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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buy crude oil hold for target 6290/6320

Crude edges lower on global growth concerns, U.S. data support

U.S. crude oil prices moved lower on Friday amid lingering concerns that the Chinese and U.S. economies continue to battle headwinds, though better-than-expected consumer sentiment in the U.S. data curbed losses.

On the New York Mercantile Exchange, light sweet crude futures for delivery in September traded at USD104.50 a barrel during U.S. morning trade, down 0.97%. 

The September contract settled up 0.09%, at USD105.49 a barrel on Thursday.

Earlier this week, a preliminary reading of China's HSBC manufacturing PMI fell to 47.7 in July from a final reading of 48.2 last month. Analysts had expected the index to rise to 48.6. A reading below 50 indicates a contraction, which continued to dampen spirits on Friday, as China is the world's second-largest consumer of oil.

Meanwhile in the U.S., the Labor Department said Thursday 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, which dampened spirits somewhat though more upbeat consumer sentiment data provided some support.

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

The U.S. is the world's largest consumer of crude.

On the ICE Futures Exchange, Brent oil futures for September delivery were down 0.56% at USD107.05 a barrel, up USD2.55 from its U.S. counterpart.

 

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gold updates

gold and silver will very high movement traders  are take care u r self

gold movement will be 1200 points,silver will be 3000points

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