The University of Texas Investment Management Company said it has sold $375-million worth gold bars.
Gold futures will likely be range-bound on Thursday, caught between
rising interest to buy coins and bars and investors urge to shift to
equities from exchange-traded funds. Spot prices could open higher.
Even as the US has reported huge buying of gold coins, Russia and Turkey said they have added to their gold holdings.
But the dampener came from the SPDR gold trust, world’s biggest, that
gold holdings dropped to 1,092.98 tonnes on Wednesday. And the
University of Texas Investment Management Company said it has sold
$375-million worth gold bars. It has, however, invested the gains in
gold futures and equities.
In early Asian trade at Singapore, spot gold recovered to $1,433.30, while gold futures that mature in June quoted at $1,434.25.
In the domestic market on Wednesday, gold for jewellery (99.5% purity)
closed at Rs 26,570 and pure gold (99.9% purity) at Rs 26,710 for 10 gm.
Gold futures may try hitting Rs 27,000 for 10 gm at the open.
Crude oil could gain as US diesel stocks have dropped and demand in the world’s biggest consuming nation is rising.
In early trade, Brent crude oil June contracts rose to $101.96 a barrel and West Texas Intermediate (NYMEX) to $91.60.
The oils and oilseeds complex could increasingly come under pressure
from the bears as soyabean dropped on Chicago Board of Trade (CBOT)
overnight. This was on hopes that the wet weather in key Mid-west and
plains in the US could encourage more growers to plan soyabean,
switching over from corn (industrial maize) or wheat.
On CBOT, soyabean July contracts fell to $13.52 a bushel, while crude
palm oil for delivery in July on the Bursa Malaysia Derivatives Exchange
was up a tad on Wednesday close to 2,290 ringgit ($751) a tonne.
A US report showing increased demand for ethanol could propel corn
higher but wheat could remain subdued. With corn prices almost touching
$6 a bushel on CBOT, there is renewed interest for the grains use for
fuel.
On CBOT, wheat July contracts dropped to $6.91 a bushel and corn contracts for the same month rose to $6.19 a bushel.
Keywords: Gold, global commodity market, gold coins and bars, gold purchase, Crude Oil, Brent crude oil, oils and oilseeds, soyabean, corn (industrial maize), wheat
BY SHIV KUMAR
PGDM 2 nd sem
BY SHIV KUMAR
PGDM 2 nd sem
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