GOLD
India's central bank eases gold import rule
India's central bank eased tough gold import rules last Wednesday by allowing seven more private agencies to ship the precious metal, a move that industry officials say could augment supplies and reduce premiums in the peak wedding season.
Gold imports by India, the world's No. 2 bullion consumer after China, could quickly rise from current levels, according to the officials. This would help global prices, which slumped 28 percent last year, partly due to India's import curbs. ECB renews 5 year gold sales pact
The European Central Bank (ECB) said on Monday it was renewing a five-year gold sales pact originally designed to limit sales of the precious metal, but with no fixed ceiling for the amount of bullion each signatory can sell. Central banks have agreed to regulate their gold sales under three successive Central Bank Gold Agreements (CBGAs) starting in 1999, which were key in supporting a 12-year market rally that saw prices hit a record $1,920.30 an ounce in 2011. CFTC holdings:
The Commodity Futures Trading Commission (CFTC) Commitments of Traders report in the week to May 20 showed that the bullion investors have cut their net longs positions by 3971 contracts to 90358 contract, down by 4.2%. Outlook
From a week's point of view, we expect gold prices to trade lower as physical demand across China and other Asian markets remain weak
In addition, the minutes released last week by the Fed stated that it has laid the groundwork for winding up of the QE.
Rising equities on account of strong economic data from the US reinstates confidence in the US economy and exert downside pressure on prices
Meanwhile, speculators have cut their bullish bets on gold indicating that gold waning interest as a safe haven acting as a negative factor
In the Indian markets, gold prices are expected to trade lower as the central bank has taken measure to ease import norms by allowing more banks to import gold. MCX gold price can possibly head towards Rs.26600 Weekly Technical Levels – Trend Sideways
Spot Gold : Support $1275/$1260 Resistance $1310/$1330 .(CMP: $1292.90)
Strategy: Sell MCX Gold June between 27,700 – 27,800, SL- 28,150, Target – 26,800 / 26,700. (CMP: Rs.27317)
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