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Kaloti Precious Metals-Morning Market Report-Wednesday, March 8, 2017
Mar 9,2017 10:46CST
industry news
Biggest Gold ETF Sags Most in Seven Weeks on Fed Rates View

By 

ScrapMonster Author

Biggest Gold ETF Sags Most in Seven Weeks on Fed Rates View

 

 

 

 

 

 

 

 

 

 

 

 

OTC Trading Range For

All Times Are

 

As Per Dubai

 

Date

08/03/2017

 

07/03/2017

 

 

Gold

 

Silver

 

Platinum

Palladium

 

Open At 03.00

 

$1,225.29

 

$17.78

 

$978.66

 

$773.22

 

High Bid

 

$1,227.27

 

$17.80

 

$979.18

 

$777.61

 

Low Offer

 

$1,214.25

 

$17.47

 

$958.75

 

$763.70

 

Close At 02.00

 

$1,215.86

 

$17.49

 

$960.85

 

$772.74

 

Previous Close

 

$1,225.29

 

$17.78

 

$978.53

 

$773.40

 

Daily Change USD

($9.43)

 

($0.29)

 

($17.68)

 

($0.66)

 

Daily Change %

 

-0.78%

 

-1.66%

 

-1.84%

 

-0.09%

 

London Fixings

AM

$1,223.70

 

**

 

 

$988.00

 

$772.00

 

 

PM

$1,216.65

 

$17.70

 

$985.00

 

$771.00

 

COMEX Trading Volume

197168

 

53941

 

24458

 

5062

 

Active Month Settlement

$1,216.10

 

$17.53

 

$961.10

 

$775.00

 

Previous Session

 

$1,225.50

 

$17.77

 

$978.20

 

$773.15

 

Daily Change

 

($9.40)

 

($0.24)

 

($17.10)

 

$1.85

 

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

 

0.84667

 

1.10622

 

1.42100

 

1.80011

 

Gold ATM Vols

 

11.770

 

13.270

 

14.13

 

15.44

 

Silver ATM Vols

 

19.45

 

21.1

 

22.75

 

24.28

 

Platinum ATM Vols

17.400

 

17.100

 

17.360

 

17.540

 

Palladium ATM Vols

27.000

 

25.850

 

25.700

 

25.550

 

Market Daily & Weekly

Market Snap Shot

 

07/03/2017

 

1 Day%

 

1 Week %

 

XAU

 

 

$1,225.86

 

0.05

 

-1.84

 

XAG

 

 

$17.49

 

 

-1.66

 

-4.69

 

XPT

 

 

$960.85

 

 

-1.84

 

-6.60

 

XPD

 

 

$772.74

 

 

-0.09

 

0.23

 

Euro

 

 

1.0566

 

 

-0.15

 

-0.09

 

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

Fundamentals and News

Biggest Gold ETF Sags Most in Seven Weeks on Fed Rates View

Gold futures posted a sixth day of losses, the longest slump since November, as traders wager the U.S. central bank is all but certain to raise interest rates next week. The sentiment is being echoed in exchange-traded funds, with holdings in SPDR Gold Shares, the largest ETF backed by bullion, dropping to the lowest in almost a month. Higher rates curb the appeal of gold, which doesn’t pay interest.

The outflows are consistent with moves in other haven assets as 10-year Treasury yields climb for a seventh straight day. Fed Chair Janet Yellen saidlast week a rate hike would “likely be appropriate” should employment and inflation continue to meet policy makers’ expectations.

Investors have priced in 98 percent odds that the Fed will move this month, kicking off three increases projected for 2017.

“People are getting out because of the rate increase” that’s expected, saidBob Haberkorn, a senior market strategist at RJO Futures in Chicago, in a telephone interview. Rate hikes historically don’t bode well for gold”

The market will wait for the language in the Fed’s statement after policy makers meet to gauge the direction of the metal, he said.

Holdings in SPDR Gold fell 3.8 metric tons on Monday to 836.8 tons, the lowest since Feb. 10, data compiled by Bloomberg show. The fund’s assets slipped 1 percent in the past two sessions, the biggest two-day loss since Jan. 10. The losses come after the ETF in February posted the largest monthly increase since June.

Gold futures for April delivery slipped 0.8 percent to settle at $1,216.10 an ounce at 1:45 p.m. on the Comex in New York.

A gauge of the dollar has risen for seven of the last eight trading days, diminishing demand for bullion as an alternative asset.

“The firmer U.S. dollar and rising U.S. bond yields can be cited as reasons for the continued price correction,” Commerzbank analysts including Carsten Fritsch said in a note to clients.

 

Data Forthcoming Releases

 

 

 

 

 

 

 

 

 

Time

Country

Today's Events

Forecast

Previous

Actual

 

 

4:30pm

GBP

Annual Budget Release

 

 

 

 

 

5:15pm

USD

ADP Non-Farm Employment Change

184K

246K

 

 

 

5:30pm

USD

Revised Nonfarm Productivity q/q

1.5%

1.3%

 

 

 

7:30pm

USD

Crude Oil Inventories

1.1M

1.5M

 

 

 

 

 

 

 

 

 

 

Courtesy: http://kalotipm.com.sg/kaloti-market-report-8-march-2017

Precious Metals

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