Kaloti Precious Metals-Morning Market Report-Thursday, February 9, 2017

Market Daily & Weekly

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

Fundamentals and News

Gold Nears Three-Month High as Buyers Flock Back to Top ETF

-Gold climbed to the highest in almost three months as investors purchased metal through the biggest exchange-traded fund for a fifth day, the longest buying spree since June.

-Holdings in the SPDR Gold Shares ETF rose 8.3 metric tons to 827 tons as of Tuesday,the highest since Dec. 20, data compiled by Bloomberg show. Assets have rebounded from a 10-month low set in late January, helping gold prices extend their first annual gain since 2012 as investors question the implications of President Donald Trump’s international and domestic policies. A Bloomberg Intelligence index of 16 gold producers rose for a fifth straight day in the longest stretch of gains since August.

-Bullion has climbed 8 percent this year as a weaker dollar combined with investor concerns over Trump’s presidency. Gold’s rally this week took it above its 100-day moving average, a sign to some traders and analysts who study chart patterns that prices may rise further.

-Traders are “seeking some safety in gold,” Jeffrey Nichols, a senior economic adviser to Rosland Capital, said in a telephone interview. “Initially the market thought Trump would be a big plus in terms of corporate profitability with a reduction in regulations and a more positive attitude toward big business. Now some are starting to change their minds.”

-Bullion for immediate delivery rose 0.4 percent to $1,239.24 an ounce at 2:25 p.m. in New York, according to Bloomberg generic pricing. The metal has gained in seven of the past nine days.

-“The momentum is behind gold at the moment,” Bernard Sin, head of precious metals trading at refiner MKS (Switzerland) SA, said by phone from Geneva. “The trend from a technical perspective is healthy and there is a lot of demand globally.”

-Spot silver gained 0.4 percent to $17.7859 an ounce.

-Platinum rose 1.1 percent to $1,016.20 an ounce.

-Palladium was up 0.8 percent at $770.14 an ounce.

Data Forthcoming Releases

Courtesy: http://kalotipm.com.sg/kaloti-market-report-9th-february-2017