EURO-DOLLAR: Euro-yen sales force the euro lower back to mid range for the day...

EURO-DOLLAR: Euro-yen sales force the euro lower back to mid range for the day

with immediate support seen at $1.3260 ahead of stronger demand at $1.3250. The  dollar index so far has managed to hold above the 200 dma at 81.50 , but a break  below here could lead to more general pressurte on the dollar, and a test of the  upside sell orders into $1.3300. Current rate $1.3278

  
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US TSYS: Treasuries still continue in the narrow higher price range, as market...

US TSYS: Treasuries still continue in the narrow higher price range, as market

slumbers into the weekend, with eyes however peeled in case of a potential  German sovereign ratings downgrade, but so far no such downgrade came out.  Traders expected that macro funds still needed to cover shorts. US 10-year note  is at 2.564%, 2-year is at 0.313%. Traders noted copper prices are being hurt  with the copper price off 2.65% on the day and natural gas, coffee, silver and  aluminum and crude oil also weaker. "Copper has rolled over," toward the  downside, said one trader. US stocks indexes are mildly lower

  
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bullion updates

MUMBAI: Gold prices rebounded at the domestic bullion market today due to renewed buying by stockists and traders, coupled with some low level local buying interest. 

Silver also recovered moderately on speculative off-take. Standard gold of 99.5 per cent purity rose Rs 190 to close at Rs 27,695 per 10 gm from Thursday's closing level of Rs 27,505. 

Pure gold of 99.9 per cent purity also gained Rs 185 to finish at Rs 27,830 per 10 gm from Rs 27,645. 

Silver ready (.999 fineness) moved up Rs 70 to conclude at Rs 41,590 per kg as against Rs 41,520 previously. 

"Stockist are buying yellow metal ahead of festivals. Besides, short supplies due to government curbs are aiding the rise," a dealer said. 

Gold eased in the overseas market though it was capped by slight slippage of dollar against major basket currencies ahead of Federal Reserve Policy meet next week. 

In London, spot gold was bid down at USD 1,329.46 an ounce in early trade while silver was bid lower at USD 20.05 per ounce.

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India's seizure of smuggled gold soars 365% in first quarter

NEW DELHI: Seizure of smuggled gold in India soared 365% in the first quarter of the year, a report said on Saturday, following curbs on imports of the precious metal to plug a yawning trade gap.

India, the world's largest buyer of gold, has twice hiked import taxes on bullion this year to discourage gold-buying and introduced other restrictions on purchases to rein in a record current account deficit, the broadest measure of trade.

In the April to June quarter of this financial year seizure of smuggled gold rose 365% over the same period last year, the Business Standard newspaper quoted a government revenue department official as saying.

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gold updtaes

Gold prices fell on Friday after investors sold the commodity for profits stemming from Thursday's rally based on soft jobless claims.

The precious metal also fell amid ongoing uncertainty as to when the Federal Reserve will begin to taper its monthly USD85 billion bond-buying program, which has sent gold rising by keeping the dollar weak.

Gold and the dollar tend to trade inversely with one another.

On the Comex division of the New York Mercantile Exchange, gold futures for August traded at USD1,319.75 during U.S. afternoon hours, down 0.68%.

The August contract settled up 0.70% at USD1,328.80 a troy ounce on Thursday.

Gold futures were likely to find support at USD1,308.75 a troy ounce, Thursday's low, and resistance at USD1,347.85, Tuesday's high.

Gold rose on Thursday after the Labor Department reported that the number of individuals filing for initial jobless benefits last week increased by 7,000 to 343,000 compared with expectations for a gain of 4,000 to 340,000.

The numbers weakened the dollar by keeping expectations alive the Federal Reserve will continue stimulating the economy, which was bullish for the yellow metal.

By Friday, profit takers sent prices falling as investors began preparing for next week, when the Bureau of Labor Statistics will release its July jobs report, which could provide markets with more indication as to when monetary stimulus programs may end.

Elsewhere, gold edged lower as a widely watched consumer sentiment gauge beat expectations and rekindled sentiments that the economy is improving and in less need of Fed support.

The Thomson Reuters/University of Michigan consumer sentiment rose more than expected in July, hitting 85.1from 83.9 in June. 

Analysts had expected the index to rise to 84.0 this month. 

The report also said that inflation expectations fell to 3.1% this month, from 3.3% in June.

Elsewhere on the Comex, silver for September delivery was down 2.10% at USD19.730 a troy ounce, while copper for September delivery was down 2.53% and trading at USD3.105 a pound

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