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Kaloti Precious Metals-Morning Market Report-Friday, March 10, 2017
Mar 10,2017 20:26CST
Industry News
Gold Slides Below $1,200 in Longest Losing Run Since October

By 

ScrapMonster Author

Gold Slides Below $1,200 in Longest Losing Run Since October

 

 

 

 

 

 

 

 

 

 

 

 

OTC Trading Range For

All Times Are

 

As Per Dubai

 

Date

10/03/2017

 

09/03/2017

 

 

Gold

 

Silver

 

Platinum

Palladium

 

Open At 03.00

 

$1,208.31

 

$17.23

 

$946.71

 

$771.44

 

High Bid

 

$1,209.09

 

$17.29

 

$952.80

 

$771.92

 

Low Offer

 

$1,199.35

 

$16.93

 

$934.52

 

$747.46

 

Close At 02.00

 

$1,201.24

 

$16.96

 

$935.25

 

$747.92

 

Previous Close

 

$1,208.31

 

$17.23

 

$946.75

 

$770.51

 

Daily Change USD

($7.07)

 

($0.27)

 

($11.50)

 

($22.59)

 

Daily Change %

 

-0.59%

 

-1.59%

 

-1.23%

 

-3.02%

 

London Fixings

AM

$1,204.60

 

**

 

 

$948.00

 

$759.00

 

 

PM

$1,206.55

 

$17.14

 

$944.00

 

$754.00

 

COMEX Trading Volume

227016

 

65979

 

20876

 

7313

 

Active Month Settlement

$1,203.20

 

$17.03

 

$937.20

 

$748.05

 

Previous Session

 

$1,209.40

 

$17.29

 

$949.50

 

$770.40

 

Daily Change

 

($6.20)

 

($0.26)

 

($12.30)

 

($22.35)

 

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

 

0.85778

 

1.109

 

1.42100

 

1.80122

 

Gold ATM Vols

 

11.940

 

13.340

 

14.229

 

15.42

 

Silver ATM Vols

 

20.07

 

21.37

 

22.57

 

23.81

 

Platinum ATM Vols

17.850

 

17.200

 

17.400

 

17.500

 

Palladium ATM Vols

27.000

 

25.750

 

25.500

 

25.500

 

Market Daily & Weekly

Market Snap Shot

 

09/03/2017

 

1 Day%

 

1 Week %

 

XAU

 

 

$1,201.24

 

-0.59

 

-2.75

 

XAG

 

 

$16.96

 

 

-1.59

 

-4.78

 

XPT

 

 

$935.25

 

 

-1.23

 

-5.64

 

XPD

 

 

$747.92

 

 

-3.02

 

-2.59

 

Euro

 

 

1.0577

 

 

0.34

 

0.66

 

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

Fundamentals and News

Gold Slides Below $1,200 in Longest Losing Run Since October

  • Gold dipped below $1,200 an ounce in its longest losing run since October as positive U.S. economic figures reinforce expectations that yields on other investments will rise this year.

 

  • Bullion for immediate delivery fell as much as 0.7 percent to $1,199.35, the lowest since Feb. 1, and settled at $1,201.24, according to Bloomberg generic pricing. The metal slid Thursday for a fourth day as yields on 10-year Treasuries extended gains.

 

  • The precious metal has been hit by Federal Reserve officials including Chair Janet Yellen talking up the prospect of higher rates this month. Better-than-expected U.S. private jobs data this week also boosted the dollar before official payrolls figures on Friday. A stronger dollar makes gold costlier for those with other currencies.

 

  • “If the data continues to be as good as it was, or improves, we could see the Fed move toward further hawkishness," said Brad Yates, head of trading for Elemetal, one of the biggest U.S. gold refiners. “That could hurt gold.”

 

  • After the Fed raised rates once in 2015 and again in 2016, the pace may quicken this year.

 

  • The so-called dot plot illustrating policy makers’ projections suggests three increases this year. While economists see U.S. non-farm payrolls declining, possibly supporting gold, their projections have underestimated employment growth in February for five years in a row.

 

  • In other precious metals:

 

  • Gold and silver futures fell on the Comex, while platinum and palladium slid on the New York Mercantile Exchange.

 

  • The World Platinum Investment Council raised its 2017 platinum supply deficit to 120,000 ounces from 100,000 ounces on a resilient car market. The metal is used in auto-catalysts that help remove pollutants from vehicle exhaust.

 

Data Forthcoming Releases

 

 

 

 

 

 

 

 

 

Time

Country

Today's Events

Forecast

Previous

Actual

 

 

5:30pm

CAD

Employment Change

-4.8k

48.3k

 

 

 

5:30pm

CAD

Unemployment Rate

6.8%

6.8%

 

 

 

5:30pm

USD

Average Hourly Earnings m/m

0.3%

0.1%

 

 

 

5:30pm

USD

Non-Farm Employment Change

200k

227k

 

 

 

5:30pm

USD

Unemployment Rate

4.7%

4.8%

 

 

 

 

 

 

 

 

 

 

Courtesy: http://kalotipm.com.sg/kaloti-market-report-10th-march-2017-2

Gold prices

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