Gold strengthens Rs 31,000 level on demand push, MCX Commodity Tips

Gold strengthens Rs 31,000 level on demand push, MCX Commodity Tips:

Price of Gold today took jump from a positive trend overseas by surging Rs 650 per 10 grams to reach Rs 31,000 level, supported by fresh local buying, whereas silver slipped sharply by Rs 350 to Rs 41,500 per kg, on account of softening demand by industrial units and coin makers. 

Globally, gold rose by 0.08% to USD 1323.60 per ounce after hitting a 2-week low of USD 1,318.96. Silver also edged up 0.03% to USD 17.75 per ounce in Singapore. In New Delhi, gold of 99.9% purity surged Rs 650 to Rs 31,000 and 99.5% purity surged Rs 30,850 per 10 grams. Gold had lost Rs 650 in the last two days. 

However, Sovereign price carried on to be traded at the previous level of Rs 24,700 per piece of 8 grams. But silver ready dropped Rs 350 to Rs 41,500/kg and weekly-based delivery cracked below the 41,000 mark by slipping Rs 370 to Rs 40,930 per kg.

Commodity Tips 

Copper slips by the end of the day on 5th Jan 2017, Gold Hits Rs 28K

Indian Copper declined by more than Rs. 380.4 per kg at the end day of Thursday. The prices declined by 0.95% to end the trades just above Rs 380. Coming to the resistances for Copper in coming days, Rs. 385 and 390 looks a difficult zone to breach. 

However, sentiment has been improved by strong manufacturing data from the U.S. and China, which accounts for almost half of global copper consumption estimated at about 22 million tonnes this year. Strong data from the U.S is one cause behind the stronger dollar, which has now been witnessed by traders as a hint of economic strength. 

Meantime, MCX Gold futures closed up about 1 percent at Rs 27,946 per 10 grams after hitting a high of Rs 28000 per 10 grams. Gold rose to its highest peak in one month on Thursday, approaching USD 1180 per ounce levels since the dollar down further below a 14-year peak earlier this week. The precious metal has been rising this year after reaching lower around its 11 month low in December 2016. Dollar index has fallen near 101 levels in Asian trades today.

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