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Kaloti Precious Metals-Morning Market Report-Tuesday, December 06, 2016

iconDec 6, 2016 17:26
Gold Closes Near 10-Month Low as Investors Look Past Italy Vote.

By 

 

 

 

 

 

 

 

OTC Trading Range For

All Times Are

As Per Dubai

Date

06/12/2016

05/12/2016

 

Gold

Silver

Platinum

Palladium

Open At 03.00

 

$1,181.19

$16.89

$936.52

$739.07

High Bid

 

$1,188.18

$16.99

$941.55

$752.25

Low Offer

 

$1,157.26

$16.49

$924.80

$726.85

Close At 02.00

 

$1,170.38

$16.75

$937.50

$746.30

Previous Close

 

$1,177.43

$16.74

$929.24

$744.13

Daily Change USD

($7.05)

$0.01

$8.26

$2.17

Daily Change %

 

-0.60%

0.08%

0.88%

0.29%

London Fixings

AM

$1,164.90

**

$925.00

$729.00

 

PM

$1,162.20

$16.62

$930.00

$732.00

COMEX Trading Volume

$213,388.00

$53,418.00

$14,183.00

$5,124.00

Active Month Settlement

$1,176.50

$16.90

$942.00

$746.05

Previous Session

 

$1,177.80

$16.83

$932.70

$745.50

Daily Change

 

($1.30)

$0.07

$9.30

$0.55

EFP's

 

1.8/2.0

4/7

0/2

0/1

Forwards & Options

1 Month

3 months

6 months

12 months

GOFO

 

-

-

-

-

USD LIBOR

 

0.64667

0.94639

1.29156

1.64456

Gold ATM Vols

 

14.920

15.772

16.475

16.75

Silver ATM Vols

 

23.455

24.43

25.165

25.788

Platinum ATM Vols

22.250

21.000

19.500

18.800

Palladium ATM Vols

30.253

29.000

27.750

27.250

Market Daily & Weekly

Market Snap Shot

05/12/2016

1 Day%

1 Week %

XAU

$1,170.38

-0.60

-2.02

XAG

$16.75

0.08

0.86

XPT

$937.50

0.88

1.39

XPD

$746.30

0.29

-1.49

Euro

1.0764

0.93

1.39

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

Fundamentals and News

Gold Closes Near 10-Month Low as Investors Look Past Italy Vote

  • Gold futures closed near the lowest price in 10 months as investors shrugged off political turmoil in Italy to boost equities and other riskier assets.

 

  • The S&P 500 advanced after Italy’s vote against constitutional reform, which prompted the country’s prime minister to resign. While the referendum has raised concerns over Italy’s future in the euro region, the nation’s political and legal system means the “no” vote is unlikely to trigger a quick exit, sapping demand for safety.

 

  • Gold has been whipsawed this year following unexpected political votes in major economies. It jumped after Britain’s vote to quit the European Union in June, then tumbled as Donald Trump’s presidential victory boosted bets that the Federal Reserve will raise interest rates this month. The metal slid the most in more than three years in November amid signs of improving U.S. economic growth.“There’s a lesser need for safe havens such as bonds and precious metals,”David Meger, director of metals trading at High Ridge Futures in Chicago, said in a telephone interview. Precious metals “continue to be in this near-term downtrend.”

 

  • Gold futures for February delivery slipped 0.1 percent to settle at $1,176.50 an ounce on the Comex in New York. The metal posted its fourth loss in five sessions. It dropped 7.8 percent in November.

 

  • The prospect of higher U.S. rates has curbed the appeal of bullion because it doesn’t pay any yield. Investors sold metal from exchange-traded funds for a 16th day on Friday, the longest run since March 2015. Holdings dropped 2.2 metric tons to 1,859.3 tons, the lowest since June, data compiled by Bloomberg show.

 

“Gold remains under pressure from liquidation of longs in futures and ETFs,”Ole Hansen, head of commodity strategy at Saxo Bank A/S in Hellerup, Denmark, said by e-mail.

 

Money managers and other speculators are the least bullish on prices since February. They cut their net-long position on gold futures and options by 15 percent in the week to Nov. 29, U.S. government data show.

 

  • Gold will strengthen as the U.S. Federal Reserve fails to increase interest rates enough to keep

up with inflation, according to the London-based manager of the Old Mutual Gold & Silver Fund.

 

Data Forthcoming Releases

Time

Country

Today's Events

Forecast

Previous

Actual

5:30pm

USD

Trade Balance (Oct)

$ -42b

$ -36.4b

 

7:00pm

USD

Factory Orders (Oct)

2.60%

0.30%

 

7:00pm

USD

Durable Goods Orders

3.40%

4.80%

 

 

 

 

 

* Dubai Time

 

Courtesy: http://kalotipm.com.sg/kaloti-market-report-6th-december-2016

Gold prices

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