at Rs31500-31620 and supports near Rs31400-31300 level. Silver December is trading at Rs62463, up Rs151 per 1 kg and is likely to test resistance at Rs62600 and supports at Rs62150 level.

Gold Updates

Gold Investment Becomes Easy with Gold Updates

Over the last few years, there has been a sudden rise in the gold investment. There are people who are constantly in search of best gold investment options available. It is now an open secret that gold, probably, is the most sought-after hedge against a declining dollar. The higher the dollar falls, the higher gold rises. If you have any plans to invest in gold then make sure you constantly stay in touch with goldupdates. This would let you make a well-informed decision as far as investing in gold is considered.

With US dollars reaching all time low and prices of spot gold reaching new highs, it is a testimonial to the fact that the “gold standard” is significant in the present times irrespective of the prevailing usage of fiat currencies all over the globe. Nothing can beat the fancy that people have for gold. For those who are seeking to protect their hard earned money, it’s the right time to do some good gold investment. There are several ways in which you can invest in gold; however keep yourself updated with latest gold prices and other factors.

One of the best and most sought-after ways to invest in gold is the Gold Exchange Traded Funds (ETFs). Although it is relatively a new concept, it is gaining popularity amongst gold traders and people who prefer investing in it. There are two types of ETF trades namely the iShares COMEX Gold Trust (symbol IAU) and the StreetTRACKS Gold Trust (symbol GLD).

On the other hand is Gold Mutual Funds that offer an exclusive variety of mining stocks. This kind of investing is meant especially for those who do not want to buy gold for personal usage but still crave to invest in some kind of metal. This renders an investor the prospect to expand or limit their peril easily. Hence, if you are someone considering to do investment in gold through mutual funds then choose from the stocks that have footing in well-capitalized and established company.

Spot gold trading is yet another most popular way of gold investment. One of the best features of this kind of trading is that it does not require much capital to begin with. Moreover, you can easily trade gold on the virtual world of internet. Buying 100 troy ounces of bullion or gold coin will cost an approximate of $120,000. However, to start this kind of traiding would require you to have only $1,200 in your account when you start trading online.

No matter where you prefer to invest, it is important that you stay in touch with gold updates because that is the key to make right investment. Browsing net and reading newspapers is the best way to learn about such goldupdates.

Author bio: - commoditytipsadvisory.com is one of leading GoldUpdates providing firms in Delhi provides  Gold Updates, Silver Updates for stock and share market investors in India

Summary: -   If you have any plans to invest in gold then make sure you constantly stay in touch with gold updates. This would let you make a well-informed decision as far as investing in gold is considered.