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Gold March 17, 2017 01:00:15 AM

Kaloti Precious Metals-Morning Market Report-Friday, March 17, 2017

Carolina Curiel
ScrapMonster Author
Gold Seen Climbing as Yellen Sets Scene for Negative Rates
Kaloti Precious Metals-Morning Market Report-Friday, March 17, 2017

OTC Trading Range For

All Times Are

As Per Dubai

Date

17/03/2017

16/03/2017

 

Gold

Silver

Platinum

Palladium

Open At 03.00

 

$1,219.88

$17.34

$954.00

$763.92

High Bid

 

$1,233.81

$17.56

$972.79

$775.58

Low Offer

 

$1,218.19

$17.24

$952.72

$760.68

Close At 02.00

 

$1,226.61

$17.31

$957.92

$766.80

Previous Close

 

$1,219.88

$17.34

$954.00

$762.89

Daily Change USD

$6.73

($0.03)

$3.92

$3.91

Daily Change %

 

0.55%

-0.17%

0.41%

0.51%

London Fixings

AM

$1,225.60

**

$962.00

$764.00

 

PM

$1,229.35

$17.46

$956.00

$769.00

COMEX Trading Volume

245580

76127

19128

4782

Active Month Settlement

$1,227.10

$17.33

$958.40

$766.65

Previous Session

 

$1,200.70

$16.92

$936.80

$745.45

Daily Change

 

$26.40

$0.41

$21.60

$21.20

EFP's

 

1.4/1.7

4/7

0/2

0/1

Forwards & Options

1 Month

3 months

6 months

12 months

GOFO

 

-

-

-

-

USD LIBOR

 

0.94278

1.14817

1.43822

1.82761

Gold ATM Vols

 

10.655

12.567

13.283

14.775

Silver ATM Vols

 

1913

20.913

21.612

22.958

Platinum ATM Vols

17.000

17.200

17.250

17.500

Palladium ATM Vols

24.250

24.700

24.900

25.100

Market Daily & Weekly

Market Snap Shot

16/03/2017

1 Day%

1 Week %

XAU

 

$1,226.61

0.55

2.07

XAG

 

$17.31

 

-0.17

2.02

XPT

 

$957.92

0.41

2.37

XPD

 

$766.80

0.51

2.46

Euro

 

1.0766

 

0.30

1.76

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

Fundamentals and News

Gold Seen Climbing as Yellen Sets Scene for Negative Rates

Gold will rise after the Federal Reserve pledged to stick to its gradual pace of tightening as negative real interest rates deepen and weigh on the dollar, according to Wayne Gordon, executive director for commodities and forex at UBS Group AG’s wealth management unit.

 

The Fed raised rates by a quarter percentage-point Wednesday, and policy makers penciled in two more quarter-point increases this year and three in 2018, unchanged from projections in December. Chair Janet Yellen said the central bank was willing to tolerate inflation temporarily overshooting its 2 percent goal and intended to keep its policy accommodative for “some time.”

 

UBS’ Gordon Sees Better Gold Prices After Fed Hike

 

“Last night was really setting the scene for the next three-to-six months,” Gordon said in a Bloomberg TV interview. “Yellen was very, very clear” that although she sees risks to the economy as balanced and sounded more optimistic, she’s going to stick to three rate hikes this year and three next year, he said. “That means real interest rates go deeper into negative territory in the U.S., that means a weaker U.S. dollar and it means a better gold price.”

 

Gold is up 7 percent this year as investors bought haven assets amid political risks suchas Donald Trump’s presidency, elections in Europe and the Brexit process. Precious metals are top of Morgan Stanley’s commodity picks. But Societe Generale SA recommends selling on rallies as it sees gold declining amid further tightening by the Fed and limited impact from political events.

 

Spot bullion rose 0.7 percent to $1,227.87 an ounce by 12:15 p.m. in London on Thursday after jumping 1.7 percent a day earlier, the most in six months. UBS sees gold at $1,300 this year, while Societe Generale has forecast an average of $1,125 in the fourth quarter.

 

 

Data Forthcoming Releases

v Data Forthcoming Release

 

 

 

 

 

Time

Country

Today's Events

Forecast

Previous

Actual

 

   Day 1

ALL

G20 Meetings

 

 

 

 

4:30pm

CAD

Manufacturing Sales m/m

 

2.3%

 

 

5:15pm

USD

Capacity Utilization Rate

75.5%

753%

 

 

5:15pm

USD

Industrial Production m/m

0.3%

-0.3%

 

 

6:00pm

USD

Prelim UoM Consumer Sentiment

97.1

96.3

 

 

 

 

 

 

 

 

Courtesy: http://kalotipm.com.sg/kaloti-market-report-17th-march-2017

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