Friday, 13 June 2014

Gold gains continue as mixed U.S. economic data

Gold - Silver is shone. MCX gold is previously showing gains. Gold price has crossed Rs 26,500. In Delhi, gold of 99.9 and 99.5 per cent purity went up by Rs 360 each to Rs 27,600 and Rs 27,400 per ten grams.

Gold surged both on the spot and futures markets Friday, tracking global prices that rose overnight following fresh concerns as mixed U.S. economic data released on Thursday.

At noon, the August  futures contract for gold on MCX traded at 0.44% at Rs 26,447 per 10 grams. An intraday high was Rs 26,469 and the low, Rs 26,321.

In the spot market, gold surpassed the Rs 27,000-per-10-g after almost a week. It was the last to Rs 27,062.

In the international marketplace, gold traded close up of a two-week high, and is publishing the first weekly back-to-back gain since April, in that the U.S. recovery may be bogged and violence in Iraq will enhance the demand driven by a shelter.

"We expect the market to remain choppy gold with the negative sentiment the coming week. If riots Iraq gains momentum, then it will support the gold prices," said commodity experts.

In India gold demand is low, saying traders.

"There is almost no golden demand in the market. Usually June and July are boring months for the trading gold. Prices is little progress slowly upward as the international price of gold is rising," said Prithviraj Kothari, vice president of Association of Indian Jewellers and bullion. Depreciation of the rupee versus the dollar on Friday, has added to domestic prices, Kothari said.

Gold for immediate delivery slipped 0.2% to $ 1271.39 an ounce at 14:16 in Singapore after going up to $ 1275.65, the highest level since May 27, according to Bloomberg generic prices. The metal adding 1.4% this week after increasing 0.3% the week before.

Bullion has risen 5.8% this year, in part, as the events between Ukraine and Russia spurred demand for safer investment. Gold gained 1% on Thursday, mostly from May 2 since the riots in Iraq oil led to an eight-month high and submitted inventories tumbling. U.S. data on Thursday showed than retail sales rose less than expected while jobless claims beat estimates, according to international news agencies. a Indian MCX Commodity advisory and generally offers services & news about in bullion gold silver trading market. Follow company Facebook profile page ( and get market news tweets @ 100mcxtips

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