Kaloti Precious Metals-Morning Market Report-Friday, February 17, 2017
Gold Bulls More Confident in Price Rally, Narrowing Price Swings.
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OTC Trading Range For | All Times Are |
| As Per Dubai |
| Date | 17/02/2017 |
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16/02/2017 |
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| Gold |
| Silver |
| Platinum | Palladium |
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Open At 03.00 |
| $1,233.70 |
| $17.98 |
| $1,011.45 |
| $788.96 |
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High Bid |
| $1,242.46 |
| $18.14 |
| $1,018.59 |
| $795.65 |
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Low Offer |
| $1,232.21 |
| $17.94 |
| $1,008.95 |
| $786.75 |
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Close At 02.00 |
| $1,239.04 |
| $18.09 |
| $1,012.76 |
| $792.78 |
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Previous Close |
| $1,233.70 |
| $17.98 |
| $1,011.35 |
| $789.35 |
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Daily Change USD | $5.34 |
| $0.11 |
| $1.41 |
| $3.43 |
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Daily Change % |
| 0.43% |
| 0.61% |
| 0.14% |
| 0.43% |
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London Fixings | AM | $1,236.75 |
| ** |
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| $1,012.00 |
| $790.00 |
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| PM | $1,240.55 |
| $18.10 |
| $1,013.00 |
| $791.00 |
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COMEX Trading Volume | 194429 |
| 70661 |
| 11574 |
| 3589 |
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Active Month Settlement | $1,241.60 |
| $18.07 |
| $1,015.70 |
| $793.30 |
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Previous Session |
| $1,233.10 |
| $17.96 |
| $1,009.90 |
| $786.20 |
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Daily Change |
| $8.50 |
| $0.11 |
| $5.80 |
| $7.10 |
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EFP's |
| 1.4/1.7 |
| 4/7 |
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| 0/2 |
| 0/1 |
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Forwards & Options | 1 Month |
| 3 months |
| 6 months | 12 months |
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GOFO |
| - |
| - |
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| - |
| - |
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USD LIBOR |
| 0.77222 |
| 1.04178 |
| 1.34406 |
| 1.72400 |
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Gold ATM Vols |
| 12.540 |
| 14.188 |
| 15.105 |
| 16.235 |
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Silver ATM Vols |
| 21.56 |
| 22.93 |
| 24.287 |
| 25.673 |
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Platinum ATM Vols | 18.500 |
| 18.350 |
| 18.450 |
| 18.400 |
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Palladium ATM Vols | 29.000 |
| 27.400 |
| 26.650 |
| 26.250 |
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Market Daily & Weekly
Market Snap Shot |
| 16/02/2017 |
| 1 Day% |
| 1 Week % |
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XAU |
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| $1,239.04 |
| 0.43 |
| 0.86 |
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XAG |
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| $18.09 |
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| 0.61 |
| 2.49 |
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XPT |
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| $1,012.76 |
| 0.14 |
| -0.17 |
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XPD |
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| $792.78 |
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| 0.43 |
| 2.94 |
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Euro |
|
| 1.0674 |
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| 0.68 |
| 0.18 |
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Note: Indications only, open and closing prices are bids; Data source: Bloomberg; Times as per Dubai
Fundamentals and News
Gold Bulls More Confident in Price Rally, Narrowing Price Swings
- By one measure, gold bulls seem to be gaining more confidence in the price rebound from the metal’s worst quarterly performance in more than three years.
- The 30-day historical volatility, which measures price swings in gold futures, fell to the lowest since September, as the metal gained more than 7 percent this year. Holdings in SPDR Gold Shares, the largest exchange-traded fund backed by bullion, have steadily risen to the highest in two months. Gold has rallied even with global equities at record highs.
- Investors are looking past expectations for monetary tightening by the Federal Reserve amid speculation that inflation will rise faster than interest rates, said George Gero at RBC Wealth Management. On Wednesday, U.S. Labor Department figures showed consumer prices increased in January by the most since February 2013. In Germany, the euro-area’s biggest economy, inflation rose last month to the highest rate since mid-2013.
- “Ignoring headwinds is a bullish sign,” Gero, a New York-based managing director at RBC, said in a telephone interview. “People are starting to see inflation in the economic figures. On top of everything else, there’s a whole lot of political questions coming up in the euro zone,” with elections set in the Netherlands, France and Germany, he said.
- Gold futures for April delivery gained 0.7 percent to settle at $1,241.60 an ounce at 1:36 p.m. on the Comex in New York, taking this year’s rally for most-active contracts to 7.8 percent.
- Bullion has traditionally been used as a hedge against inflation. Prices of the metal have risen in the past two days even after Fed Chair Janet Yellen said more interest rates increases will be appropriate if the U.S. economy meets the central bank’s outlook for gradually rising inflation and tightening labor markets.
Data Forthcoming Releases
Time |
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| Country | Today's Events | Forecast | Previous | Actual |
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| 1:30pm | GBP | Retail Sales m/m | 1.0% | -1.9% |
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| 5:30 | CAD | Foreign Securities Purchases | 11.59B | 7.24B |
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Courtesy: http://kalotipm.com.sg/kaloti-market-report-17th-february-2017
Scrap Metal Prices
Copper Scrap | ||
Alternator | 0.32 | $US/Lb |
#1 Copper Bare Bright | 3.75 | $US/Lb |
Aluminum Scrap | ||
356 Aluminum Wheels (Clean) | 0.73 | $US/Lb |
6061 Extrusions | 0.64 | $US/Lb |
Steel Scrap | ||
#1 Bundle | 460.00 | $US/MT |
#1 Busheling | 480.00 | $US/MT |
Electronics Scrap |