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Showing posts with label Best Commodity Tips. Show all posts
Showing posts with label Best Commodity Tips. Show all posts

Saturday, 23 September 2017

Gold edged up from the previous day's four-week low on Friday as the dollar fell and investors sought a safe haven from geopolitical uncertainty caused by rising tensions between North Korea and the United States.Bullion is often used as a refuge in times of political or economic turbulence, while assets considered risky such as stocks are dumped.

North Korea said on Friday it might test a hydrogen bomb in the Pacific Ocean after Trump threatened to destroy the country, with leader Kim Jong Un promising to make a "mentally deranged" Trump pay dearly for his threats. Japanese yen and Swiss franc gained on the possibility of North Korea conducting another nuclear test. U.S. stocks and the greenback were down. MKTS/GLOB USD/

Spot gold XAU= was up 0.36 percent at $1,295.71 per ounce by 2:29 p.m. EDT (1829 GMT), having hit a four-week low of $1,287.61 on Thursday. Prices hovered near support at the 50-day moving average.Even with the day's gains, spot gold was poised to finish the week down 1.5 percent, the largest such decline since early July.

"Gold disappointed today with just a perfunctory bounce as yields and the dollar receded from highs, but largely neglected North Korean threats of a hydrogen bomb test over the Pacific Ocean,"

"With the speculative market quite long and bullion trading just above key technical support levels fresh buyers were scant."The Fed earlier this week signalled it was still on track to raise interest rates by year-end. Tighter monetary policy raises the opportunity cost of holding non-yielding bullion. The dollar had risen to a two-month peak following the Fed's comments.U.S. gold futures for December delivery GCcv1 settled up $2.70, or 0.21 percent, at $1,297.50 per ounce.

Gold may end its current weak bounce around a resistance at $1,299 per ounce and then fall towards support at $1,281, said Reuters technicals analyst Wang Tao. gold it will continue to be back and forth, one day it's about Fed tightening and balance sheet reduction and the next it's about the geopolitical uncertainty that creates this tug of war,"

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Thursday, 21 September 2017

Best Commodity Tips
Gold Gains In Asia On NKorea Remarks On Nuclear Testing

Gold prices rose in Asia on Friday as investors they digested an alarming report that North Korea could test a nuclear weapon over the Pacific Ocean with other attention onfixed on a policy speech on Brexit later in the day.North Korean Foreign Minister Ri Yong Ho said on Friday he believes the North could consider a hydrogen bomb test on the Pacific Ocean of an unprecedented scale, South Korea's Yonhap news agency reported.

Ri was speaking to reporters in New York when he was asked what North Korean leader Kim Jong Un had meant when he threatened in an earlier statement the "highest level of hard-line countermeasure in history" against the United States. North Korea could consider a hydrogen bomb test, Ri said, although he did not know Kim's exact thoughts, Yonhap reported. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose 0.36% to $1,299.48 a troy ounce.

Overnight, gold prices fell sharply on Thursday as traders continued to unwind their bullish bets on the precious metal in the wake of the Federal Reserve’s policy statement which sparked expectations of a year-end rate hike.

Gold prices slid to a more than four-week low as a somewhat hawkish Federal Reserve said Wednesday it would start to unwind its massive portfolio of bonds in October and signalled that a year-end rate hike remained appropriate.The "dot plot," part of the FOMC's Summary of Economic Projections, indicated that the central bank saw rates rising to between 1.25% and 1.5% by the end of the 2017. With rates steady at 1-1.25%, that points to one further rate hike this year. According to investing.com’s fed rate monitor more than 70% of traders expect the Federal Reserve to hike rates in December.Gold is sensitive to moves higher in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.

Meanwhile, rising geopolitical tensions did little to stem losses in gold after U.S. President Donald Trump ordered a fresh round of sanctions to curb North Korea’s nuclear missile program.

"Today I'm announcing a new executive order, just signed, that significantly expands our authority to target individual companies, financial institutions, that finance and facilitate trade with North Korea," Trump told reporters ahead of a luncheon meeting with the leaders of Japan and South Korea.

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Wednesday, 20 September 2017

Best Commodity Tips
Crude Oil Prices Mixed As Market Looks To U.S. Rig Count

Crude oil prices were narrowly mixed in Asia with weekly rig count figures in the U.S. later in the day likely providing short-term direction on supply.On the New York Mercantile Exchange crude futures for November delivery rose 0.02% to $50.70 a barrel, while on London's Intercontinental Exchange, Brent eased 0.07% to $56.15 a barrel.

