mcx tips,nsetips,ncdextips: 2012-01-08

Friday 13 January 2012

silver

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silver

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crudeoil tips

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nickel

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Gold prices rose Thursday on reports that Chinese gold imports were on the rise, giving the precious metal an excuse to ignore the dollar's earlier gains and climb on its own accord.

On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at USD1,642.85 a troy ounce, up 0.20%.

Gold futures were likely to test support at USD1,606.05 a troy ounce, Monday's low, and resistance at USD1,647.85, Wednesday's high.

China has reportedly stepped up imports of physical gold in wake of recent price declines.

"The weaker prices have been seen as a clear buy signal by many, with jewelry consumption and investment demand returning strong gains in the final quarter," said Cameron Alexander, senior metals analyst at consultancy GFMS, according to the Financial Times.

"The lower prices coincide with the important stocking period in the lead-up to the Chinese New Year celebrations, with reports from the trade of robust sales at current price levels."

The news sent demand for the yellow metal rising, even as the dollar made advances on its own.

Gold often trades inversely with the dollar.

Reports that an analyst at Fitch Ratings warned the European Central Bank should do more to combat the debt crisis sent the dollar rising and the euro tanking.

The greenback, however, eased off its bullish push and settled back a bit, giving gold room to make further gains.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.06% at 81.53 in early Thursday trading in Asia.

Elsewhere on the Comex, silver for March delivery rose 0.34% to trade at USD29.993 a troy ounce, while copper for March delivery traded down 0.58% to trade at USD3.528 a pound.