Gold Commodity Technical Report & Mcx Silver Commodity Technical Report for Today. All World Market Key Points which impacts on movements of Bullion Prices.
MCX GOLD COMMODITY REPORT :
Gold prices firmed on Friday in holiday-thinned trading, after data showing U.S. employers added the fewest jobs in over a year in March fueled speculation that a U.S. interest rate hike may be delayed.
Non-farm payrolls increased by 126,000 last month, the smallest gain since December 2013, the Labor Department said on Friday. That ended 12 straight months of job gains above 200,000, the longest streak since 1994.
The data has led to speculation that the Federal Reserve may delay its first increase in U.S. interest rates in nearly a decade, which had been expected later this year.
The dollar tumbled as much as 1 percent against the euro after the significantly weaker-than-expected report, while U.S. Treasuries rose, with benchmark 10-year yields hitting nearly two-month lows.
Gold tends to suffer when rates rise, as that increases the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which the metal is priced. Gold jumped nearly 2 percent on Wednesday in its sharpest one-day gain in two months, after U.S. private hiring in March missed market forecasts, suggesting Friday’s more comprehensive employment report could also underwhelm.
Trading was expected to be lean for most markets, including those in the United States and Europe, shut for the Good Friday holiday.
Spot gold prices traded sideways to higher for most of the last week in a short week trading as markets remained closed on account of Good Friday Gold, which does not pay any interest, has benefited from a low interest rate environment and central banks’ accommodative policies in the years following the 2008-2009 credit crunch.
Prices firmed last Friday in holiday-thinned trading, after data showing U.S. employers added the fewest jobs in over a year in March fueled speculation that a U.S. interest rate hike may be delayed.
Non-farm payrolls increased by 126,000 last month, the smallest gain since December 2013. That ended 12 straight months of job gains above 200,000, the longest streak since 1994.
In the international markets, spot gold prices rose marginally by 0.25 percent last week and closed at $1201.84/oz. On the MCX, gold prices declined marginally by around 1 percent last week and closed at Rs.26597/10 gms.
MCX GOLD OUTLOOK REPORT :
We expect gold prices are likely to trade positive on the back of dovish US fed statements.
Gold prices will trade higher today as the Nonfarm payrolls data released last Friday reflected dull sentiments in labor markets delaying the hopes of rise in the interest rates by the US Federal Reserve.
On the MCX, gold prices are expected to trade higher taking cues from strong international markets.
MCX SILVER COMMODITY ANALYSIS REPORT :
Silver was up 1.7 percent at $17 an ounce.
U.S. employers added the fewest number of jobs in more than a year in March, the latest sign of weakness in the economy and one likely to further delay an anticipated interest rate increase by the Federal Reserve.
Nonfarm payrolls rose 126,000 last month, less than half February’s pace and the smallest gain since December 2013, the Labor Department said on Friday.
MCX May Silver; mild pullbacks will not change the bearish view in the counter. Currently prices are hovering near key horizontal support at 37030 levels, on a convincing close below the same will trigger the short-term downtrend and is likely to extend the fall towards 36360/35850 levels.
Last week, spot silver prices in the international markets traded lower in contrary to the rise in gold prices. Weakness in Nickel prices further exerted downside pressure on prices.
Spot silver prices in the international markets declined by 1.42 percent and closed at $16.71/oz. On the MCX, silver prices declined by 2.72 percent and closed at Rs.37349/kg.
SILVER OUTLOOK REPORT :
We expect Silver prices are likely to trade positive on the back of dovish US fed statements.
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