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Silver September 28, 2016 01:00:34 AM

Kaloti Precious Metals-Morning Market Report-Wednesday, September 28, 2016

Anil Mathews
ScrapMonster Author
Gold prices may drop further but still good to own in time.

Kaloti Precious Metals-Morning Market Report-Wednesday, September 28, 2016

 

 

 

 

 

 

 

 

 

 

 

OTC Trading Range For

All Times Are

 

As Per Dubai

 

Date

28/09/2016

27/09/2016

 

 

Gold

 

Silver

 

Platinum

Palladium

Open At 02.00

 

$1,337.95

 

$19.44

 

$1,039.95

 

$694.18

High Bid

 

$1,339.68

 

$19.45

 

$1,047.91

 

$702.60

Low Offer

 

$1325.50

 

$18.98

 

$1,021.42

 

$691.01

Close At 01.15

 

$1,327.32

 

$19.14

 

$1,026.35

 

$700.20

Previous Close

 

$1,337.95

 

$19.44

 

$1,039.95

 

$694.18

Daily Change USD

($10.63)

 

($0.30)

 

($13.60)

 

$6.02

Daily Change %

 

-0.80%

 

-1.57%

 

-1.33%

 

0.86%

London Fixings

AM

$1,335.85

 

**

 

$1,040.00

 

$694.00

 

PM

$1,327.00

 

$19.42

 

$1,033.00

 

$691.00

COMEX Trading Volume

$176,980.00

 

$65,155.00

 

$20,428.00

 

$4,271.00

Active Month Settlement

$1,330.40

 

$19.17

 

$1,029.30

 

$701.05

Previous Session

 

$1,344.10

 

$19.60

 

$1,042.90

 

$696.15

Daily Change

 

($13.70)

 

($0.44)

 

($13.60)

 

$4.90

EFP's

 

3.7/4.0

 

6/8

 

1/3

 

0/1

Forwards & Options

1 Month

 

3 months

 

6 months

12 months

GOFO

 

-

 

-

 

 

-

 

-

USD LIBOR

 

0.52444

 

0.85294

 

1.24444

 

1.55522

Gold ATM Vols

 

12.620

 

14.568

 

15.325

 

16.333

Silver ATM Vols

 

22.99

 

24.533

 

25.627

 

27.18

Platinum ATM Vols

18.100

 

18.450

 

17.650

 

17.650

Palladium ATM Vols

27.550

 

28.000

 

26.450

 

26.600

 

Market Daily & Weekly

v Market Daily & Weekly:

 

 

 

 

 

 

 

 

 

Market Snap Shot

 

27/09/2016

 

1 Day%

 

1 Week %

XAU

 

 

$1,327.32

 

-0.80

 

0.94

XAG

 

 

$19.14

 

 

-1.57

 

-3.66

XPT

 

 

$1,026.35

 

-1.33

 

-0.35

XPD

 

 

$700.20

 

 

0.86

 

2.40

Euro

 

 

1.1215

 

 

-0.35

 

0.57

Note: Indications only, open and closing prices are bids; Data source: Bloomberg; Times as per Dubai

Fundamentals and News

Gold prices may drop further but still good to own in time

 

  • Gold lost the most in more than a month as a surge in U.S. consumer confidence and gains in the dollar damped demand for the metal as a store of value.

 

  • China, the world’s biggest gold consumer, cut bullion imports from Hong Kong in August to the lowest level since January amid rising property prices and an improving economy.

 

  • China’s Shandong Gold Mining Co. has emerged as the lead bidder for Glencore Plc’s gold mine in Kazakhstan, which may fetch about $2 billion in a sale, according to people familiar with the matter.

 

  • Gold holdings in the SPDR Gold Trust, the biggest exchange-traded fund backed by bullion, decreased 2.08 metric tons to 949.14 metric tons as of Sept. 27, according to figures on the company’s website.

 

  • Gold futures for December delivery were unchanged at to $1,330.40 an ounce on the Comex division of the New York Mercantile Exchange

 

  • Silver has soared this year because of a multitude of factors like the Federal Reserve foreign buyers and more. But can it continue?

 

  • Commodities like gold and silver have surged this year, thanks to geopolitical uncertainty like "Brexit," the Federal Reserve's reluctance to raise its main interest rate and foreign buyers. But with the price of silver up nearly 40% year-to-date, investors are wondering whether it can continue. Experts say it may have more room to run, particularly as global interest rates continue to stay negative.

 

  • Gold prices may drop further but it's still good to own in times of political unrest in the market Goldman Sachs' Head of Commodities Research Jeff Currie said on CNBC.

 

Data Forthcoming Releases

Time*

Country

Today's Events

Forecast

Previous

Actual

4:30pm

USD

Core Durable Goods Orders m/m

-0.005

4.8%

0.013

6:00pm

USD

Fed Chair Yellen Testifies

0

0

0

6:30pm

EUR

ECB President Draghi Speaks

0

0

0

Courtesy: http://kalotipm.com.sg/kaloti-market-report-28th-september-2016

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