Gold futures slip but euro zone concerns support

                        Gold futures slipped lower on Thursday but losses looked likely to remain limited as ongoing concerns over the financial stability of the euro zone underpinned safe haven demand for the precious metal.

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery slipped 0.13% to USD1,605.15 per troy ounce.

Gold futures were likely to test support USD1,591.20, Wednesday’s low and resistance at USD1,613.46, Monday's high. 

Gold prices remained supported as banks in Cyprus prepared to open for the first time in almost two weeks, with capital controls in place to prevent a run on banks.

Cypriot banks have been closed since March 16, when the European Union presented a proposal to force losses on all depositors in exchange for a EUR10 billion bailout, a plan which was subsequently rejected by the country’s parliament.

Investors remained concerned that the bailout deal for Cyprus could set a precedent for future bailouts in larger euro zone states, with big bank depositors and senior bond holders forced to suffer losses.

Meanwhile, in Italy doubts continued over whether a stable coalition government could be formed, fuelling concerns that the country may have to go back to the polls.

Elsewhere, Comex silver for May delivery was up 0.020% to USD28.668 per ounce while copper for May delivery was down 0.40% to USD3.430 per ounce. 
Courtesy : Investing.com

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Crude oil futures steady as markets focus on Cyprus, Italy

           Crude oil futures were steady on Thursday, as concerns over a potential fallout from Cyprus's bailout and political deadlock in Italy continued to dominate market sentiment. 

On the New York Mercantile Exchange, light sweet crude futures for delivery in May traded at USD96.55 a barrel during European morning trade, down 0.03%. 

Investors remained cautious as Italian centre-left leader Pier Luigi Bersani seemed to have only slim hope of forming a government after talks with rival party leaders ended on Wednesday with rejection from Beppe Grillo's 5-Star Movement. 

Markets were also jittery as Cyprus prepared to reopen its banks for the first time in nearly two weeks, with fears of bank runs prompting the government to impose a number of controls, including limiting withdrawals and banning cheques. 

On Wednesday, a report by the National Association of Realtors showed that the U.S. pending home sales index slipped 0.4% in February as limited inventory curtailed the market in many areas, but remained at the second highest level in nearly three years. 

The U.S. is the world’s biggest oil-consuming country, responsible for almost 22% of global oil demand.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for May delivery slid 0.30% to trade at USD109.36 a barrel, with the spread between the Brent and crude contracts standing at USD12.81 a barrel.
Courtesy : Investing.com

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Gold falls in Asia after snapping 3-day losing streak

                         Gold futures are trading slightly lower during Thursday’s Asian session after snapping a three-day losing streak Wednesday in the U.S. 

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery fell 0.9% to USD1,605.75 per troy ounce in Asian trading Thursday after settling up 0.58% at USD1,606.55 a troy ounce in U.S. trading on Wednesday. 

Gold futures were likely to test support USD1,590.85 a troy ounce, Monday's low, and resistance at USD1,614.40, Monday's high. 

Gold futures were buoyed by safe-haven buying induced in part by more euro zone-related fears. On Wednesday, the head of Italy’s center-left alliance, Pier Luigi Bersani, ruled out forming a coalition any time soon. Following February’s Italian election results, traders have been fearful that the new government would be no more than gridlock and not allow for additional austerity measures. 

Elsewhere, the European Commission reported earlier that its eurozone Economic Sentiment Indicator fell to 90.0 in March from 91.1 in February.

Analysts were expecting the index to fall to 90.4 last month, which further weakened the euro and bolstered gold's appeal as did lingering concerns surrounding the terms tied to Cyprus's recent bailout. 

In U.S. economic news, the National Association of Realtors said pending home sales fell 0.4% in February from January, but added the number increased 8.4% on a year-over-year basis. Despite trading lower today in Asia, gold is on track for gain of better than 1.5% this month. 

Elsewhere, silver for May delivery rose 0.24% to USD28.768 per ounce while copper for May delivery gained 0.03% to USD3.455 per ounce.
Courtesy : Investing.com

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Natural gas rallies to 1-1/2 year highs

                          Natural gas futures rallied to the highest level in 18-months on Wednesday as forecasts for cooler-than-normal April weather bolstered expectations for increased home heating fuel demand.

On the New York Mercantile Exchange, natural gas futures for delivery in May traded at USD4.056 per million British thermal units during U.S. morning trade, advancing 1.64%.

Gas prices have rallied in recent sessions as unseasonably cold spring weather boosted demand for the home heating fuel. The increase in demand has raised expectations that a glut in natural gas inventory levels could be reduced.

The heating season from November through March is the peak demand period for U.S. gas consumption, particularly in the Northeast and Midwest. Nearly 50% of all U.S. households use gas for heating.

Natural-gas stockpiles are currently at 1,876 billion cubic feet, above the five-year average level for this time of year after mild weather during the 2012 winter curbed heating demand and saw inventories swell.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in May were down 0.5% to trade at USD95.85 a barrel, while heating oil for May delivery was almost unchanged at USD3.017 per gallon. 
Courtesy : Investing.com

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Gold rebounds following U.S. losses

                           Gold futures are trading to the upside during Wednesday’s Asian session, rebounding back above the all-important USD1,600 per ounce level after falling in Tuesday’s U.S. session. 

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery rose 0.24% to USD1,601.15 per troy ounce in Asian trading Wednesday after settling down 0.54% at USD1,597.75 a troy ounce in U.S. trading on Tuesday. 

Gold futures were likely to test support USD1,590.85 a troy ounce, Monday's low, and resistance at USD1,614.40, Monday's high. 

