Sabse Tez For Stocks & Forex
- Thread starter madhur31
- Start date
MUMBAI - India's demand for gold turned moderate on Wednesday after good sales the previous day as prices rebounded from two-month lows, helped by bargain hunting, dealers said.
"Demand is good, but it is cautious buying," said Amit Mittal, senior trader at MD Overseas Ltd, a large New Delhi-based importer of bullion.
Overseas gold recouped its losses from the previous day rising by 0.77 percent, yet looked vulnerable owing to a stronger dollar and rising equity markets.
The metal was down from its all-time high of $1,030.80 an ounce struck on March 17 as investors dumped commodities and shifted to equities with credit worries easing.
"Demand was good yesterday... it can rise more if prices fall more," said Vijaybhai Kawedia of Kawedia Jewellers in Pune.
Much of India's busy season that started in mid-January has been dampened by rocketing prices, but April and May could help cover up the short fall if prices soften, dealers said.
Weddings and the summer harvest usually keep demand for gold strong till the end of May.
Following was the price of .995 gold in the spot market in rupees per 10 grams.
"Demand is good, but it is cautious buying," said Amit Mittal, senior trader at MD Overseas Ltd, a large New Delhi-based importer of bullion.
Overseas gold recouped its losses from the previous day rising by 0.77 percent, yet looked vulnerable owing to a stronger dollar and rising equity markets.
The metal was down from its all-time high of $1,030.80 an ounce struck on March 17 as investors dumped commodities and shifted to equities with credit worries easing.
"Demand was good yesterday... it can rise more if prices fall more," said Vijaybhai Kawedia of Kawedia Jewellers in Pune.
Much of India's busy season that started in mid-January has been dampened by rocketing prices, but April and May could help cover up the short fall if prices soften, dealers said.
Weddings and the summer harvest usually keep demand for gold strong till the end of May.
Following was the price of .995 gold in the spot market in rupees per 10 grams.
Satyam Computer, institute tie up for new engineering plastic
2 Apr, 2008, 1413 hrs IST, INDIATIMES NEWS NETWORK
MUMBAI: Satyam Computer Services has signed a MoU with Central Institute of Plastics Engineering & Technology, Hyderabad, for developing new engineering plastic materials through an industry-institute collaborative approach.
The collaboration is part of Satyam's strategic initiative of developing a global innovative ecosystem of alliances to provide total engineering solutions to its global customers.
The proposed alliance is aimed at synergizing the product design and development expertise of Satyam Engineering Solutions and application research of the institute to develop innovative materials for new products being developed for customers worldwide.
This relationship will establish both as a provider of applied research services to meet the needs of the global customers thereby successfully establishing an Industry-Institute partnership.
Engineering plastic materials are used widely in various industries and they have evolved many innovative products and have become an integral part of our lives. In a typical industry, constantly shrinking product development lifecycles and the desire to bring new products to the market faster are the key factors contributing towards higher demand for new plastic products with better characteristics for application and manufacturability
At 1:26 pm, Satyam Computer shares were closed up 2.67 per cent at Rs 408 on BSE.
2 Apr, 2008, 1413 hrs IST, INDIATIMES NEWS NETWORK
MUMBAI: Satyam Computer Services has signed a MoU with Central Institute of Plastics Engineering & Technology, Hyderabad, for developing new engineering plastic materials through an industry-institute collaborative approach.
The collaboration is part of Satyam's strategic initiative of developing a global innovative ecosystem of alliances to provide total engineering solutions to its global customers.
The proposed alliance is aimed at synergizing the product design and development expertise of Satyam Engineering Solutions and application research of the institute to develop innovative materials for new products being developed for customers worldwide.
This relationship will establish both as a provider of applied research services to meet the needs of the global customers thereby successfully establishing an Industry-Institute partnership.
Engineering plastic materials are used widely in various industries and they have evolved many innovative products and have become an integral part of our lives. In a typical industry, constantly shrinking product development lifecycles and the desire to bring new products to the market faster are the key factors contributing towards higher demand for new plastic products with better characteristics for application and manufacturability
At 1:26 pm, Satyam Computer shares were closed up 2.67 per cent at Rs 408 on BSE.
Gold futures rise, underpinned by soft dollar
Last update: 4:22 p.m. May 8, 2008
NEW YORK -- Gold futures closed with strong gains Thursday, as weakness in the U.S. dollar underpinned demand for the precious metal.
Gold for June delivery rose $10.90 to end at $882.10 an ounce on the New York Mercantile Exchange.
"I am seeing the dollar catch a new wave of selling, which continues to push gold higher," said Zachary Oxman, a senior trader at Wisdom Financial.
"I also think we can't discount the strong moves in crude and their staying power so far," Oxman said.