Overnight, oil prices settled higher on Wednesday, as bearish data showing U.S. supplies of crude oil rose more than expected was overshadowed by growing expectations that Opec will decide to extend its agreement to cut oil output.

A report from the Energy Information Administration (EIA) showing crude stockpiles rose more than expected last week briefly pared earlier gains amid growing investor optimism on a possible extension to the Opec-led agreement to cut oil output.

Inventories of U.S. crude rose by roughly 4.6m barrels in the week ended Sept. 15, confounding expectations of a rise of about only 3.4m barrels. It was the third weekly build in crude stockpiles.

Gasoline inventories, one of the products that crude is refined into, fell by roughly 2.13m barrels, missing expectations of a draw of 2.14m barrels while distillate stockpiles fell by 5.7m barrels, topping expectations of a decline of 1.6m barrels.

The third-weekly build in US crude stockpiles comes after heavy flooding due to storm Harvey knocked out nearly quarter of the U.S. refining capacity in August, pressuring demand for crude oil, the primary input at refineries.

The bullish start to the week for crude prices follows comments from Iraqi oil minister Jabar al-Luaibi, in which he said that Iraq and other OPEC members are considering options to its production-cut agreement, including an extension beyond March and a deeper output cut.
In May, Opec and non-Opec members agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.8 million bpd agreed in November last year.

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Best Commodity Tips
Gold Gains In Asia Ahead Of Fed Policy Views

Gold prices gained in Asia on Wednesday with the Fed policy review expected to follow a well-telegraphed script on interest rates and reducing the balance sheet, though some investors are looking for language that suggests a shift to a more dovish outlook.

Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose 0.44% to $1,316.41 a troy ounce.Overnight, gold prices were flat on Tuesday as President Donald Trump’s threat that America would “totally destroy” North Korea if forced to defend itself or its allies did little to raise safe-haven demand as investors focused on the two-day Federal Open Market Committee which concludes on Wednesday.

President Trump’s latest threat to North Korea failed to garner much attention as investor focus remained on the two-day Federal Open Market Committee meeting that will conclude Wednesday with a statement on monetary policy.As well as announce plans to unwind its $4.5 trillion balance sheet, the U.S. central bank is expected to provide market participants with an insight into its thinking on additional rate hikes and the progress of the U.S. economy.“The Fed is going to make sure that the process would stay as smooth as possible and this would likely push them to hold their gradual approach in hiking the interest rates,” said Naeem Aslam, chief market analyst with ThinkMarkets.

“The odds of a December rate hike are standing at 40%, but a hawkish tone by the Fed could strengthen the dollar index,”

Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.

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Tuesday, 19 September 2017

Best Commodity Tips
Gold Dips In Asia As Investors Grow Cautious Ahead Of Fed Views

Gold prices dipped in Asia as markets grow cautious ahead of Wednesday's Fed policy statements with the details on the pace of unwinding its balance sheet awaited.

Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose 0.14% to $1,312.70 a troy ounce.

Overnight, gold prices fell on Monday as fading tensions on the Korean Peninsula suppressed safe-haven demand while a sharp uptick in the dollar curbed sentiment on the precious metal ahead of the Federal Reserve’s two-day meeting slated for Tuesday.

Fresh on the heels of a two-week losing streak, gold prices started the week on the back foot as investors appeared to unwind some of their long positions in the precious metal following strong gains in both the greenback and treasury yields.

Treasury yields rose sharply, pushing the dollar higher, amid expectations the Federal Reserve will announce that it will begin unwinding its $4.5tn bond portfolio and reaffirm its outlook that an additional rate hike remains appropriate this year, when it concludes its two-day meeting policy meeting on Wednesday.

“What is more, bond yields in the U.S. have increased significantly of late, which makes gold less attractive as an alternative investment,” Commerzbank (DE:DE:CBKG) says. “Presumably this is also why Friday saw the second consecutive daily outflow from gold ETFs [exchange-traded funds].”

Gold is sensitive to moves higher in both bond yields and the U.S. dollar – A stronger dollar makes gold more expensive for holders of foreign currency while a rise in U.S. rates, lift the opportunity cost of holding non-yielding assets such as bullion.

