Bullion Insight Report - Sep 07, 2015 : Karvy Commodities

By  Paul Ploumis 07 Sep 2015  Last updated at 04:06:47 GMT

Gold futures slumped to the lowest level in more than two weeks on Friday, as traders continued to mull the timing of a Federal Reserve rate hike following the release of solid U.S. nonfarm payrolls data.

Gold: Daily Technical Recommendations

REVIEW:

 • Gold futures slumped to the lowest level in more than two weeks on Friday, as traders continued to mull the timing of a Federal Reserve rate hike following the release of solid U.S. nonfarm payrolls data.

• Gold prices retreated the Non Farm Payrolls data where the number of new job added were 1, 73,000 lower than the expectations of 2, 12,000

• The jobless rate fell to 5.1 percent in August, the lowest since April 2008, a government report showed Friday

• Gold for December delivery on the Comex dropped $3.10, or 0.28%, to end Friday's session at $1,121.40 a troy ounce after falling to an intraday low of $1,115.70. U.S. markets are closed on Monday for the Labor Day holiday

OUTLOOK: Gold prices are trading on a slightly negative note this morning with lower volumes as the US markets remain closed for the day. The nonfarm payrolls decreased to 1, 73,000 from the expected number of 2, 12,000 but the unemployment rate fell to 5.1 % which was better than expectations, while the hourly earnings per hour marked an uptick by.30%. The latest comments from the Richmond Fed chairman that the economy does not need zero interest rates any more, has fueled the chances of a rate hike as early as this month, putting pressure on bullion.

Gold Price in Different Currency 

Silver: Technical Recommendations

REVIEW:

• Silver on the Comex, for September delivery declined 15.8 cents, or 1.07%, on Friday to settle at $14.54 a troy ounce by close of trade. On the week, silver futures inched up 3.4 cents, or 0.06%.

• At MCX the prices closed almost flat at 35388 down .03 %.

OUTLOOK: Silver prices are likely to face selling pressure in today’s trade after the China's National Bureau of Statistics said that it has revised down the 2014 GDP growth rate to 7.3% from the previously announced 7.4%. Chinese markets have opened on Monday after a long weekend.

Silver Price in Different Currency

Courtesy :Karvy Commodities