On Wednesday, gold closed $6.50 lower at $871.20 an ounce, after climbing nearly $27 over the previous three trading sessions.
"The dollar seems set to provide much of the day's trading direction, while the start of Akshaya Tritiya celebration in India should see physical buying and provide background support," said James Moore, analyst at TheBullionDesk.com.
From a technical viewpoint, gold appears capped by a downtrend-line resistance around $879.50, which is preventing the metal from making a move to regain the $900-an-ounce level, Moore said in a research note.
The dollar was modestly lower Thursday, losing ground to the euro and the pound after both the European Central Bank and the Bank of England both decided to hold policy steady. ECB President Jean-Claude Trichet cited inflation risks in his statement, further bolstering the common currency. See Currencies.
The dollar index, which measures the greenback against a basket of six major currencies, fell 0.2% to 73.37.
Dollar weakness typically benefits dollar-denominated commodities, such as gold and crude oil, because it makes them cheaper for holders of other currencies.
Crude futures climbed past $124 a barrel in electronic trading late Thursday afternoon, recovering from earlier weakness as traders continued to fret over global supplies. June crude was last up 76 cents at $124.45 a barrel in electronic trading after reaching a high of $124.57. The contract closed out the regular trading session at $123.69, up 16 cents for the day. See Futures Movers.
Also on the Nymex, July silver rose 17 cents to end at $16.87 an ounce and July platinum rallied $73.30 to end at $2,042.30 an ounce. June palladium futures rose $10.15 to finish at $435.90 an ounce.
July copper futures fell 4 cents to end at $3.79 a pound.
Last update: 4:22 p.m. May 8, 2008
NEW YORK -- Gold futures closed with strong gains Thursday, as weakness in the U.S. dollar underpinned demand for the precious metal.
Gold for June delivery rose $10.90 to end at $882.10 an ounce on the New York Mercantile Exchange.
"I am seeing the dollar catch a new wave of selling, which continues to push gold higher," said Zachary Oxman, a senior trader at Wisdom Financial.
"I also think we can't discount the strong moves in crude and their staying power so far," Oxman said.
On Wednesday, gold closed $6.50 lower at $871.20 an ounce, after climbing nearly $27 over the previous three trading sessions.
"The dollar seems set to provide much of the day's trading direction, while the start of Akshaya Tritiya celebration in India should see physical buying and provide background support," said James Moore, analyst at TheBullionDesk.com.
From a technical viewpoint, gold appears capped by a downtrend-line resistance around $879.50, which is preventing the metal from making a move to regain the $900-an-ounce level, Moore said in a research note.
The dollar was modestly lower Thursday, losing ground to the euro and the pound after both the European Central Bank and the Bank of England both decided to hold policy steady. ECB President Jean-Claude Trichet cited inflation risks in his statement, further bolstering the common currency. See Currencies.
The dollar index, which measures the greenback against a basket of six major currencies, fell 0.2% to 73.37.
Dollar weakness typically benefits dollar-denominated commodities, such as gold and crude oil, because it makes them cheaper for holders of other currencies.
Crude futures climbed past $124 a barrel in electronic trading late Thursday afternoon, recovering from earlier weakness as traders continued to fret over global supplies. June crude was last up 76 cents at $124.45 a barrel in electronic trading after reaching a high of $124.57. The contract closed out the regular trading session at $123.69, up 16 cents for the day. See Futures Movers.
Also on the Nymex, July silver rose 17 cents to end at $16.87 an ounce and July platinum rallied $73.30 to end at $2,042.30 an ounce. June palladium futures rose $10.15 to finish at $435.90 an ounce.
July copper futures fell 4 cents to end at $3.79 a pound.
Gold mining rights being awarded to private firmPublished: Saturday, 10 May, 2008, 02:08 AM Doha Time
KABUL: The Afghan ministry of mines will hand over the rights to mine for gold in the northern province of Takhar to a private Afghan company, an official said yesterday.
Local media quoted Ibrahim Adil, Afghan minister for mines, as saying, “An Afghan private company won the bidding last year and it would invest around $40mn for extraction of gold located in the northern Takhar province.”
According to the minister for mines, the project by the unnamed mining company will create job opportunities for more than 4,000 people in the region.
“Scale and level of gold is not specified so far but according to the contract, 50% of the income from the gold extraction will be given to the Afghan government,” Ibrahim Adil told local media.
The Afghan government signed a contract for extraction of copper with a Chinese company called Metallurgical Group Corp (MGC) in November last year.
MGC will invest $2.8bn to extract copper from the Ainak mine.
The Ainak copper mine, located 30km south-east of Kabul in Logar province, has over 12mn tonnes of copper, making it one of the biggest copper mines in the world.
