Karvy Commodities has come out with its report on bullion. "On the local front, Rupee has been on an appreciating note than likely that non-agri commodity prices would continue to be weighed by higher domestic currency. We have a selling view on Gold today.
Gold prices at Comex platform saw huge fall last day, falling by most in a week as US Jobless claims declined signaling continuing amelioration in the Jobs markets in the US.
Comex Gold for active June expiry contract at fell by 0.9% to $1,294 an ounce with Bloomberg data showed, trading volumes were nearly 8% higher than the 100-day average.
In the Indian markets, we saw gold June contract at MCX fell 1% to Rs 28400 per 10 Gms
OUTLOOK: While we had been holding a bearish bias in the commodity on the weekly basis, we turned into positive during the week led by concerns going in Ukraine region. Yesterday's fall was largely led by US Jobs number with negativism escalated by drop in the in Euro currency which at one point of time slipped down to 1.3650 level after weak economy related cues from Germany and EU. The Euro meanwhile recovered from its day's lows, however overall cues for gold continue to be subdued on the demand side and thus supported the downside. On the other side, moderate concerns remain from the Bond yield front, wherein the 10 Year US Yields fell five basis points to 2.49% while touching its lowest since Oct last year. In case US yields fall sharply, gold's decline in international markets might get arrested.
On the local front, Rupee has been on an appreciating note than likely that non-agri commodity prices would continue to be weighed by higher domestic currency. We have a selling view in the commodity today.
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