Gold......
Gold futures are trading steady near 1 month highs supported by weakness in the dollar and strong oil futures. Today, the metal struck as high as $1322.50 an ounce, its highest since June 20.
Oil for August delivery rose 40 cents, or 0.4%, to $108.45 a barrel in electronic trade with weakness in the dollar providing a platform for the commodity to reach for a new 52-week high.
Gold for August
delivery climbed $25.70, or 2%, to $1,318.90 an ounce in electronic
trade on the Comex division of the New York Mercantile Exchange. It
ended up 0.7% to $1,292.90, the highest settlement for a most-active
contract since June 19.
Gold prices finished last week higher by 1.2%, gaining in part after U.S. Federal Reserve Chairman Ben Bernanke said in congressional testimony that the central bank had no set timetable for slowing its monetary stimulus. The stimulus measures, known as quantitative easing, have been considered supportive for gold prices.
The dollar-denominated commodity benefitted from a decline in the greenback overnight, with the moves weighing on the ICE dollar index. The dollar lost some ground against the Japanese yen as Prime Minister Shinzo Abe’s ruling party consolidated its power in this weekend’s election.
Hedge funds and money managers raised their bullish bets in gold and silver futures and options in the week to July 16, while they trimmed net shorts in copper, a report by the Commodity Futures Trading Commission showed on Friday.
MCX August gold futures are trading up nearly Rs 400 at Rs 27090 per 10 grams. The counter hit a high of Rs 27180 earlier today.
Source by Commodity Insights
Gold futures are trading steady near 1 month highs supported by weakness in the dollar and strong oil futures. Today, the metal struck as high as $1322.50 an ounce, its highest since June 20.
Oil for August delivery rose 40 cents, or 0.4%, to $108.45 a barrel in electronic trade with weakness in the dollar providing a platform for the commodity to reach for a new 52-week high.
Gold prices finished last week higher by 1.2%, gaining in part after U.S. Federal Reserve Chairman Ben Bernanke said in congressional testimony that the central bank had no set timetable for slowing its monetary stimulus. The stimulus measures, known as quantitative easing, have been considered supportive for gold prices.
The dollar-denominated commodity benefitted from a decline in the greenback overnight, with the moves weighing on the ICE dollar index. The dollar lost some ground against the Japanese yen as Prime Minister Shinzo Abe’s ruling party consolidated its power in this weekend’s election.
Hedge funds and money managers raised their bullish bets in gold and silver futures and options in the week to July 16, while they trimmed net shorts in copper, a report by the Commodity Futures Trading Commission showed on Friday.
MCX August gold futures are trading up nearly Rs 400 at Rs 27090 per 10 grams. The counter hit a high of Rs 27180 earlier today.
Source by Commodity Insights
No comments:
Post a Comment