According to the Afghan ministry of mines, the Ainak copper mine has been leased for 30 years to the Chinese company, which will pay $400mn annually in tax to the Afghan government.
KABUL: The Afghan ministry of mines will hand over the rights to mine for gold in the northern province of Takhar to a private Afghan company, an official said yesterday.
Local media quoted Ibrahim Adil, Afghan minister for mines, as saying, “An Afghan private company won the bidding last year and it would invest around $40mn for extraction of gold located in the northern Takhar province.”
According to the minister for mines, the project by the unnamed mining company will create job opportunities for more than 4,000 people in the region.
“Scale and level of gold is not specified so far but according to the contract, 50% of the income from the gold extraction will be given to the Afghan government,” Ibrahim Adil told local media.
The Afghan government signed a contract for extraction of copper with a Chinese company called Metallurgical Group Corp (MGC) in November last year.
MGC will invest $2.8bn to extract copper from the Ainak mine.
The Ainak copper mine, located 30km south-east of Kabul in Logar province, has over 12mn tonnes of copper, making it one of the biggest copper mines in the world.
According to the Afghan ministry of mines, the Ainak copper mine has been leased for 30 years to the Chinese company, which will pay $400mn annually in tax to the Afghan government.
World Food Riots Portend Trouble for the US Dollar
By Christopher G Galakoutis
May 8 2008 11:45AM
On a trip to Canada recently I couldn’t help but notice the extensive media coverage paid to the worldwide food price inflation, as well as the riots breaking out in many countries over food shortages.
And of course the list of reasons given by the so-called ‘economists’ interviewed are completely devoid of the one all important reason fueling what may arguably become an epic food price inflation: the declining value of the US dollar.
Many countries around the world peg their currency to the dollar, either through what are called soft or hard pegs.
As I have written on numerous occasions, these countries are paying the price for their ‘loyalty’ by importing the inflation the US is creating. In order to support the US currency and keep theirs from appreciating, countries must create more of their own and sell it in the open market to buy dollars. This increased supply of their own currency fuels the inflationary conditions in their own countries.
Akin to a destructive typhoon that has hit shore in some and about to in others, the inflation monster wasn’t an issue so long as it was gestating and churning over open water after developing and departing US shores.
But as it starts to hit the many nations foolish enough to have invited the storm, the question that arises is how will the affected countries respond?
In my opinion, as this food crisis grows and civil unrest intensifies worldwide, all nations impacted by it will finally be forced to stand up and walk off this particular field of dreams.
For if it is one thing and one thing alone that all politicians understand it is power, and remaining in power. And in most places that means votes.
The question for the longest time has been ‘when,’ as in when will countries begin to un-peg from the dollar. That’s already happened in some places, but I believe is about to pick up pace as prices of not only food but also all basic necessities spiral out of control. The un-pegging will cause those foreign currencies to strengthen, bringing down domestic prices virtually overnight.
Authorities here in the US have, up until now, been able to ‘fool’ the people into believing there was no inflation, by working to bring down the cost of their big screen TV’s and other imported consumer electronics. By doing so, the rising costs of life’s necessities have been camouflaged, as it were, since the average consumer was left par for the course after all was said and done.
But in a slowing economy and home equity cash-out’s a thing of the past, the now frugal consumer is hurting, having to carry and service large debt while also feeling the full force of the price increases for everything from food, energy, health care and all other necessities that can not be outsourced on the cheap.
As this inflation spread it can therefore mean only one thing: countries will let go of their currency pegs sooner rather than later.
This will come as a complete and total shock to those currently calling for a massive dollar rally and corresponding collapse of gold and commodities prices.
It is why we have been picking up more of our favorite gold, silver and energy stocks this past week. Some of these stocks are trading it ridiculously low prices, a few approaching their cash on hand. It is these stocks that will have the most explosive moves to the upside in the months ahead.
The MurkyMarkets.com website by Christopher G Galakoutis is a running macroeconomic commentary on the state of the financial markets with emphasis on gold, silver, the currency markets and energy. Visitors to our new site are always welcome.
By Christopher G Galakoutis
May 8 2008 11:45AM
On a trip to Canada recently I couldn’t help but notice the extensive media coverage paid to the worldwide food price inflation, as well as the riots breaking out in many countries over food shortages.
And of course the list of reasons given by the so-called ‘economists’ interviewed are completely devoid of the one all important reason fueling what may arguably become an epic food price inflation: the declining value of the US dollar.
Many countries around the world peg their currency to the dollar, either through what are called soft or hard pegs.
As I have written on numerous occasions, these countries are paying the price for their ‘loyalty’ by importing the inflation the US is creating. In order to support the US currency and keep theirs from appreciating, countries must create more of their own and sell it in the open market to buy dollars. This increased supply of their own currency fuels the inflationary conditions in their own countries.
