Gold........
MCX
Gold futures jumped well above Rs 27000 per 10-gram levels today as
traders eyed a strong surge in global prices and plenty of fresh buying
emerged on the first trading session of the week. The global markets
turned in mostly a positive performance while US dollar was mostly
mixed. The COMEX Gold futures broke above $1300 per ounce on a
conclusive basis and currently trade at their one month high of
$1319.80, up $26.90 per ounce on the day.
Gold jumped more than 1% last week, cutting back its losses after U.S. Federal Reserve Chairman Ben Bernanke said in congressional testimony that the central bank had no set timetable for slowing its monetary stimulus. The stimulus measures, known as quantitative easing, have been considered supportive for gold prices. Data from the Commodity Futures Trading Commission for the week ended July 16 showed a decline in gold gross speculative short positions from an all-time high in the previous week.
The overall global economic backdrop remains supportive for gold. Debt levels of the 17 European Union countries that use the euro have hit all-time highs in the first quarter of this year, keeping the worries hanging over the state of finances in the troubled monetary union. Eurostat, the EU's statistics office, says Monday that government debt as a proportion of the total annual gross domestic product of the Eurozone pushed up to a record 92.2% in the first quarter of 2013 from 90.6% the previous quarter.
European stocks have come off their highs but gold seems oblivious to these moves. COMEX Gold is looking strong ahead of the New York floor trading and could gain further. MCX Gold futures for August opened higher and raced away. After a brief consolidation around Rs 27150 per 10-gram levels, the contract yet again jumped in the afternoon. Prices hit a high of Rs 27370 per 10 grams and currently linger at Rs 27328, up more than Rs 600 or 2.30% on the day. Open interest in the counter is up 12% on the day.
Source by Commodity Insights
Gold jumped more than 1% last week, cutting back its losses after U.S. Federal Reserve Chairman Ben Bernanke said in congressional testimony that the central bank had no set timetable for slowing its monetary stimulus. The stimulus measures, known as quantitative easing, have been considered supportive for gold prices. Data from the Commodity Futures Trading Commission for the week ended July 16 showed a decline in gold gross speculative short positions from an all-time high in the previous week.
The overall global economic backdrop remains supportive for gold. Debt levels of the 17 European Union countries that use the euro have hit all-time highs in the first quarter of this year, keeping the worries hanging over the state of finances in the troubled monetary union. Eurostat, the EU's statistics office, says Monday that government debt as a proportion of the total annual gross domestic product of the Eurozone pushed up to a record 92.2% in the first quarter of 2013 from 90.6% the previous quarter.
European stocks have come off their highs but gold seems oblivious to these moves. COMEX Gold is looking strong ahead of the New York floor trading and could gain further. MCX Gold futures for August opened higher and raced away. After a brief consolidation around Rs 27150 per 10-gram levels, the contract yet again jumped in the afternoon. Prices hit a high of Rs 27370 per 10 grams and currently linger at Rs 27328, up more than Rs 600 or 2.30% on the day. Open interest in the counter is up 12% on the day.
Source by Commodity Insights
I am agreeing with your views about European Market. COMEX Gold is looking strong ahead of the New York floor trading and could gain further. It also depends on the fact that inflation is loosing its grip now.
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