INTERNATIONAL COMMODITY NEWS :
- Crude oil prices rose by 0.64 per cent on Thursday after housing starts in Japan rose unexpectedly in the last quarter signaling improving housing market in the region which raised the demand for the fuel.In a report Ministry of Land Infrastructure and Transport said that Japanese Housing Starts rose to a seasonally adjusted 8.4 per cent from 7.8 percent in the preceding quarter.
- Gold prices gained 0.18 per cent on Thursday after the Bank of Japan surprised markets by keeping monetary policy steady. The BoJ held monetary policy steady quashing speculation that it would ramp up its already extensive easing program. At the MCX Gold futures for June 2016 contract is trading at Rs 29435 per 10 gram up by 0.18 per cent after opening at Rs 29350 against the previous closing price of Rs 29383. It touched the intra-day high of Rs 29480.
- Silver futures rose by 1.20 per cent on Wednesday afternoon market at the Multi Commodity Exchange (MCX) due to firm global trend. At the MCX Silver futures for May 2016 contract is trading at Rs. 40671 per Kg up by 1.20 per cent after opening at Rs. 40350. It touched the intra-day high of Rs. 40899.Mexico is the largest producer of silver whereas major consumers are USA India and Canada.
ECONOMY NEWS :
- Japan’s unemployment rate dropped to 3.2 percent in March from 3.2 percent in prior month, the Ministry of Communications and Internal Affairs said Thursday. The number of unemployed people fell to 2.11 million in March from 2.16 million a month earlier. A year ago, the jobless figure totaled 2.22 million.
- The MNI India Business Sentiment Survey for April showed that business confidence fell for the second consecutive month, albeit marginally, as firms’ financial position deteriorated. The MNI India Business Sentiment Indicator, a gauge of current sentiment among BSE-listed companies, fell to 62.4 in April from 62.7 in March. The decrease in sentiment this month was led by construction and service sector firms while sentiment among manufacturing companies increased.
- South Korea has increased its planned spending for this year, the finance ministry said on Thursday, in its latest bid to jump-start the economy and pre-emptively address risks to growth.At the same time, the country’s central bank will keep monetary policy “flexible” to support economic activity and maintain financial stability, the finance ministry said in a statement.
TRADING STRATEGY :
- BUY GOLD ABOVE 1258.8 TARGET 1263.8 1269.8 SL BELOW 1253.8
- SELL GOLD BELOW 1253.8 TARGET 1248.8 1242.8 SL ABOVE 1258.8