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Silver September 20, 2016 01:00:25 AM

Kaloti Precious Metals-Morning Market Report-Tuesday, September 20, 2016

Anil Mathews
ScrapMonster Author
Gold Advances as Traders Pare Bearish Bets Before Fed Meeting

Kaloti Precious Metals-Morning Market Report-Tuesday, September 20, 2016

 

OTC Trading Range For

All Times Are

As Per Dubai

Date

20/09/2016

19/09/2016

 

Gold

Silver

Platinum

Palladium

Open At 02.00

 

$1,311.23

$18.78

$1,016.00

$673.00

High Bid

 

$1,318.56

$19.31

$1,030.80

$694.03

Low Offer

 

$1,309.56

$18.78

$1,016.00

$670.00

Close At 01.15

 

$1,313.19

$19.16

$1,020.95

$685.57

Previous Close

 

$1,310.35

$18.78

$1,016.24

$673.50

Daily Change USD

$2.84

$0.38

$4.71

$12.07

Daily Change %

 

0.22%

1.98%

0.46%

1.76%

London Fixings

AM

$1,315.05

**

$1,027.00

$678.00

 

PM

$1,314.85

$19.12

$1,021.00

$681.00

COMEX Trading Volume

$111,289.00

$47,938.00

$12,078.00

$4,784.00

Active Month Settlement

$1,317.80

$19.29

$1,023.70

$686.25

Previous Session

 

$1,310.20

$18.86

$1,017.60

$672.40

Daily Change

 

$7.60

$0.43

$6.10

$13.85

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

 

0.53178

0.85711

1.24733

1.54489

Gold ATM Vols

 

14.210

15.253

15.755

16.535

Silver ATM Vols

 

24.14

25.43

25.708

26.81

Platinum ATM Vols

18.450

18.200

17.400

17.550

Palladium ATM Vols

27.990

28.247

26.700

26.550

Market Daily & Weekly

Market Snap Shot

19/09/2016

1 Day%

1 Week %

XAU

$1,313.19

0.22

-1.11

XAG

$19.16

1.98

0.26

XPT

$1,020.95

0.46

-3.41

XPD

$685.57

1.76

3.14

Euro

1.1175

0.18

-0.54

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

Fundamentals and News

Gold Advances as Traders Pare Bearish Bets Before Fed Meeting

  • Gold had the biggest gain in almost two weeks as traders pulled back bets on further declines before meetings of the U.S. Federal Reserve and Bank of Japan this week.

 

  • Investors who have been betting on price declines are accumulating protection ahead of the Fed’s meeting Tuesday and Wednesday, where a decision to hold rates steady would give gold a boost, said George Gero at RBC Wealth Management. Odds of a move this week are at 18 percent, Fed fund futures show. The probability rises above 50 percent by December.

 

  • Investors and traders “are short-covering just in case,” Gero, a managing director at RBC, said in a telephone interview from New York. “People are buying protection in the options. The Fed not moving is probably going to help gold at this time.”

 

  • The rally that sent gold futures to the best first half in almost four decades has faltered after Fed officials signaled the economy may soon be strong enough to withstand tighter monetary policy. Low rates are a boon to non-interest-bearing precious metals.

 

  • Gold futures for December delivery gained 0.6 percent to settle at $1,317.80 an ounce at 1:38 p.m. on the Comex in New York, marking the biggest gain since Sept. 6. An aggregate future trading was 38 percent below the 100-day average for this time. On Friday, prices settled at $1,310.20, the lowest since June 23.

 

  • A decline in the dollar on Monday boosted demand for gold as an alternative asset. The two most-actively traded bullion options on Monday were calls giving holders the right to buy the metal at higher prices.

 

  • While they’re accumulating options, investors are still not piling into futures, concerned that a surprise move this week will trigger a sell-off. Open interestin gold futures fell for a seventh straight session on Friday, the worst streak since May. Even money managers are backing away, paring their net-longpositions by the most in more than three months.

 

  • “Right now, the asset allocators are still bypassing gold because the stock market seems to be of more interest to them,” Gero said.

 

  • Silver futures gained on the Comex in New York, while platinum and palladium futures advanced on the New York Mercantile Exchange.

 

Data Forthcoming Releases

Time*

Country

Today's Events

Forecast

Previous

Actual

4:30pm

USD

Building Permits

1.17M

1.14M

 

4:30pm

USD

Housing Starts

1.19M

1.21M

 

Tentative

NZD

GDT Price Index

 

7.7%

 

8:50pm

CAD

BOC Gov Poloz Speaks

 

 

 

Courtesy: http://kalotipm.com.sg/kaloti-market-report-20th-september-2016

 

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