Gold.......
MCX Gold futures were dominated by the settlement related trading
activity today after correcting in the last week. The COMEX failed to
hold on to its one month high above $1600 per ounce in the last week and
corrected amid Holiday thinned trading. Strength in the US dollar and
the looming expiry of the April series on COMEX ensured that the prices
drop under $1600 per ounce on last Thursday last week as traders eyed at
a long weekend owing to the Easter Holiday. The commodity quotes at
$1598.70, up $3 per ounce right now. Prices had made a feeble attempt to
hold on above $1600 per ounce before.
The metal traded mostly
in a sideways manner last week even as Europe continued to jostle with
the debt crisis. The greenback edged higher by almost one percent in the
week and hit near five-month highs against the Euro. The US currency is
consolidating around 1.2800 levels against the Euro right now as
traders eye the development in Cyprus and exactly how much money the
bank depositors could lose.
The massive losses suffered by
savers in the island's two largest banks in the first Euro zone rescue
package to punish larger depositors has been the most worrisome aspect
of the bailout deliberations. Big depositors in largest lender Bank of
Cyprus face losses of up to 60 percent, while those in second lender
Laiki will have to wait years to see any of their money as the bank is
wound up with the loss of thousands of jobs.
Asian equities
slipped today as a bounce in Chinese manufacturing conditions failed to
boost sentiments and traders resorted to profit selling. Chinese
manufacturing activity picked up in March, with the official purchasing
managers' index surging to nearly one year high. The country's official
purchasing managers' index, a government survey of manufacturers, rose
to 50.9 in March from 50.1 in February. It was the highest reading since
April last year, indicating that growth in manufacturing activity
accelerated.
MCX Gold futures for June, the recently turned
benchmark contract witnessed a gap up opening today. The counter edged
up towards Rs 30100 and then slipped. It is currently quoting at Rs
30033, up Rs 48 per 10 grams or 0.16% on the day. The open interest in
the counter is up by 11%. The near month April futures trade at Rs
29501, up Rs 107 per 10 grams or 0.36% with a huge 39% drop in the open
interest.
Source by Commodity Insights
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