Gold......
Gold futures traded with marginal gains on weak greenback ahead of
the U.S PMI data release today. Gold futures fell 5.4% in May, in part
as gains in equities drew investors away from safe-haven assets such
gold. May's decline marked the seventh monthly drop for gold prices in
the last eight months. The euro zone manufacturing PMI released today
indicated downturn eased for the first time in four months in May.
Business conditions still deteriorated overall, however, with the
current downturn extended to a twenty-second month. PMIs for all of the
nations covered by the survey signaled weaker rates of contraction in
May. The German PMI signaled the slowest rate of contraction overall and
moved close to the stabilization level as output and new orders both
rose for the first time in three months. Downturns in the Netherlands
and Austria were also only moderate. COMEX Gold futures for the August
delivery is quoting at $1,394.75, up 1.75 or 0.13% from last close,
after moving in the range of $1,388.55 and 1,401.15 per ounce. July
Silver futures quoting up at $22.408, up 0.165 or 0.74% from last
close. Euro was trading higher at $1.3016, up 0.0020 or 0.16%from last
close.
Local gold prices gained on strong physical demand
tracking the firm global market and weak rupee. The latest WGC report
indicates that strong physical demand expecting from India and China in
the second quarter. MCX July Gold quotes higher at Rs 26,975, up Rs 164,
after hitting the high of Rs 26,780 per 10 grams and may face
resistance at Rs 27,200 and support at Rs 26,700 level. MCX Silver
futures are trading with gain of Rs 500 at Rs 44,000 per 1 kg, after
hitting high of Rs 44,061 per 1 kg. Rupee value depreciated further
against the greenback with the currency closed the session at Rs 56.82,
up 0.54% from last close.
Source by Commodity Insights
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