Meanwhile, geopolitical uncertainty eased, reducing demand for safe-haven gold as investors downplayed U.S-North Korea tensions and piled into risker assets such as equities.
“Investors have been programmed to more or less ignore stuff with Korea. The last two or three times this kind of thing occurred we went down a little, only to turn back higher. We’ve learned to buy on the dips,”

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Monday, 18 September 2017

Best Commodity Tips
Crude Oil Mixed In Asia As US Rig Count Data Offers Support

Crude oil prices traded mixed in Asia on Monday with U.S. rig count data showing a drop aiding sentiment.On the New York Mercantile Exchange crude futures for October delivery was flat at $50.44 a barrel, while on London's Intercontinental Exchange, Brent rose 0.20% to $55.73 a barrel.
Last week, oil prices settled higher racking up their biggest weekly gain since July on Friday amid rising expectations that higher oil demand will reduce excess crude supplies to Opec’s five-year average target.

Opec said production in August fell by 79,000 barrels a day (bpd) to 32.76 million as falling production from Venezuela, Iraq, the UAE and Saudi Arabia offset rising output from Nigeria.

“It is clear the rebalancing process is under way,” Opec’s secretary-general Mohammad Barkindo said, expressing optimism that growing demand in the second of the half of year would continue to dent excess supplies.

Crude output is expected to remain subdued as U.S. oil rigs continued to decline, pointing to a slowdown in production which could bolster crude prices.Oilfield services firm Baker Hughes said its weekly count of oil rigs operating in the United States declined by 7 to 749.

The weekly rig count is an important barometer for the drilling industry and serves as a proxy for oil production and oil services demand.

“On the U.S. side, steadily declining rig counts of late have raised the possibility of stalled U.S. production gains, with current output still holding below pre-Harvey levels,”

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Friday, 15 September 2017

Best Commodity Tips
Gold prices fell on Friday after a European Central Bank (ECB) official called for scaling back the bank's stimulus program, although losses were capped when weaker-than-expected U.S. economic data raised questions about further interest rate hikes.

ECB board member Sabine Lautenschlaeger made the most explicit call so far from an ECB policymaker for paring the bank's 2.3 trillion euros money-printing program. gold this is bad news because this continues the trend of the market pricing in the normalization of monetary policy," said Jens Pedersen, senior analyst at Danske Bank in Copenhagen.

But he said there had already been plenty of headlines about the ECB planning an exit from its bond buying and the U.S. Federal Reserve reducing its balance sheet after its big quantitative easing program.

Gold briefly pared losses on news that U.S. retail sales unexpectedly fell in August and industrial output dropped for the first time since January, in contrast to Thursday's strong U.S. inflation data. largely shrugged off North Korea's firing of another missile over Hokkaido, Japan. are paying much more attention to global economic data," said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management in Seattle.

"The synchronized global growth story is gaining momentum and the uptick in inflation seems to mean that the Fed has plans to make their planned moves."The Fed's two-day monetary policy meeting begins on Sept. 19.

Commerzbank (DE:CBKG) said August gold imports into India, the world's second biggest gold consumer, were the lowest so far this year.In other precious metals, platinum's discount to gold fell to around $360, the lowest according to Reuters data dating back to 1985.

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Thursday, 14 September 2017

Best Commodity Tips
Gold Gains In Asia After NKorea Missile Test Raises Risk

Gold prices gained in Asia on Friday after North Korea fired a missile over the northern Japan island of Hokkaido and into the Pacific Ocean, drawing a new line in the sand for the U.S. and allies to respond.

Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose 0.46% to $1,335.36 a troy ounce.

Overnight, gold prices rose for the first time in three days after the dollar came under pressure but gains were capped as data showed the pace of U.S. consumer prices hit a 7-month high in August raising expectations for a Federal Reserve rate hike later this year.

Gold prices halted a three-day losing streak as the dollar eased despite inflation and jobs data topping expectations pointing to an improving U.S. economy which could influence the Federal Reserve to stick to its plan to hike rates at least once more this year.

The Labor Department said on Thursday its Consumer Price index rose 0.4% last month after edging up 0.1% in July. The uptick in consumer prices in August was the largest monthly gain in seven months and lifted the year-on-year increase in the CPI to 1.9% from 1.7% in July.

In a separate report the U.S. Department of Labor reported that initial jobless claims decreased by 14,000 to 284,000 in the week ended Sept. 10, confounding forecasts of a 2,000 increase. Some analysts believe, however, the Fed will taper its rate hike outlook as inflation will continue to undershoot the central bank’s expectations, boosting demand for gold.

“The Fed are notoriously optimistic with its inflation expectations, so investors could be surprised with how slow the body actually raises the cost of borrowing which is good news for gold,” said Adrienne Murphy, chief market analyst at AvaTrade.

Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.

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