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Gold gains as trade war fears weigh on dollar, equities

Gold prices inched up on Wednesday to their highest in a week as the dollar weakened and equities dropped after U.S. President Donald Trump said he would push ahead with punitive tariffs on imports, rekindling fears of a potential trade war.

Spot gold rose 0.1 percent to $1,335.02 per ounce by 0314 GMT, having hit $1,340.42 an ounce earlier in the session, its highest since Feb. 26.

U.S. gold futures for April delivery rose 0.1 percent to $1,336.30 per ounce.

"Volatility in risk assets, and concerns around the implications of Trump's tariff rhetoric has helped propel gold higher," said Jordan Eliseo, chief economist at gold trader ABC Bullion.

Global stocks and the dollar fell after a key advocate for free trade and Trump's top economic adviser, Gary Cohn, resigned after the president said he was sticking with plans to impose tariffs on imports, which some critics have dubbed the first shot in a global trade war.[USD/][MKTS/GLOB]

Last Thursday, Trump had said a plan for tariffs of 25 percent on steel imports and 10 percent on aluminium products would be formally announced this week.

Traders fear the departure of Cohn, a former Wall Street banker, would embolden protectionist forces in the U.S. administration as Trump tries to impose hefty tariffs.

"Prices will remain firmly supported ... from Cohn's departure as the tariff gambit hits the market again with blunt force," said Stephen Innes, APAC trading head at OANDA.

Cohn's resignation also offsets pressure from recovering risk appetites that followed Tuesday's news of North and South Korea holding their first summit in over a decade, and that came after the South said the North expressed willingness to discuss denuclearization with the United States.

Gold is used as an alternative investment during times of political and financial uncertainty, and a weaker dollar makes the metal cheaper for holders of other currencies.

Spot gold may fall to $1,327 per ounce following its failure to break above $1,342, according to Reuters technical analyst Wang Tao.

Meanwhile, Asian gold-backed exchange-traded funds (ETFs) added more tonnes in February than North America or Europe, reversing Asia's 2017 trend of having more flows out, the World Gold Council said on TuesdayIn other precious metals, silver fell 0.1 percent to $16.71 per ounce, after hitting its highest in more than two weeks. Platinum dipped 0.2 percent to $966.50 per ounce. Palladium declined 0.4 percent to $982.00 per ounce.

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Source: Economictimes

You may invest in gold, but do you know these rare facts about the yellow metal?

Gold is a precious metal and it has a cultural and financial value. It is bought for different reasons by people across the globe. It influences a range of national socio-cultural factors and local market conditions.

In terms of volume, India and China make for the largest markets together accounting for over 50% of current global gold demand. The Asian and Middle Eastern markets are dominated by demand for purer, high-caratage gold.

Mines account for around 75% of overall gold supply and the remaining shortfall to meet demand is made up from recycled gold.

The most immediately responsive source of gold supply to the gold price and economic shocks is recycling. The majority of recycled gold - around 90% - comes from jewellery, with gold extracted from technology providing the remaining 10%.

Over 90 percent of the world’s gold has been mined since the California Gold Rush.

Around 187,200 tonnes of gold has been mined since the beginning of civilisation.

If all of the existing gold in the world was pulled into a 5 micron thick wire, it could wrap around the world 11.2 million times.

The US Federal Reserve holds 6,700 tonnes of gold, in 530,000 gold bars. At its peak in 1973, the Fed stored more than 12,000 tonnes of monetary gold.

Around half of all gold mined today is made into jewellery, which remains the single largest use for gold.

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Source: Moneycontrol

Gold Rate Today: Rising dollar continues to hit gold

Strengthening US dollar continued to dent gold prices on Wednesday. MCX Gold prices were trading 0.20 per cent, or Rs 62, down at Rs 30,470 per 10 gram at around 10.40 am (IST).

The white metal too was trading in the red in morning deals. MCX Silver futures were down 0.58 per cent, or Rs 223, at Rs 38,166 per 1 kg at around the same time.

Nirmal Bang Commodities said, "We expect prices to trade range bound for the day as the dollar remained strong on rising treasury yields, while investors awaited

minutes of the US Federal Reserve's last policy meeting for cues on the pace of interest rate hikes this year."

SPDR Gold Trust GLD, the world's largest gold-backed exchange traded fund, said its latest holdings stood at 827.79 tonnes, up 3.25 tonnes, from previous business day.

Latest holdings of the largest silver-backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 9,767.91 tonnes, remain unchanged from previous business day.

SMC Investment and Commodities seconds Nirmal Bang and said, "Bullion counter may trade on lower side as stronger green back to keep prices under pressure."

"Gold can move in range of Rs 30,400-30,600 while silver can move in range of Rs 38,000-38,600 in near term," SMC said.

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Source: Economictimes

Oil hits highest in nearly 2 weeks on Asian equity recovery

TOKYO: Oil prices extended gains to hit their highest level in nearly two weeks on Monday, buoyed as Asian shares joined a global recovery in equity markets and as worries grew over tensions in the Middle East.

