Gold prices in the domestic market has come to a low of 10 months. The MCX gold is trading below Rs 27,000.

The prices of gold dropped by more than 0.42 percent at 26,844 rupees per 10 grams in June futures trade today as profiteers engaged in cut positions in tandem with a weak global trend where precious metal fell to over a 15-week low.

The gold rate touched an intraday high of Rs 26,970 and an intraday low of Rs 26,810.

100McxTips Commodity Advisory said, " In the international market gold touched a three-month low of. Gold prices in the international market is under $ 1265. Support of $ 1270 was down yesterday. The recovery in the U.S. economy and the growing a decrease in demand on gold pressure. It is believed that gold could break even level of $ 1,200.

At Comex gold for August delivery fell to a session low of $1,261.30 a troy ounce, the weakest level since February 7, before trimming losses to last trade at $1,264.70 during European morning hours, down 0.08%, or $1.00.

"A weakening trend in the foreign markets where gold fell throughout 15-week low as encouraging economic data from the United States backed the case of Federal Reserve to keep reducing of monetary stimulus, as demand in China showed signs of decline, weighed on precious metals in futures trade here.", 100McxTips added.

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Gold Jewelry Stocks rose today as much as 20 percent after the Reserve Bank eased 80:20 gold import rules by enabling select commercial firms, besides those who have already enabling banks to acquire the metal to boost exports.

Shares of PC Jeweller rose 19.98% to Rs 124.30 -- its 52-week high. Tribhovandas Bhimji Zaveri stock shot-up 19.98% to Rs 191.80 while that of Gitanjali Gems Ltd zoomed 18.98% to Rs 108.75 on the BSE. Similarly, Rajesh Exports pick upped 15.75% and Shree Ganesh Jewellery House climbed 5%.

The Reserve Bank of India in July last year tighten gold imports in an attempt to rein-in a record high current account deficit by taming demand for the yellow metal.

"Star trading houses/premier trading houses, which are recognized agencies by the Director General of Foreign Trade (DGFT), may now import gold under 20:80 scheme," RBI had said in a notification yesterday.

The central bank had tied imports and exports a prescribed amount formula 20:80. Under this, an importer must ensuring that at least 20 percent of all lots of imported gold is exclusively available for export purposes and the rest for household use. This facility became available for selecting only banks and others were prohibited imports of yellow metal.

The decision to ease the restrictions follows depictions of jewelers, bullion dealers, banks and trade bodies.

"Given these representations and consultations with the Government of India has decided to amend the guidelines for import of gold by banks / agencies / entities nominated," said the RBI.

News By PTI India
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Turnover of Commodity Exchanges declined by 69% to Rs 4.64 lakh crore in April of this year in the amount of slow trades in most commodities, the Forward Markets Commission (FMC) said.

Their business stood at Rs 14.77 lakh during the same month in the relevant year. Maximum fall was noted in bullions, followed by goods of energy, base metals and agri commodities, commodity markets regulator FMC said that the latest release of their data.
Business volume bullion down over 76 percent to Rs 1.68 lakh crore in April this year, compared to Rs 7.15 lakh rupees in the previous year, data showed FMC.

The stock business energy goods as crude oil fell by over 70 percent to Rs 1.04 lakh rupees from Rs 3.5 lakh rupees, whereas the business volume of the metals was reduced by 64 percent to Rs 95.195 million rupees from Rs 2.63 lakh million Rupees in the revision period.

Likewise the turnover in agricultural commodities declined by 35 percent to Rs 96.167 million rupees in April this year, from Rs 1.48 lakh million rupees in the same month of last year.

The researchers said that involvement in the futures markets for commodities has taken a beating because of the higher transaction costs and slower investor trust of after the non-payment of Rs 5,600 crore in exchange for cash NSEL.

FMC also said he addressed to all the national stock exchange not to charge any fee for the audit of its members and must develop internal capacity for this purpose.

There are five national exchanges - MCX, NCDEX, NMCE, ICEX and ACE, and 11 commodities exchanges regionally operating in the country.

News By Economictimes
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The gold spot price fell by 200 rupees per 10 grams to Rs 29,850 in India on Thursday, bringing some joy to by domestic consumers in front of the marriage season. However, contract in June on MCX, gained 0.11% to touch an intraday high of Rs 28,683 per 10 gm. The intraday low was Rs 28,537.

Export data of China unexpectedly China has positively impacted all commodities like gold, "said a commodity advisory senior analyst. In international trade, gold remained below $ 1,300 an ounce after the biggest decline daily within three weeks on speculation that the U.S. Fed be further reduced monetary stimulus measures as the economy does not recover.

Bullion for immediate delivery quated at $ 1290.34 an ounce at 11.47 am in Singapore from $ 1289.88 on Wednesday, when prices fell 1.4%, the highest since 15 April in accordance with Bloomberg generic prices.

