Friday, 18 November 2016

Live Commodity Market Updates ; Gold Futures Slide Rs 160 on Weak Global Cues

Gold prices fell Rs 160 to Rs 28,880 per 10 gram in futures trade today as participants cut down their bets amid a weak global trend. At the Multi Commodity Exchange, gold prices for delivery in far-month February fell by Rs 160, or 0.55 percent, to Rs 28,880 per 10 gram, in a business turnover of 94 lots. Also, the metal for December delivery declined by Rs 155, or 0.53 percent, to Rs 28,976 per 10 gram, in 523 lots. 

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Analysts attributed the fall in prices to weak trends overseas as dollar strengthened after hints of rate hike in December by US Federal Reserve Chair Janet Yellen, eroding demand for the safe-haven precious metals. Meanwhile, gold was trading 0.67 percent down at USD 1,208.20 an ounce in Singapore today.

Gold prices eased on Friday after touching their lowest in over five months the session before, dragged down by a stronger US dollar and after Federal Reserve Chair Janet Yellen bolstered the case for raising interest rates next month. 

FUNDAMENTALS :-
* Spot gold had slipped 0.2 percent to USD1,213.75 an ounce by 0036 GMT. In the previous session, it marked its lowest since June 3 at USD1,210.73, remaining on track for its second straight weekly decline. 
* US gold futures were down 0.3 percent at USD1,213.40 per ounce. 
* The dollar rose to a 13-1/2-year high against a basket of currencies on Thursday as the bond market resumed its sell-off on growing certainty of a US interest rate increase in December.

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