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Silver September 23, 2016 01:00:27 AM

Kaloti Precious Metals-Morning Market Report-Wednesday, September 21, 2016

Carolina Curiel
ScrapMonster Author
Fed’s Inaction Revives Gold Bulls, Propels Metals and Miners

Kaloti Precious Metals-Morning Market Report-Wednesday, September 21, 2016

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

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