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Thursday, September 26, 2013

Gold may gleam on wrangling over US borrowing limit
~M.R. SUBRAMANI
CHENNAI, SEPT 26:  Gold prices on the domestic spot and futures
markets are likely to gain on Thursday as US Congressmen wrangle over raising $16.7 trillion limit for government borrowing.

According to US Treasury Secretary Jack Lew, the US will exhaust its borrowing limit on October 17. One of the solutions being contemplated is tampering with the healthcare programme introduced in 2010.

Key US data

Key US data later in the day could be mixed with jobless claims rising and GDP being better than forecast. Pending home sales and Euro Zone M3 money supply are other factors holding the key.

Currency moves could have an impact as a strong rupee against the dollar makes import of gold, crude oil and vegetable oils cheaper.

Spot gold, gold futures

In early Asian trading, spot gold rose to $1,332.68 an ounce and gold futures maturing in December to $1,332.60.

In the domestic market on Wednesday, gold for jewellery (99.5 per cent purity) ended higher at Rs 29,980 and pure gold (99.9 per cent purity) to Rs 30,130. On MCX, gold October contracts could rise above Rs 30,000.

Crude oil

Crude oil prices may head lower after a report from the US showed rise in inventories due to lower demand.

Brent crude contracts maturing in November fell to $108.15 a barrel and West Texas Intermediate crude for the same month to $102.33.

With grain prices rising on supply concerns, the oils and oilseeds complex could trade sideways.

New export orders for US soyabean and mixed harvest reports are bullish factors, while Indian harvest and possibility of higher palm oil inventories are the bearish factors.

Soyabean, crude palm oil

Chicago Board of Trade soyabean contracts maturing in November ruled higher at $13.13 a bushel. On Bursa Malaysia Derivatives Exchange, crude palm oil contracts maturing in December opened lower at 2,280 ringgit or $707 a tonne.

Wheat, corn prizes

Prices of wheat and corn (industrial maize) could head higher as China plans to increase the import to check the rising domestic prices and fears of frost in Argentina are causing concern over crop in the South American nation.

Wheat for delivery in December on CBOT rose to $6.71 a bushel. Corn, gaining in tandem with wheat, was up at $4.53 for contracts maturing in December.