Monday, 1 May 2017

Profitable and Effective Bullion, Base Metal and Enery Trading Tips in Commodity Market

Gold slipped back on MCX, testing lows under Rs 28800 per 10 grams amid a solid outing in global equities. Stocks edged up in Europe on the back of sustained buying around the globe. US stocks rallied on upbeat earnings and Trump tax plans. With the continued upward move, the tech-heavy Nasdaq soared to a new record closing high. COMEX Gold futures extended their losses and dropped under $1270 per ounce levels. Excellent speculative demand and global geopolitical worries had pushed COMEX Gold near a six month high in mid April 2017.

Indian Rupee also gained on the back of solid jump in local equities, keeping a lid on local Gold prices. The Indian rupee neared 64 levels, hitting fresh 21-month high against the US dollar. The currency has extended a broad pullback in tune with soaring local equities and upbeat economic momentum. Key benchmark indices logged strong gains in sync with upbeat global equities. Local equity indices soared to fresh highs, boosting the sentiments for the Indian Rupee. Meanwhile, domestic demand scenario is looking bright for Gold amid festivities as Akshay Tritiya neared. Spot prices are holding up just under Rs 29000 per 10 gram levels.

India's gems and jewellery exports surged by 12.32% to Rs 2,89,194.30 crore during 2016-17, compared to the previous year on demand in the US, Hong Kong and the Middle East. The total exports stood at Rs 2,57,463.66 crore during 2015-16, as per the data provided by the Gems and Jewellery Export Promotion Council (GJEPC). The export of cut and polished diamonds went up by 12.76% at Rs 1,52,682.29 crore during FY17. The gold jewellery exports grew by 4.14% at Rs 58,464.42 crore.

Large speculators and traders increased their net positions in the gold futures markets last week for a fifth consecutive week and to the highest level in about six months, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of Comex gold futures, traded by large speculators and hedge funds, totaled a net position of 195,768 contracts in the data reported through April 18th. This was a weekly gain of 23,102 contracts from the previous week which had a total of 172,666 net contracts.

The first series of the Sovereign Gold Bonds Scheme for this year (2017-18 Series I) opened on April 24 and closed on April 28. The bonds are issued by the Reserve Bank of India on behalf of the Indian government. The price per bond, representing 1 gm gold, is Rs 2,901 (after the Rs 50 discount). The maximum amount subscribed by an entity will not be more than 500 grams per person per fiscal year (April-March). A self-declaration to this effect will be obtained. The tenure for the bond is 8 years, with option to exit from the fifth, sixth and seventh year. Bondholders will get interest at 2.50% per annum on the amount of initial investment. It shall commence from the date of its issue and paid twice in a year.

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