Home / Metal News / Kaloti Precious Metals-Morning Market Report-Thursday, February 2, 2017

Kaloti Precious Metals-Morning Market Report-Thursday, February 2, 2017

iconFeb 3, 2017 10:20
Gold Pares Drop as Fed Keeps to View for Gradual Rates Increases.

By 

ScrapMonster Author

Gold Pares Drop as Fed Keeps to View for Gradual Rates Increases.

 

 

 

 

 

 

 

OTC Trading Range For

All Times Are

As Per Dubai

Date

02/02/2017

01/02/2017

 

Gold

Silver

Platinum

Palladium

Open At 03.00

 

$1,210.72

$17.55

$994.81

$754.60

High Bid

 

$1,213.32

$17.63

$1,000.98

$766.62

Low Offer

 

$1,198.24

$17.36

$992.66

$753.98

Close At 02.00

 

$1,209.84

$17.54

$998.95

$763.64

Previous Close

 

$1,210.72

$17.55

$995.00

$754.37

Daily Change USD

($0.88)

($0.01)

$3.95

$9.27

Daily Change %

 

-0.07%

-0.06%

0.40%

1.21%

London Fixings

AM

$1,210.00

**

$996.00

$764.00

 

PM

$1,203.65

$17.60

$994.00

$759.00

COMEX Trading Volume

212051

64916

11722

3965

Active Month Settlement

$1,208.30

$17.45

$999.80

$762.90

Previous Session

 

$1,211.40

$17.54

$996.50

$754.30

Daily Change

 

($3.10)

($0.09)

$3.30

$8.60

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

 

0.77944

1.03456

1.34739

1.71344

Gold ATM Vols

 

12.680

13.660

14.64

15.85

Silver ATM Vols

 

21.01

22.61

24.16

25.67

Platinum ATM Vols

19.800

19.400

19.000

18.800

Palladium ATM Vols

30.700

29.000

27.400

26.800

Market Daily & Weekly

Market Snap Shot

01/02/2017

1 Day%

1 Week %

XAU

$1,209.84

-0.07

0.76

XAG

$17.54

-0.06

3.14

XPT

$998.95

0.40

1.85

XPD

$763.64

1.21

4.26

Euro

1.0769

-0.27

0.20

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

Fundamentals and News

Gold Pares Drop as Fed Keeps to View for Gradual Rates Increases

 

 

  • Spot gold pared declines after the Federal Reserve left interest rates unchanged and repeated that it anticipates rates will rise gradually.

 

  • In a statement on Wednesday following a two-day meeting, the Federal Open Market Committee provided little direction on when it might next raise borrowing costs, as officials grapple with the uncertainty created by a new presidential administration.

 

  • “Overall, the market seems relieved that there was nothing threatening in terms of the pace of hikes or shrinking the balance sheet,” Tai Wong, director of commodity products trading at BMO Capital Markets in New York, said in an e-mail.

 

  • Gold capped the biggest monthly gain since June on Tuesday as concerns over the economic impact of President Donald Trump’s policies spurred speculation that the Fed would be more cautious in tightening monetary policy. Traders see a 76 percent chance of a rate increase by July, according to Fed fund futures.

 

  • Bullion for immediate delivery fell 0.1 percent to $1,209.50 an ounce at 2:55 p.m. New York time. The metal slid as much as 1 percent earlier.

 

  • Federal Reserve officials left interest rates unchanged whileacknowledging rising confidence among consumers and businesses followingDonald Trump’s election victory.

 

  • “Measures of consumer and business sentiment have improved of late,” the Federal OpenMarket Committee said in its statement Wednesday following a two-day meeting in Washington. Policy makers reiterated their expectations for moderate economic growth, “some further strengthening” in the labor market and a return to 2 percent inflation.

 

  • The Fed provided little direction on when it might next raise borrowing costs, as officials grapple with the uncertainty created by a new presidential administration. Policy makers in December penciled three rate hikes into their 2017 forecasts, but committee members differ over assumptions regarding the extent to which tax cuts, spending and regulatory rollbacks proposed by Trump and Republicans might boost growth and inflation.

 

 

Data Forthcoming Releases

Time

Country

Today's Events

Forecast

Previous

Actual

4:00pm

GBP

Official Bank Rate

0.25%

0.25%

 

4:15pm

EUR

ECB President Draghi Speaks

 

 

 

5:30pm

USD

Unemployment Claims

251K

259K

 

Courtesy: http://kalotipm.com.sg/kaloti-market-report-2nd-february-2017

Gold prices

For queries, please contact Michael Jiang at michaeljiang@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news

SMM Events & Webinars

All