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Tuesday, March 18, 2014

Bullion counter may extend its upside momentum amid ongoing tensions between Russia and Ukraine, which resulted in safe haven buying.

Escalating tension in Ukraine will remain in focus for the bullion investors in the near term. Global ETF demand along with strong Chinese demand is also lifting the prices. Gold advanced 14% this year on demand for a safe haven as turmoil in Ukraine hurt emerging market assets already weakened by cuts to U.S. stimulus, while growth slowed in China, the largest consumer. Recently, President Barack Obama and Chancellor Angela Merkel have warned the ballot has no international legitimacy. Gold may move in the range of 30000-31200 in MCX while white metal silver can hover in the range of 45500-49500. 

The gold/silver ratio has moved up from 60 to 64.5 which showed that gold outperformed Silver recently. This ratio can hover in the range of 62-66 in the near term. Holdings in the SPDR Gold Trust increased to 813.3 metric tonnes yesterday the most since Dec. 20. 

The yellow metal rebounded this year, even as the U.S. Federal Reserve, which next meets March 18-19, announced reductions of bond buying in each of its past two meetings. Last year, COMEX gold slumped by 28 percent, the most since 1981, amid a U.S. equity rally to a record, muted inflation and speculation that the Federal Reserve would taper monetary stimulus. Meanwhile, physical buying, particularly out of Asia, has been subdued at best for the past few weeks.