Metals News
Precious Metals Daily Market Watch Sept 04, 2015 - Emkay Commotrade
industry news
12:14PM
Sep 6,2015
Source:SMM

By  Paul Ploumis 04 Sep 

Macro Headlines

• ECB will consider expanding monetary stimulus programme by keeping interest rate decision unchanged at 0.05%, cut inflation forecast, euro fall

• US weekly jobless claims rise 12K to 282K last week while trade deficit reduced 7.4% in July to $41.9 billion

• ISM reports, US manufactures grow at slowest pace in two years at 59 from 60.3 in July

• US monthly jobs report due tonight may shed light on timing of first rate hike from Federal Reserve

Precious Metals: Gold futures fell to the lowest levels of the session on Thursday, as the euro sank against the dollar after European Central Bank President Mario Draghi said the central bank will use all instruments available if needed to stimulate the economy and boost inflation. US jobless data remained supportive for bullions last night but ECB Draghi simulative steps supported. Gold trading cautious ahead of US monthly jobs report and China market closure showing weakness. Gold on the New York Mercantile Exchange dropped $11.10, or 0.98%, to trade at $1,122.50 a troy ounce. We expect US NFP data just like last 12 years will post negative number on which Fed time span of rate hikes will be delayed. Buying in gold on lower side with stop loss of 26300 can be done today ahead of U Unemployment report.

Courtesy : Emkay Commotrade


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