Gold prices may steady, but outlook broadly bearish

A better tone in the U.S. economy despite geopolitical tensions, weak demand from Asia is weighing heavily on gold's appeal as a hedge.After a 12 year rally, gold prices ended its bull run in 2013, wherein gold prices lost around 28 percent of its value. Bearish investors have been cheering gold's retreat. The popularity of placing bets on lower gold prices has grown throughout the year. The year 2014 seem to be a good year for gold, as prices once again started its bull run and headed towards $1400 mark making an impressive rally of 14 percent by mid March 2014 and then started declining and headed towards $1300 mark. Prices gained by more than 7 percent in the first four months of 2014 appealing gold as an asset class. In the domestic markets, gold prices gained by around 1.2 percent on...

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MCX Goldpetal June contract firms up

Goldpetal prices on MCX were trading with marginal gains on Friday. MCX Goldpetal June contract was trading at Rs 3045 up Rs 5, or 0.16 percent.At 10:46 hrs MCX GOLDPETAL May contract was trading at Rs 3059 up Rs 3, or 0.10 percent. The GOLDPETAL rate touched an intraday high of Rs 3059 and an intraday low of Rs 3052. So far 735 contracts have been traded. GOLDPETAL prices have moved up Rs 35, or 1.16 percent in the May series so far. MCX GOLDPETAL June contract was trading at Rs 3045 up Rs 5, or 0.16 percent. The GOLDPETAL rate touched an intraday high of Rs 3049 and an intraday low of Rs 3038. So far 153 contracts have been traded. GOLDPETAL prices have moved up Rs 195, or 6.84 percent in the June series so far. MCX GOLDPETAL July contract was trading at Rs 3042 down Rs 1, or 0.03 percent....

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MCX Silvermic August contract rises

Silvermic prices on MCX advanced on Friday. MCX Silvermic August contract was trading at Rs 42490 up Rs 58, or 0.14 percent.At 10:47 hrs MCX SILVERMIC June contract was trading at Rs 41647 up Rs 60, or 0.14 percent. The SILVERMIC rate touched an intraday high of Rs 41661 and an intraday low of Rs 41510. So far 4716 contracts have been traded. SILVERMIC prices have moved down Rs 5631, or 11.91 percent in the June series so far. MCX SILVERMIC August contract was trading at Rs 42490 up Rs 58, or 0.14 percent. The SILVERMIC rate touched an intraday high of Rs 42500 and an intraday low of Rs 42372. So far 271 contracts have been traded. SILVERMIC prices have moved down Rs 7241, or 14.56 percent in the August series so fa...

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Which region is driving gold demand across the world?

WGC expects China's annual demand for gold in the form of jewellery, coins and bars is set to hit "at least 1,350 tonnes by 2017".China's demand for gold is the highest in the world followed by India, says a World Gold Council report. WGC expects China's annual demand for gold in the form of jewellery, coins and bars is set to hit "at least 1,350 tonnes by 2017". Apart from China and India here's data of how much gold other countries consume...

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CHART: Gold vs Sensex between last Akshaya Tritiya and now

Should the much anticipated global economic recovery materialize, equities will be the clear favourites.After outperforming equities a handsome margin in FY13, gold lost much of its ‘safe haven’ sheen last year, and ended up lagging the Sensex. Prospects for the yellow metal, in comparison to equities, do not look too bright this year too. Investors are betting on a global economic recovery later this year. Also, the Fed is expected to reduce the pace of its monthly bond purchases going ahead. This in turn should strengthen the dollar. Should the much anticipated global economic recovery materialize, equities will be the clear favourites.&nbs...

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From Akshaya Tritiya to Dhanteras: Gold to shine brighter?

CA Kaushal Jaini, Head – Wealth Management and Research, Dani Securities doesn't see poll outcome driving gold price.The general investor sentiment on gold is weak. Despite many seeking refuge in the metal, gold prices are struggling sustain on higher levels and breach those key levels, and other assets have once again found place on investors' radar since the financial crisis witnessed between 2008-2013 is more or less out of way, say experts. Equity markets are at all-time high with further scope to go up given fair valuations. Post Akashay Tritiya, the next major occasion to binge on gold for Indian investors would be Dhanteras, which is nearly six months away. Between now and then, certain events could play a key role in determining in which direction gold price will move. While El Nino...

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El Nino, polls, weak economy: Should you still buy gold?

Sandeep Sharma, senior research analyst, Hem Securities advises investors to stick to buy on dips approach. From a technical point of view, for traders, gold seems to moving in a sideways trend within Rs 28,000- Rs 29,000/10 gms range.The gold bug has bitten us yet again! Yes, its Akshaya Tritiya, the second biggest festival after Dhanteras for buying the yellow metal. Gold jewellers would push sales today , while investors would want to add some glitter to their portfolios. The general sentiment for the bullion remains weak as of now and premiums high. Also, there are concerns that ongoing Lok Sabha elections may play as a spoilt sport for overall jewellery business and fears of impact of El Nino on monsoons might dampen gold demand in rural areas. Given these factors, what would be the...

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India may not regain world's top gold consumer tag soon

Gnanasekar Thiagarajan, Research Director, Commtrendz, said he expected some token announcement by the authorities before Akshaya Tritiya. Now he feels that the government might follow a more strategic and calibrated approach depending on rupee's stability before taking any decision on gold import norms.India is not the world's top gold consumer anymore. For the first time ever, we lost this title to China. Chinese demand for gold rose 32 percent to a record 1,066 tonne in 2013 while India bought 975 tonne, says a latest World Gold Council (WGC) Gold Demand Trends report. However, on a year-on-year basis, India's demand rose 13 percent in 2013. Higher import duties, slew of restrictions on gold-import implemented by the Indian government and Reserve Bank of India (RBI) over the past two years...

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