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Gold July 12, 2017 06:30:03 AM

Kaloti Precious Metals-Morning Market Report- Monday, July 10, 2017

Carolina Curiel
ScrapMonster Author
Gold Buyers Fleeing a Month After Their Most Bullish Bet of 2017
Kaloti Precious Metals-Morning Market Report- Monday, July 10, 2017

OTC Trading Range For

All Times Are

As Per Dubai

Date

10/07/2017

07/07/2017

 

Gold

Silver

Platinum

Palladium

Open At 02.00

 

$1,225.23

$16.04

$911.13

$835.63

High Bid

 

$1,228.62

$16.17

$915.63

$842.75

Low Offer

 

$1,207.43

$15.36

$900.79

$829.43

Close At 01.00

 

$1,212.46

$15.61

$907.06

$841.14

Previous Close

 

$1,225.22

$16.04

$911.27

$835.66

Daily Change USD

($12.76)

($0.43)

($4.21)

$5.48

Daily Change %

 

-1.05%

-2.75%

-0.46%

0.65%

London Fixings

AM

$1,220.40

**

$904.00

$837.00

 

PM

$1,215.65

$15.84

$911.00

$834.00

COMEX Trading Volume

322183

156691

16666

3687

Active Month Settlement

$1,209.70

$15.42

$904.10

$831.25

Previous Session

 

$1,223.30

$15.98

$910.30

$834.40

Daily Change

 

($13.60)

($0.56)

($6.20)

($3.15)

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

 

1.22633

1.30522

1.46544

1.75761

Gold ATM Vols

 

10.260

11.080

12.33

13.66

Silver ATM Vols

 

19.38

19.38

20.5

22.03

Platinum ATM Vols

16.000

16.140

16.600

17.100

Palladium ATM Vols

25.470

26.520

26.900

27.000

Market Daily & Weekly

Market Snap Shot

07/07/2017

1 Day%

1 Week %

XAU

$1,212.46

-1.05

-2.41

XAG

$15.61

-2.75

-6.53

XPT

$907.06

-0.46

-2.07

XPD

$841.14

0.65

-0.36

Euro

1.1401

-0.19

-0.22

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

Fundamentals and News

Gold Buyers Fleeing a Month After Their Most Bullish Bet of 2017

A month ago, money managers were the most optimistic on gold this year. Now, they can’t seem to unload bullion fast enough.

Hedge funds’ net-long positions, or the difference between bets on a price increase and wagers on a decline, fell last week by more than half, the biggest reduction since 2015. Exchange-traded products backed by precious metals saw cash outflows over the past month, while most other commodity funds took in more investor money. Total assets in SPDR Gold Shares, the world’s top bullion ETF, fell to the lowest since March last week.

Even with signs of escalating geopolitical tensions -- often a spur for buying gold as a haven -- prices that reached an almost seven-month high in June have now dropped for five straight weeks, the longest slump this year. Investors are exiting in part because the Federal Reserve and other central banks are indicating more interest-rate increases, which can curb the appeal of gold because the metal pays no interest.

“I struggle to make a particularly bullish case on gold,” said Rob Haworth, a senior investment strategist at U.S. Bank Wealth Management, which oversees $145 billion in assets. “We think the Fed is on track and continuing to increase rates, and I think that puts a lid on gold.”

The net-long position in gold futures and options dropped 51 percent to 37,776 futures and options for the week ended July 3, according to the Commodity Futures Trading Commission data released four days later. It was the least-bullish holding since January. As recently as June 6, the holdings were at 174,658, the most since November. Short positions, or bets on price declines, surged 31 percent to the highest since January 2016.

Futures traded on the Comex in New York fell 2.6 percent last week to $1,209.70 an ounce on Friday, marking the longest streak of weekly declines since December. Prices rose 7.9 percent through the first half of this year amid uneven economic growth in the U.S. and geopolitical tensions such as Brexit and the French election. The metal was also aided by speculation that the world’s central banks would remain ready to prop up economic growth.

Data Forthcoming Releases

Time

Country

Today's Events

Forecast

Previous

Actual

11:00 pm

USD

Consumer Credit m/m

12.1B

8.2B

 

Courtesy: http://kalotipm.com.sg/kaloti-market-report-10th-july-2017

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