Gold tumbled 28% in 2013 to end a 12-year concentration in the expectations that the Federal Reserve would scaling back asset purchases. Janet Yellen, president of the Federal Reserve, had on Wednesday told the Americans lawmakers in Washington that the largest world economy continues to require stimulus, even as findings support the faster growth prospects this year. The U.S. central bank today announced cuts in the purchase of bonds in each of their last four sessions.

"Gold was broken under the psychological level of $ 1,300 an instinctive reaction to the liberation of testimony of Yellen," James Steel, analyst at HSBC Securities (USA) Inc., wrote in a note. "Bullion also been pulled down by what looked to be a de-escalation of the geopolitical tensions. Bullion is probably remain moderate On the short term."

Gold has risen 7.4% this year, partly because the tensions in Ukraine stimulated demand. Russian President Vladimir Putin asked the separatists in Ukraine to delay a vote for independence and said that the Russian forces had withdrawn from the border. But U.S. said there are no signs of retreat.

News By Economictimes
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The commodity market regulator Forward Markets Commission (FMC) meet Multi Commodity Exchange (MCX) officials there on 6th May 2014 and examined the progress of the exchange in compliance of the order to cut the participation of parents FTIL 2%  from the current 26 percent. 

MCX departing director General and CEO Manoj Vaish met with officials of the FMC and discussed the progress of divesting, said an official here MCX, without elaborating.

The FMC wanted to get a vision and decision on the status of implementation of MCX in the implementation of the order "fit and proper" against Financial Technologies (India) Ltd (FTIL) and the steps taken in the audit report PwC in the bag.

Earlier, FMC warned MCX not be renewed the contracts or allow new contracts and optionally remove his license to run the stock if the exchange did not fulfill their orders.

FMC hosted the meeting after the FTIL efforts promoted by the employer Jignesh Shah, to sell a 24 percent stake in MCX seemed to have hit temporarily road blockage, with the prospective tenderers including Reliance Capital, by requiring that PwC audit results be shared with them.

Reliance Capital, which is analyzes buying participation in MCX, has also called on FMC to cancel all agreements between the bag and the FTIL.

The FMC, which came into performance of the enterprise the National Spot Exchange Group (NSEL), following a crisis payment of Rs 5,600 crore, had issued a warrant in December claiming FTIL "ineligibility" to maintain stake than 2 percent in MCX. Currently, the promoters hold 26 percent in the commodity exchange.

The FMC had asked to MCX take specific action to ensuring that FTIL decreases its shareholding to 2 percent in Exchange. Although FTIL established MCX, no longer controls the exchange after the order of the FMC.

News By Economictimes
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Gold prices declined by Rs 195 to Rs 30,390 per ten grams in Delhi today as auspicious Akshaya Tritiya could not conjure up any significant support for the bullion metal cart.

Silver also fell for the third consecutive day by losing Rs 430 to Rs 41,650 per kg.

Traders said a weakening trend in precious metals overseas after the Federal Reserve proceeded with cuts to stimulus amid signs of a recovery in the U.S., reducing demand for safe haven put particular pressure on gold prices here.

Buy gold picks up especially at this time of year, though India celebrates Akshaya Tritiya. The saying is - Gold and gold jewelry bought and worn on this day signify never diminishing good fortune.

While gold has been better performance in the past decade, it has lost some shine over the last year and the tendency is likely to continue given that the world economy had begun to show signs of recovery.

But in contrast to the West, buying gold in India has always once been driven more by feelings and Akshaya Tritiya is a good opportunity in which it is said that purchasing gold bring wealth.

Gold trading indeed important and must be part of a diversified overall portfolio, but analysts are advising to cut back their positions in the wake of falling the prices of gold internationally.

The price of gold in the Indian market is higher than the world market owing to the additional duties set by the UPA government to curb the bulky current account deficit.

News By Economictimes
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The prices of gold traded near a one-week low on Thursday after the Federal Reserve's decision by to diminish their monthly buying program bonds at $ 10 billion for the fourth successive meeting.
On the Comex division of the NYMEX, gold for delivery in June took place in a narrow range between $ 1,285.10 per troy ounce and $ 1,293.10 an ounce.
Gold quoted at $ 1286.90 per ounce during early European morning trade hours, down 0.69%, or $ 9.00. Futures fell by 0.03%, or 40 cents an ounce on Wednesday to close at $ 1295.90.
The prices of gold were likely to find support at $ 1268.40 per troy ounce, the low of April 24 and resistance at $ 1306.60, the high of April 28. The Federal Reserve said Wednesday that it decrease its bond purchases by $ 10 billion to totaling of $ 45 billion a month, in a widely expected decision. The Federal Reserve also stated that the interest rates would be kept on hold at historic lows for a "substantial time" after the bond buying program ends later this year.
The U.S. central bank admitted that the first quarter growth was far weaker than expected, but said that the moment had started to pick up the last few weeks.
Data showed Wednesday data showed the U.S. economy expanded at an annual pace of 0.1% during the first three months of the year, far short of expectations of a 1.2% expansion.
The investors now glanced forward to jobs in the U.S. closely-Friday report for April, which was expected to show the rebound in the labor market continues.
News By Investing.com
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