Indian Gold prices closed with gains under its belt. The prices ended at Rs 29350 per 10 grams, up 0.11%. Indian Gold contract followed the footsteps of COMEX in terms of rising. COMEX Gold ended at crucial levels of $ 1250.90 per troy ounce. The recovery hopes in the world economic growth is paving the way to Gold apart from Silver that is outperforming the markets. Silver futures are up about 24% this year, outperforming gold’s more than 18% rise. Gold futures on the other hand also promised gains to investors and joined the bandwagon. The prices shined by 8% on COMEX at $ 1262.2 per troy ounce when last checked.
Crude oil prices were little changed Thursday morning after the European Central Bank announced it would implement the planned expansion of its asset purchasing program. At the same time, the ECB held steady on interest rates. WTI June crude oil was down 2 cents at $44.16, keeping most gains from a furious rally that took prices to their highest in 2016. Indian Crude Oil May futures were down by Rs 19 per barrel and ended at Rs 2900 per barrel; in a single session. From current, a high of Rs 2950 and 3000 per barrel is on cards for Crude Oil as next level of resistance.
Indian Copper prices ended at Rs 330.75 per kg, up 1.02%. The prices are gaining momentum to now test Rs 336 per kg. When last checked Copper had gains of 1.24% under its belt. Comex Copper was also up 1.5% to trade at $ 2.27 per pound. Copper prices remained bullish in the session and tried to test new avenues not seen since August last year. World stock markets climbed to their highest in almost five months on Thursday after a surge in oil prices boosted risk appetite, while the euro steadied ahead of a European Central Bank meeting. This has created a buying spree in riskier asset classes like Copper.
Chana hits 4% upper circuit due to higher demand
Chana prices traded higher during the last week on higher demand and increased supplies from imported chana at higher prices supported prices. There is higher demand from stockists in the physical market as supplies have been steady. Markets were closed for many days over the past one month due to many holidays reducing the supply while the demand shot up due to many regional festivals. We recommend buy chana from lowerlevels for today’s trading session.
Turmeric futures are down due to peak arrival season
Turmeric futures fell sharply on sentiments of above normal monsoon for upcoming season. Turmeric trade ended the day at RS. 8372 per quintal which is approx 0.33% down against its previous close. Turmeric futures are expected to continue trade in negative note tracking higher stocks in the market due to peak arrival season.
The market ended higher on Monday amid a rally in IT shares led by Infosys after robust revenue growth guidance for the current fiscal. The Sensex ended up 190 points at 25,816 and the Nifty ended up 64 points at 7,915. Oil prices eased on Monday after a meeting between OPEC and non-OPEC members to freeze oil output remained inconclusive. Wholesale prices in the country fell for the 17th straight month in March, dropping 0.85% compared to 0.91% in February. Government data released on Monday showed that total build up in inflation for the current financial year leading up to March was -0.85%, as compared to a -2.33% fall in the corresponding period of the previous year.
Gold ticked higher in early Asia on Friday as investors looked ahead to data from China on GDP, industrial production, and retail sales. On the Comex division of the New York Mercantile Exchange, gold for June delivery was last quoted at $1,229.10 a troy ounce, up 0.09%. Overnight, gold fell sharply on Thursday, extending a considerable sell-off from the previous session, as unexpected easing measures from the Singapore Central Bank boosted the dollar versus the Yuan and upbeat U.S. economic data augmented hawkish arguments for a June interest rate hike from the Federal Reserve. Gold has also erased all of its gains from Monday’s surge when it jumped by more than $20 dollars an ounce to hit three and a half week highs. Despite the recent downturn, the precious metal is still up by more than 15% since January 1 and is on pace for one of its strongest opening halves of a year in more than a decade. Nevertheless, the dollar rose sharply against the Chinese Yuan reaching an intraday high of 6.4876, its highest level in nearly a week. It came one day after China improved investor sentiment worldwide after reporting that exports surged by 11.5% in March on an annual basis, recovering from a decline of almost 25% in dollar terms a month earlier.
BUY GOLD JUNE ABOVE 29000 TGT 29300, 29600 STOP LOSS 28600