sell zinc 198.80-199 sl 202.60 tgt 188-rajeev saxena
sell silver 39000-39200 sl 39600 tgt 38200/37400-rajeev saxena
zinc low now 196.20……tgt 196 [5 rs] almost achd….book full profit-rajeev saxena
Indian traders are likely to import 25 tonnes of gold from South Korea in July and August, taking advantage of a recent tax change that allows importers to ship in gold without paying a 10 percent customs duty, industry said.
Gold prices rose on Thursday as the dollar remained subdued after minutes from the US Federal Reserve’s July meeting hinted at a delay in further rate hikes, while palladium hit a fresh 16-year high.
Spot gold was up 0.4% at $1,287.90 per ounce by 11.30am, after gaining nearly 1% the previous day. US gold futures for December delivery rose 0.8% to $1,293.70 per ounce.
“It’s a dollar story and a concern that the market’s been having with regards to geopolitical events,” said Dominic Schnider at UBS Wealth Management in Hong Kong.
The US dollar was on the defensive on Thursday after the minutes from the Fed’s last policy meeting showed policymakers were increasingly wary of recent softness in inflation and some called for halting interest rate hikes until it was clear the trend was transitory.
“The market believes at the moment that there’s not much inflation and the Fed need not do much,” Schnider said.
“We disagree, and believe the Fed will in September come with a balance sheet reduction and hike rates in December.”
The US central bank is roughly at the mid-point on its current path to normalize interest rates as the economy has shown further improvement even without fiscal stimulus, San Francisco Federal Reserve President John Williams told CNN television on Wednesday.
Higher interest rates could boost the dollar, making commodities priced in the greenback more expensive for holders of other currencies.
Spot gold may test a resistance at $1,294 per ounce, a break above which could lead to a gain to the next resistance at $1,304, Reuters technical analyst Wang Tao said.
“In the shorter term, and in the absence of any geopolitical headlines, traders should watch the performance of the dollar against its G-10 peers for clues to gold’s short term direction,” said Jeffrey Halley, a senior market analyst at OANDA.
Meanwhile, palladium was up 0.7% at $920.48 after earlier marking it highest since February 2001 at $927.80.
“Palladium took some inspiration from the more industrially oriented metals,” UBS’s Schnider said, pointing to a broad based rally that has pushed the prices of aluminium, copper and zinc to multi-year peak.
The auto industry is by far the largest consumer of the palladium.
Among other precious metals, silver was up 0.3% at $17.13 per ounce, while platinum was unchanged at $976 an ounce.
As the India-China military standoff on the Doklam plateau in Bhutan enters its third month, China’s official Xinhua news agency has released a video that mocks and parodies Indians in what is the latest attack against India by the Chinese state media.
म्युचुअल फंड का निवेश रिकॉर्ड ऊंचाई पर —— म्युचुअल फंड का बाजार में निवेश रिकॉर्ड ऊंचाई पर है, लेकिन इसके बावजूद फंड के पास खासा कैश है। जुलाई कैश पोजीशन 5 महीने के ऊपरी स्तर पर थी। म्युचुअल फंड का बीएसई 500 कंपनियों में निवेश रिकॉर्ड स्तर पर पहुंच गया है। पिछले 13 महीने में म्युचुअल फंड ने शेयर बाजार में 93120 करोड़ रुपये का निवेश किया है। वहीं, म्युचुअल फंड के पास जुलाई के आखिर में 35,055 करोड़ रुपये का कैश मौजूद था।