Kaloti Precious Metals-Morning Market Report-Friday, January 13, 2017

Market Daily & Weekly

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

Fundamentals and News

Gold Set for Best Run of Weekly Gains since Nov. on Weak Dollar

• Gold was little changed and set for a third straight weekly gain, the best run since to Nov. 4, as the dollar sagged and investors boosted holdings

• Bullion for immediate delivery traded at $1,195.01/oz by 7:26am in Singapore, after it topped $1,200/oz Thursday for the first time since Nov. 23: Bloomberg generic pricing

• Bloomberg Dollar Spot Index declined 0.5 percent Thursday, the largest fall in a week

• U.S. President-elect Donald Trump’s news conference this week offered little detail on policy agenda, which “will weigh on the shoulders of the market until there’s more clarity,” Daniel Hynes, senior commodities strategist at ANZ, said by phone.“There’s still a fair degree of uncertainty in the market leading up to Trump’s inauguration.”

• Weaker dollar has “spurred investors back in ETFs, with holdings jumping by the most since the U.S. election,” ANZ said Friday in note to clients

• U.S. Stocks Slip With Dollar as Commodities Rally
• Gold Eclipses $1,200 Level as Rally in Greenback Relents

• Gold bulls are pouncing as the dollar’s rally shows signs of fatigue. The metaltopped $1,200 an ounce on Thursday, considered by traders an important psychological level, as uncertainty over U.S. President-elect Donald Trump’s policies fuels selling in the greenback and boosts demand for bullion as an alternative asset. Bill O’Neill, partner at Logic Advisors, says he expects gold to climb to $1,220 over the next week as the dollar slides.

Data Forthcoming Releases

Courtesy: http://kalotipm.com.sg/kaloti-market-report-13th-january-2017