Akin to a destructive typhoon that has hit shore in some and about to in others, the inflation monster wasn’t an issue so long as it was gestating and churning over open water after developing and departing US shores.
But as it starts to hit the many nations foolish enough to have invited the storm, the question that arises is how will the affected countries respond?
In my opinion, as this food crisis grows and civil unrest intensifies worldwide, all nations impacted by it will finally be forced to stand up and walk off this particular field of dreams.
For if it is one thing and one thing alone that all politicians understand it is power, and remaining in power. And in most places that means votes.
The question for the longest time has been ‘when,’ as in when will countries begin to un-peg from the dollar. That’s already happened in some places, but I believe is about to pick up pace as prices of not only food but also all basic necessities spiral out of control. The un-pegging will cause those foreign currencies to strengthen, bringing down domestic prices virtually overnight.
Authorities here in the US have, up until now, been able to ‘fool’ the people into believing there was no inflation, by working to bring down the cost of their big screen TV’s and other imported consumer electronics. By doing so, the rising costs of life’s necessities have been camouflaged, as it were, since the average consumer was left par for the course after all was said and done.
But in a slowing economy and home equity cash-out’s a thing of the past, the now frugal consumer is hurting, having to carry and service large debt while also feeling the full force of the price increases for everything from food, energy, health care and all other necessities that can not be outsourced on the cheap.
As this inflation spread it can therefore mean only one thing: countries will let go of their currency pegs sooner rather than later.
This will come as a complete and total shock to those currently calling for a massive dollar rally and corresponding collapse of gold and commodities prices.
It is why we have been picking up more of our favorite gold, silver and energy stocks this past week. Some of these stocks are trading it ridiculously low prices, a few approaching their cash on hand. It is these stocks that will have the most explosive moves to the upside in the months ahead.
The MurkyMarkets.com website by Christopher G Galakoutis is a running macroeconomic commentary on the state of the financial markets with emphasis on gold, silver, the currency markets and energy. Visitors to our new site are always welcome.
Gold, silver end down on MCX
10 May 2008 3:06 pm
Mumbai - Gold and silver futures on the Multi Commodity Exchange (MCX) closed slightly down following bearish trend on the exchange during last intraday session of the week Saturday. The precious metals failed to get support from slight overnight gains in the US gold futures. While MCX June gold dropped Rs 22/10gm, MCX July silver closed down Rs 71/kg.
In the US, gold futures gained slightly Friday as oil rose and the dollar sank. Record-high crude prices stoked inflationary concerns, which supported gold along with the falling dollar, said Bart Melek, global commodity strategist with BMO Capital Markets. June gold rose USD3.70 to USD885.80 an ounce on the Comex division of the New York Mercantile Exchange. Comex July silver rose 4 cents to USD16.91 an ounce.
Benchmark MCX June gold closed down Rs 22 at Rs 11,890/10gm. The contract had opened down Rs 22 at Rs 11,890/10gm, before witnessing movement between Rs 11,877 and Rs 11,912/10gm.
Benchmark MCX July silver traded down Rs 71 at Rs 22,900/kg. The contract had opened up Rs seven at Rs 22,978/kg, before fluctuating in the range of Rs 22,824 and Rs 23,005/kg.
10 May 2008 3:06 pm
Mumbai - Gold and silver futures on the Multi Commodity Exchange (MCX) closed slightly down following bearish trend on the exchange during last intraday session of the week Saturday. The precious metals failed to get support from slight overnight gains in the US gold futures. While MCX June gold dropped Rs 22/10gm, MCX July silver closed down Rs 71/kg.
In the US, gold futures gained slightly Friday as oil rose and the dollar sank. Record-high crude prices stoked inflationary concerns, which supported gold along with the falling dollar, said Bart Melek, global commodity strategist with BMO Capital Markets. June gold rose USD3.70 to USD885.80 an ounce on the Comex division of the New York Mercantile Exchange. Comex July silver rose 4 cents to USD16.91 an ounce.
Benchmark MCX June gold closed down Rs 22 at Rs 11,890/10gm. The contract had opened down Rs 22 at Rs 11,890/10gm, before witnessing movement between Rs 11,877 and Rs 11,912/10gm.
Benchmark MCX July silver traded down Rs 71 at Rs 22,900/kg. The contract had opened up Rs seven at Rs 22,978/kg, before fluctuating in the range of Rs 22,824 and Rs 23,005/kg.
| Thread starter | Similar threads | Forum | Replies | Date |
|---|---|---|---|---|
| H | sabse bada rupaiyaa!! | Introductions | 0 |