MCX COMMODITY UPDATES:-
Trade statistics released last week showed mainland Chinese
imports of gold from Hong Kong slowed dramatically in August. Hong Kong
shipments of the metal to mainland China for the month totaled 54 tons, a drop
of 29% from the 76 tons shipped in July, according to data from the Hong Kong
Census and Statistics Department. The yellow metal has witnessed a sizeable
fall in last two sessions, shedding nearly 50 dollars per ounce amid a flurry
of profit selling as the inability of the metal to break above $1800 per ounce
levels had a depressing effect on the sentiments. The commodity normally
follows risky assets and yesterday's massive jump in stock markets should have
helped it.
Meanwhile, the US retail sales were boosted yesterday by the
launch of iPhone 5 and registered 1 a rise of 1.1% in September. Equity markets
were further helped on media reports that Spain is ready to make a formal
request for aid, allowing the European Central Bank to buy its sovereign debt,
but is delaying an announcement due to concern about the effect on other
euro-zone members.
European equities edged mostly higher today and some buying
has emerged in Gold as well. Euro also gained, breaking above 1.3000 levels
against the US dollar. This has helped it gain some ground from its one-month
low levels of $1728 per ounce and it would be interesting to see how the New
York session pans out. The local MCX Gold futures broke under Rs 31000 per
10-gram mark yesterday and witnessed a steady recovery in tune with the global
prices. The benchmark December contract on MCX is trading at Rs 30973, down Rs
4 per 10 grams on the day after testing a low of Rs 30862 per 10 grams earlier
in the day.