Soaring U.S. equities, due in part to some solid data points there, sent traders scurrying to riskier assets and away from safe-haven fare such as gold. 

In U.S. economic news, the Conference Board said its March reading of consumer confidence fell to 59.7 from a revised 68 in February. Economists expected a March reading of 68.7. 

The Commerce Department said durable goods orders rose 5.7% in February after falling 3.8% in January. Economists expected a February increase of 4.9%. Core orders fell 0.5%. Economists expected a core increase of 0.5%. The Commerce Department also said new home sales fell 4.6% last month to seasonally-adjusted rate of 411,000, but rose 12.3% on a year-over-year basis. 

The S&P/Case Shiller composite index of home prices in 20 metro areas rose 0.9% in December on a seasonally-adjusted basis. On a non-adjusted basis, the index rose 0.2%. Economists expected a seasonally-adjusted increase of 0.5%. 

Elsewhere, it was reported that Russia’s central bank boosted its gold holdings for a fourth consecutive month in February. Turkey’s central bank has also been seen as a recent buyer of bullion. 

Meanwhile, Comex silver for May delivery added 0.25% to USD28.75 per ounce while copper for May delivery rose 0.12% to USD3.458 per ounce. 
Courtesy : Investing.Com

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Silver drops for second day in India

                   Indian silver prices dropped for the second staright day Tuesday following global trends.

Analysts also attributed the losses to speculators trimming their positions

On the Multi Commodity Exchange (MCX) Silverfor delivery in May traded by Rs 181, or 0.33 per cent, to Rs 54,031 per kg in business turnover of 1,586 lots.

Similarly, the white metal for delivery in July declined by Rs 177, or 0.32 per cent, to Rs 55,203 per kg in business volume of 111 lots.

In the international market, silver traded lower at $ 28.81 an ounce in Singapore.

Market analysts said a subdued trend in precious metals in the global markets as Cyprus's bailout plan hurting demand for the safe haven, led to fall in silver prices at futures trade here.

Courtesy : Bullionstreet

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Oil succumbs to profit-taking in Asian trade

                           Oil futures are trading to the downside during Wednesday’s Asian session on what looks like some profit-taking after crude jumped on Tuesday in the U.S. on the back of some decent data points. 

On the New York Mercantile Exchange, light, sweet crude futures for May delivery fell 0.22% to USD96.12 per barrel in Asian trading Wednesday after settling up 1.02% at USD95.78 a barrel on Tuesday in the U.S. 

In U.S. economic news, the Conference Board said its March reading of consumer confidence fell to 59.7 from a revised 68 in February. Economists expected a March reading of 68.7. 

The Commerce Department said durable goods orders rose 5.7% in February after falling 3.8% in January. Economists expected a February increase of 4.9%. Core orders fell 0.5%. Economists expected a core increase of 0.5%. The Commerce Department also said new home sales fell 4.6% last month to seasonally-adjusted rate of 411,000, but rose 12.3% on a year-over-year basis. 

The S&P/Case Shiller composite index of home prices in 20 metro areas rose 0.9% in December on a seasonally-adjusted basis. On a non-adjusted basis, the index rose 0.2%. Economists expected a seasonally-adjusted increase of 0.5%. 

Those data points helped lift U.S. stocks to within spitting distance of a new record. Exxon Mobil and Chevron, the two largest U.S. oil companies, both finished higher on the day. 

Elsewhere, Iraq said it will start selling 4 million barrels of oil per month to Egypt starting in April 2014. Iraq is believed to be home to over 143.1 billion barrels of reserves, one of the largest totals among the members of the Organization of Petroleum Exporting Countries. 

Meanwhile, Brent futures for May delivery fell 0.12% to USD109.34 per barrel on the ICE Futures Exchange.
Courtesy : Investing.com

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CPM Group sees 3% fall in Gold investment demand this year

               Commodities research and consultant CPM Group sees drop in net buying by gold investors for a second straight year.

Gold investment demand, a major driver behind gold's bull cycle, is expected to fall around three per cent in 2013 after a five-per cent drop in 2012, CPM Group said.

The New York based consultant group also said the average price of gold is expected to fall in 2013 for the first time in 11 years, as fears of catastrophic market events fade, prompting investors to scale back bullion purchases.

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Natural Gas gains on cold weather forecasts, power plant outages

           Natural gas futures jumped up in afternoon Tuesday trading as weather models continued to predict below-normal temperatures sticking round over the heavily populated eastern half of the U.S., while power plant outages fueled demand as well 

On the New York Mercantile Exchange, natural gas futures for delivery in May traded at USD3.978 per million British thermal units, up 2.33%.

The commodity hit a session low of USD3.889 and a high of USD3.994.

Updated weather forecasting models on Tuesday indicated below-normal temperatures staying in place for most of the eastern half of the U.S. over the next five to ten days, which kept prices on the upswing.

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Gold falls slightly, extends U.S. losses

             Gold futures are trading modestly lower in the early part of Tuesday’s Asian session after fears over Cyprus’ imperiled financial state ebbed Monday. 

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery are off 0.08% at USD1,605.15 per troy ounce in Asian trading Tuesday after settling down 0.23% at USD1,604.25 a troy ounce in U.S. trading on Monday. 

Gold futures were likely to test support USD1,590.80 a troy ounce, last Monday's low, and resistance at USD1,615.80, Thursday's high. 

Traders moved away from gold Monday after euro zone finance ministers and the International Monetary Fund approved a EUR10 billion rescue package for Cyprus provided the country close up its second-largest lender, Laiki Bank. 

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