Gold......
MCX
Gold futures for August witnessed continued buying support today,
adding to the gains in the last session. Global prices rallied on
continued weakness in US dollar and bargain hunting. The global prices
staged an impressive turnaround yesterday as traders eyed the fall in
the metal after a strong US non-farm payrolls data on Friday. COMEX Gold
futures edged up to highs well above $1258.70 per ounce and currently
trade at $1257.60, up $22.70 per ounce on the day.
The US dollar continued to eased from its six week high against the Euro. The currency was supported on Friday after the US non-farm payroll comes in much stronger than expected, with 195,000 new jobs created in June. Employment rose in leisure and hospitality, professional and business services, retail trade, health care, and financial activities. However, the critical unemployment rate remained stuck at 7.4%.
Meanwhile, the Indian gold imports data came in just around the expectations. Gold imports into India, the world's biggest buyer of the metal, fell a whopping 80% to 31.5 tonne in June from the previous month, according to media reports. However, this is likely to reverse in coming weeks as spot prices around Rs 26500 levels yet again push demand ahead of the festive season.
The physical demand for gold remains in a decent shape and the recent price destruction is reportedly bringing in good buying from retail investors and central banks in emerging countries. The MCX Gold futures for August hit a high of Rs 26296 per 10 grams in the early moves and eased a little. The Indian Rupee also appreciated a little, recovering after plummeting to its all time low against the US dollar in last session. The MCX Gold future quote at Rs 26280, up Rs 173 per 10 grams or 0.66% on the day with a generous 8% rise in the open interest.
Source by Commodity Insights
The US dollar continued to eased from its six week high against the Euro. The currency was supported on Friday after the US non-farm payroll comes in much stronger than expected, with 195,000 new jobs created in June. Employment rose in leisure and hospitality, professional and business services, retail trade, health care, and financial activities. However, the critical unemployment rate remained stuck at 7.4%.
Meanwhile, the Indian gold imports data came in just around the expectations. Gold imports into India, the world's biggest buyer of the metal, fell a whopping 80% to 31.5 tonne in June from the previous month, according to media reports. However, this is likely to reverse in coming weeks as spot prices around Rs 26500 levels yet again push demand ahead of the festive season.
The physical demand for gold remains in a decent shape and the recent price destruction is reportedly bringing in good buying from retail investors and central banks in emerging countries. The MCX Gold futures for August hit a high of Rs 26296 per 10 grams in the early moves and eased a little. The Indian Rupee also appreciated a little, recovering after plummeting to its all time low against the US dollar in last session. The MCX Gold future quote at Rs 26280, up Rs 173 per 10 grams or 0.66% on the day with a generous 8% rise in the open interest.
Source by Commodity Insights
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