Silver
September 26, 2016 01:00:28 AM Kaloti Precious Metals-Morning Market Report-Friday, September 23, 2016
Fed’s Inaction Revives Gold Bulls, Propels Metals and Miners.
OTC Trading Range For | All Times Are | As Per Dubai | Date | 23/09/2016 |
22/09/2016 | | Gold | Silver | Platinum | Palladium |
Open At 02.00 | | $1,335.17 | $19.84 | $1,051.41 | $684.70 |
High Bid | | $1,343.72 | $20.06 | $1,065.45 | $701.43 |
Low Offer | | $1,331.33 | $19.70 | $1,044.28 | $683.33 |
Close At 01.15 | | $1,337.07 | $19.87 | $1,054.84 | $693.34 |
Previous Close | | $1,335.17 | $19.84 | $1,051.45 | $684.93 |
Daily Change USD | $1.90 | $0.03 | $3.39 | $8.41 |
Daily Change % | | 0.14% | 0.15% | 0.32% | 1.21% |
London Fixings | AM | $1,332.45 | ** | $1,046.00 | $686.00 |
| PM | $1,339.10 | $19.88 | $1,059.00 | $697.00 |
COMEX Trading Volume | $153,541.00 | $69,891.00 | $16,233.00 | $3,996.00 |
Active Month Settlement | $1,344.70 | $20.09 | $1,062.80 | $700.45 |
Previous Session | | $1,331.40 | $19.76 | $1,047.90 | $683.90 |
Daily Change | | $13.30 | $0.33 | $14.90 | $16.55 |
EFP's | | 3.8/4.0 | 2.5/3.5 | 2/3 | 0/1 |
Forwards & Options | 1 Month | 3 months | 6 months | 12 months |
GOFO | | - | - | - | - |
USD LIBOR | | 0.54633 | 0.67722 | 1.25878 | 1.57078 |
Gold ATM Vols | | 12.767 | 14.618 | 15.405 | 16.385 |
Silver ATM Vols | | 23.522 | 25.057 | 25.725 | 27.31 |
Platinum ATM Vols | 18.350 | 18.150 | 17.100 | 17.400 |
Palladium ATM Vols | 27.500 | 27.900 | 26.400 | 26.600 |
Market Daily & Weekly
Market Snap Shot | 22/09/2016 | 1 Day% | 1 Week % |
XAU | $1,337.07 | 0.14 | 1.67 |
XAG | $19.87 | 0.15 | 4.48 |
XPT | $1,054.84 | 0.32 | 2.16 |
XPD | $693.34 | 1.21 | 5.31 |
Euro | 1.1208 | 0.17 | -0.32 |
Note: Indications only, open and closing prices are bids; Data source: Bloomberg; Times as per Dubai
Fundamentals and News
Fed’s Inaction Revives Gold Bulls, Propels Metals and Miners
- The Federal Reserve’s inaction has again revived gold bulls, and industrial metals and miners are getting a ride as well.
- Gold rose to the highest in two weeks after policy makers kept U.S. interest rates unchanged for a sixth straight meeting and cut their outlook for rate increases next year. The dollar slipped for a third time this week, making metals cheaper for holders of other currencies. Mining shares advanced.
- Low rates and efforts by central banks to bolster economic stimulus are driving demand for gold as a store of value. Bullion is headed for a third quarterly gain, the longest rally since 2011, when prices surged to a record. While traders are placing odds of a Fed move in December at 60 percent, up from 12 percent in early July, such a move is already “baked into the gold price,”Mariann Montagne, an analyst at Gradient Investments, said Wednesday.
- “Markets took the Fed rate decision as though it was unexpected, telling us that there was considerable nervousness about the possibility of a surprise going into the move,” Edward Meir, an analyst at INTL FCStone in New York, said in a note.
- Gold futures for December delivery advanced 1 percent to settle at $1,344.70 an ounce at 1:50 p.m. on the Comex in New York, after reaching $1,347.80, the highest since Sept. 8. Prices are up 1.8 percent this quarter.
- The Fed on Wednesday opted to wait for more evidence of progress toward its goals. The central bank’s so-called “dot plot,” which it uses to signal its outlook for the path of interest rates, showed that officials expected one quarter-point rate increase this year. Policy makers see two rate hikes next year, down from their June median projection of three.
- Copper futures for December delivery climbed 1.8 percent to $2.1945 a pound on the Comex, after reaching $2.201, the highest since Aug. 12.
- In London, the FTSE 350 Mining Index climbed to the highest in 14 months, as Glencore Plc and BHP Billiton Plc soared. A gauge of 14 gold producers tracked by Bloomberg Intelligence headed for the biggest two-day gain in two months.
- Holdings in gold-backed exchange-traded funds increased by 5.4 metric tons to 2,023.7 tons on Wednesday, data compiled by Bloomberg show.
- Silver futures climbed on the Comex, while platinum and palladium futures advanced on the New York Mercantile Exchange.
- All the six main industrial metals traded on the London Metal Exchange gained
Data Forthcoming Releases
| | | | | |
Time* | Country | Today's Events | Forecast | Previous | Actual |
11:30am | EUR | German Flash Manufacturing PMI | 53.2 | 53.6 | |
11:30am | EUR | German Flash Services PMI | 52.2 | 51.7 | |
4:30pm | CAD | Core CPI m/m | 0.2% | 0.0% | |
4:30pm | CAD | Core Retail Sales m/m | 0.5% | -0.8% | |
Courtesy: http://kalotipm.com.sg/kaloti-market-report-23rd-september-2016