Prime Minister Benjamin Netanyahu said on Sunday that Israel could act against Iran itself, not just its allies in the Middle East, after border incidents in Syria brought the Middle East foes closer to direct confrontation.

US West Texas Intermediate crude for March delivery was up 73 cents, or 1.2 per cent, at $62.41 a barrel by 0600 GMT, after earlier touching its highest since Feb. 7.

London Brent crude was up 52 cents, or 0.8 per cent, at $65.36, after rising more than 3 per cent last week.

"The upside momentum since WTI hit last week's low of $58 has been continuing," said Tetsu Emori, CEO of Emori Capital Management in Tokyo.

"Oil got mild support from gains in Asian equity markets, but has been getting pressure from the rise in US rig count and a slight recovery in the dollar."

Trading is expected to be slower than usual due market holidays in the United States as well as Greater China.

The US oil rig count, an indicator of future production, rose by seven to 798, its highest since April 2015, according to a weekly report from General Electric's Baker Hughes unit.

That marked the first time since June that drillers added rigs for four consecutive weeks, and the figure was well up on the 597 rigs that were active a year earlier as energy companies have boosted spending since mid-2016 when crude prices began recovering from a two-year crash.

Surging US production is offsetting efforts by the Organization of the Petroleum Exporting Countries (OPEC) and some other producers including Russia to curb production by 1.8 million barrels per day (bpd) until the end of 2018.

Money managers slashed their bullish wagers on ICE Brent crude oil futures by the most in nearly eight months in the week to Feb. 13, data showed, as prices plunged amid concerns of oversupply.

 Speculators also cut net long US crude futures and options positions in the week to Feb. 13 by the most since late August, the US Commodity Futures Trading Commission (CFTC) said.

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Source: Economictimes

Gold prices inch up on weaker dollar

Gold prices edged up on Monday on a softer US dollar and as investors bought the yellow metal as a hedge against inflation.

Fundamentals

Spot gold rose 0.2 per cent to $1,350.51 an ounce at 0120 GMT. It hit a three-week high oft $1,361.76 on Friday.

The metal rose 2.4 per cent last week, its best weekly gain since the week ended Sept. 1.

US gold futures slipped 0.2 per cent to $1,353.10 per ounce.

The dollar index , which measures the greenback against a basket of currencies, fell 0.1 per cent to 88.999.

The US currency has been weighed down by a variety of factors this year, including concerns that Washington might pursue a weak dollar strategy and the perceived erosion of its yield advantage as other countries start to scale back easy monetary policy.

Hedge funds and money managers cut their net long positions in COMEX gold and copper contracts in the week to Feb. 13, US Commodity Futures Trading Commission (CFTC) data showed on Friday.

Asian shares ticked up on Monday, joining a global recovery for equity markets as sentiment improved gradually from a recent shakeout that stemmed from fears of creeping inflation and higher borrowing costs.

On Wall Street, the S&P 500 rose marginally on Friday to mark its biggest weekly increase in five years, although earlier gains evaporated after a 37-page indictment filed by US Special Counsel Robert Mueller charged 13 Russians and three Russian companies for meddling in the 2016 US presidential election.

Trading is expected to be slower than usual due to market holidays in the United States as well as Hong Kong and China.

SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings rose 0.39 per cent to 824.54 tonnes on Friday from 821.30 tonnes on Thursday.

India's federal police detained two employees of Punjab National Bank , the state-run lender that says it has been the victim of a $1.77 billion fraud, in the first arrests in a fast-widening probe into the country's biggest-ever bank scam.

Physical gold was sold at a discount in India last week for the first time in three weeks as demand for the metal slumped due to a jump in local rates, while the Lunar New Year holiday capped buying at the end of the week elsewhere in Asia.

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Source: Economictimes

Gold Rate Today: Gold, silver shine more as dollar loses out

Gold prices took on some muscle on Friday morning, with the dollar pinned down at a multi-month low globally.

Buying by jewellers and investors propped up the yellow metal, too.

MCX Gold futures turned higher by 0.34 per cent, or Rs 105, at Rs 30,684 at around 10.40 am (IST). MCX Silver futures firmed up 0.34 per cent, or Rs 131, to Rs 38,640.

Nirmal Bang Commodities said, “We expect prices to trade higher for the day, buoyed by a weaker US dollar, as investors looked to hedge against inflation.”

The latest holdings of SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, stood at 821.30 tonnes, down 2.36 tonnes, from the previous business day.

Holdings of the largest silver-backed exchange-traded fund (ETF), New York's iShares Silver Trust SLV, read 9,767.91 tonnes, at the same level as the previous business day.

SMC Investments and Advisors sees a range of Rs 30,500-30,800 for gold and Rs 38,300-38,700 for silver in the near term.

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Source: Economictimes