Commodity updates - Gold Stays Pinned On Rising Equities 12 JULY

Gold stayed pressed yesterday as a drop from near two and half month highs extended. Equities edged up around the globe. Hopes of continued easy monetary policies from major global central banks and a sharp reversal in US nonfarm jobs data boosted the global sentiments. The Fed funds futures market data showed that investors are not pricing in a rate increase from the US Federal Reserve in calendar year 2016 despite the strong jobs report for June 2016. This capped COMEX Gold and the metal is currently trading at $1357 per ounce, almost flat on the day. MCX Gold futures ended around Rs 31580 per 10 grams and should see another tight session today.

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Following the sharp gains in local prices to about two and half year highs near Rs 32000, the buying interest is thin. Local Gold imports dropped around 51% to $2.7 billion (approximately Rs 17,962.4 crore) in April-May this fiscal. Gold imports stood at $5.55 billion (approximately Rs 36,922.8 crore) in April-May 2015. The in-bound shipments contracted for the fourth consecutive month in May by 39.14% at $1.47 billion, according to Commerce Ministry data.

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