ScrapMonster Author
Gold-Fund Holdings Slide for Fifth Day as Rate Concerns Mount
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OTC Trading Range For |
All Times Are |
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As Per Dubai |
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Date |
18/11/2016 |
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17/11/2016 |
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Gold |
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Silver |
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Platinum |
Palladium |
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Open At 03.00 |
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$12,224.99 |
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$16.97 |
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$945.17 |
$718.40 |
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High Bid |
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$1,231.52 |
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$17.09 |
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$651.20 |
$735.42 |
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Low Offer |
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$1,211.13 |
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$16.58 |
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$933.00 |
$713.00 |
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Close At 02.00 |
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$1,216.42 |
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$16.67 |
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$933.85 |
$727.95 |
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Previous Close |
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$1,224.99 |
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$16.97 |
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$945.08 |
$718.97 |
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Daily Change USD |
($8.57) |
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($0.30) |
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($11.23) |
$8.98 |
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Daily Change % |
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-0.70% |
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-1.80% |
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-1.20% |
1.23% |
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London Fixings |
AM |
$1,232.00 |
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** |
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$942.00 |
$717.00 |
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PM |
$1,226.75 |
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$17.04 |
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$935.00 |
$718.00 |
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COMEX Trading Volume |
$225,576.00 |
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$69,696.00 |
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$11,926.00 |
$6,250.00 |
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Active Month Settlement |
$1,216.90 |
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$16.77 |
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$945.10 |
$729.65 |
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Previous Session |
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$1,223.90 |
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$16.92 |
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$946.50 |
$718.80 |
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Daily Change |
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($7.00) |
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($0.15) |
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($1.40) |
$10.85 |
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EFP's |
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0.8/1.1 |
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0/3 |
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0/2 |
0/1 |
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Forwards & Options |
1 Month |
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3 months |
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6 months |
12 months |
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GOFO |
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- |
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- |
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- |
- |
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USD LIBOR |
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0.55456 |
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0.90872 |
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1.27544 |
1.61178 |
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Gold ATM Vols |
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14.450 |
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14.330 |
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15.318 |
16.17 |
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Silver ATM Vols |
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25.872 |
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24.882 |
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25.818 |
26.23 |
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Platinum ATM Vols |
18.500 |
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17.600 |
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17.800 |
17.700 |
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Palladium ATM Vols |
28.000 |
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25.450 |
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25.850 |
25.700 |
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Market Daily & Weekly
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Market Snap Shot |
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17/11/2016 |
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1 Day% |
1 Week % |
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XAU |
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$1,216.42 |
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-0.70 |
-3.52 |
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XAG |
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$16.67 |
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-1.80 |
-11.64 |
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XPT |
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$933.85 |
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-1.20 |
-4.44 |
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XPD |
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$727.95 |
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1.23 |
5.29 |
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Euro |
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1.0626 |
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-0.61 |
-2.51 |
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Note: Indications only, open and closing prices are bids; Data source: Bloomberg; Times as per Dubai
Fundamentals and News
Gold-Fund Holdings Slide for Fifth Day as Rate Concerns Mount
Investors continued their exit from exchange-traded funds backed by gold as assets fell for a fifth day, the longest stretch this year.
Fund holdings dropped 3.6 metric tons to 1,949.1 tons, the lowest since July, according to data compiled by Bloomberg as of Wednesday.
Investors including George Soros have pulled out of gold funds as the outlook for higher U.S. interest rates dents the metal’s appeal as a store of value.Donald Trump’s platform of fiscal stimulus and tax cuts bolsters the case for tighter monetary policy. Federal Reserve Chair Janet Yellen signaled Thursday that the central bank is close to lifting rates as the economy continues to strengthen.
The prospect for rising rates has “taken a little steam out of the market” in gold, Bill O’Neill, a partner at Logic Advisors in Upper Saddle River, New Jersey, said in a telephone interview. “We have had some high profile exits from the market. It’s an influence on everybody. Gold is dealing with a bit of liquidation from the ETFs.”
Gold futures for December delivery slipped 0.6 percent to settle at $1,216.90 at 1:48 p.m. on the Comex in New York, after swinging from a gain of 0.6 percent. Trading has calmed since last week’s thrashing after the U.S. election, which sent prices down 6.2 percent, the most since 2013. Prices are down 0.6 percent this week.
“The market is taking a breath after the turmoil of the past week -- turmoil that was rather more favorable to risk assets,” said Jonathan Butler, a precious metals strategist at Mitsubishi Corp. in London.
Traders see a rate increase as a near certainty when the Federal Open Market Committee meets next month, according to Fed funds futures. Higher rates make gold less competitive against interest-bearing assets.
A rate hike “could well become appropriate relatively soon if incoming data provide some further evidence of continued progress toward the committee’s objectives,” Yellen said in the text of testimony she delivered Thursday in Washington before Congress’s Joint Economic Committee.
Silver futures also declined on the Comex. Platinum slid on the New York Mercantile Exchange, while palladium gained
Data Forthcoming Releases
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Time |
Country |
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Today's Events |
Forecast |
Previous |
Actual |
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12:30pm |
EUR |
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ECB President Draghi Speaks |
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5:30pm |
CAD |
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Core CPI m/m |
0.3% |
0.2% |
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5:30pm |
CAD |
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CPI m/m |
0.2% |
0.1% |
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6:30pm |
USD |
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FOMC Member Dudley Speaks |
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6:30pm |
USD |
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FOMC Member George Speaks |
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Courtesy: http://kalotipm.com.sg/kaloti-market-report-18th-november-2016
For queries, please contact Michael Jiang at michaeljiang@smm.cn
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