Gold and Oil prices plummet

Gold News

Gold prices plummeted, as persistently intensifying strength in US dollar has substantially dented the safe haven appeal of metals like gold and silver. Minutes of US FOMC policy meeting on November 1-2 aggravated the selling pressure.

In this regard, the minutes conveyed that a rate hike in December is very much on the cards. Fed members expressed that rising inflation is a growing concern as there is a possibility of consumer prices surpassing the Central Bank’s target sooner than expected. Market participants now sense that there can be a series of rate hikes in 2017, with the subsequent hike coming as early as March 2017.

Oil prices were little changed on Thursday as uncertainty ahead of a planned OPEC-led crude production cut and thin liquidity due to the U.S. Thanksgiving holiday kept traders from making big new bets on markets.

Oil prices were lower in the morning but turned positive after the Energy Information Administration said U.S. crude stocks unexpectedly fell 1.3 million barrels last week. U.S. crude oil stocks fell last week after three straight weeks of builds as imports dropped and refineries hiked output.

Gasoline stocks rose 2.3 million barrels. Distillate stockpiles, which include diesel and heating oil, rose 327,000 barrels, versus expectations for a 357,000-barrel drop.

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International Market Update by Money CapitalHeight

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CH: INTERNATIONAL MARKET UPDATE

GOLD $ 1207.15

SILVER $ 16.57

COPPER $ 372.10

CRUDE $ 44.94

INR 68.10

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CH: INTERNATIONAL MARKET UPDATE

GOLD $ 1227.05

SILVER $ 16.96

COPPER $ 370.00

CRUDE $ 45.50

INR 67.89

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Gold rebounds after sinking to near 6-month low

Gold News

Gold News

Gold prices moved higher during Asian hours on Tuesday as investors snapped up bars and coins in a wave of physical buying after the precious metal slipped to its lowest level in nearly six months in the previous session.

Spot gold was up 0.4 percent at USD 1224.76 an ounce at 0256 GMT. The metal had slipped to its lowest since June 3 at USD 1,211.08 an ounce on Monday.

US gold futures were up 0.25 percent at USD 1,224.60.

The metal has fallen nearly 9 percent from a Nov. 9 high of USD 1,337.40 per ounce since US President-elect Donald Trump’s election win, as investors bet fiscal and trade policies under his administration would stoke inflation.

“Given such a sharp drop, the fall would be cushioned by physical demand pickups,” said NAB analyst Vyanne Lai.

“It seems like Trump’s increased spending will increase inflation expectations,” Lai said. “The (market) sentiments are being compounded by the very high probability of the US Fed raising interest rates in December.”

Markets are now anticipating a hike in US interest rates in December. Dallas Fed President Robert Kaplan on Monday suggested the Federal Reserve is on track to raise US interest rates soon.

Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced.

The dollar index was down 0.2 percent at 99.920, but remained within reach of its December 2015 peak of 100.51.

Spot gold may test a resistance at USD 1,235 per ounce, as it has found a support zone of USD 1,204-USD 1,210, according to Reuters technical analyst Wang Tao.

Among other precious metals, silver was up 0.9 percent at USD 17.02 per ounce. The metal touched its lowest since June 8 at USD 16.61 an ounce in its previous session.

Palladium was down 0.2 percent at USD 696.80 an ounce. The metal hit a high of USD 702.50 earlier in the session, its highest since October 4.

Platinum was up 0.65 percent at USD 936.75 an ounce, bouncing off over 8-month lows of USD 917.50 touched in the previous session.

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CH: INTERNATIONAL MARKET UPDATE

GOLD $ 1225.65

SILVER $ 17.02

COPPER $ 378.50

CRUDE $ 44.16

INR 67.61

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international-market-updates

CH: INTERNATIONAL MARKET UPDATE

GOLD $ 1256.40

SILVER $ 18.47

COPPER $ 376.40

CRUDE $ 44.44

INR 67.00

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international-market-updates

CH: INTERNATIONAL MARKET UPDATE

GOLD $ 1288.05

SILVER $ 18.63

COPPER $ 361.00

CRUDE $ 45.15

INR 66.37

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CH: INTERNATIONAL MARKET UPDATE

GOLD $ 1318.50

SILVER $ 18.75

COPPER $ 348.75

CRUDE $ 43.38

INR 66.77

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CH: INTERNATIONAL MARKET UPDATE

GOLD $ 1283.95

SILVER $ 18.23

COPPER $ 341.40

CRUDE $ 44.85

INR 66.69

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