Gold Off Recent Highs, Physical Demand Supports

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MCX Gold futures for February are trading with moderate gains in the early moves following the cues from the global markets. The COMEX Gold futures edged up towards its highest level in around a week following the continued bargain hunting amid strong physical demand. The metal quotes at $1257.50, up 60 cents per ounce right now. MCX Gold futures for February are trading at Rs 28800, up Rs 85 per 10 grams on the day.

A private report yesterday showed weaker-than-forecast private sector jobs growth in the US; keeping a lid on equities. However, the economic activity in the vast US services sector picked up in January, with companies reporting better business conditions and adding jobs, the Institute for Supply Management said on Wednesday. The ISM’s purchasing managers index for the non-manufacturing sector advanced to 54.0 in January, a full point higher than December’s 53.0 reading, and rebounding from two consecutive declines.

The US dollar also gave up some of its recent gains and supported the gold prices. The greenback had hit a two month high against the Euro last week as the Federal Reserve said it will trim monthly bond buying by $10 billion after deciding in December to reduce purchases by the same amount as the economy improved, helping to end gold’s 12-year bull run.

India has cut the tariff values for Gold and silver. The tariff value for gold has been cut by 0.73% to $404 per 10 grams while the value for silver has been cut by more than 4% to $635 per kg. The reduction in silver tariff value has been striking over last few weeks. The country has cut the value for silver by a whopping 14% in last three months.

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