Category Archives: precious metal market

PRECIOUS-Gold rises as dollar backs off highs after Fed meeting minutes | Reuters

25 Friday May 2018

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Gold nugget

By Renita D. Young and Zandi Shabalala

NEW YORK/LONDON, May 23 (Reuters) – Gold prices rose on
Wednesday as the U.S. dollar backed off its highs against a
basket of currencies while investors interpreted minutes from
the U.S. Federal Reserve’s latest policy meeting as dovish.
Most Federal Reserve policymakers thought it likely another
interest rate increase would be warranted “soon” if the U.S.
economic outlook remains intact, minutes of the central bank’s
last policy meeting showed.
Higher interest rates make non interest-bearing assets like
gold less attractive.

However sentiment was dovish, said Bob Haberkorn, senior
market strategist at RJO Futures. “They’re backing off the
inflation target at 2 percent. Just them saying that signals
that [the Fed is] dovish on rates and it doesn’t sound very
aggressive. That should be supportive for metals.”
Policymakers once again debated the inflation path. Several
noted that recent wage data provided “little evidence” of
overheating in the labor market, while some others saw a risk
that “supply constraints would intensify upward wage and price
pressures, or that financial imbalances could emerge.”
Spot gold gained 0.3 percent at $1,294.19 per ounce
by 2:35 p.m. EDT (1835 GMT), after touching its highest since
May 15 at $1,297.84. U.S. gold futures for June delivery
settled down $2.40, or 0.2 percent, at $1,289.60 per ounce.
The dollar, in which gold and other commodities are priced,
rose versus a basket of currencies but came off its
highs.

Often used to store wealth in times of political or economic
uncertainty, gold was underpinned by safe-haven support after
U.S. President Donald Trump said he was not pleased about recent
talks with China.

Gold also saw some safe-haven support after President Sergio
Mattarella gave political novice Giuseppe Conte a mandate to
lead the first government in Italy made up of anti-establishment
parties that have vowed to shake up the European Union,
Haberkorn added.

Trump also cited a “substantial chance” his summit with
North Korean leader Kim Jong Un will not take place as planned
on June 12 amid concerns that Kim is resistant to giving up his
nuclear weapons.

Gold has shown reduced volatility in the last few trading
sessions as it attempted a break above $1,300 and prices are
“waiting for a new, clear direction,” said ActivTrades chief
analyst Carlo Alberto De Casa.

Silver fell 0.4 percent at $16.45 an ounce and
platinum was 0.2 percent lower at $904.30 an ounce.
Palladium eased 1.2 percent to $979.10 an ounce.

via PRECIOUS-Gold rises as dollar backs off highs after Fed meeting minutes | Reuters

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PRECIOUS-Gold hits 5-month low as U.S. trade war with China ‘on hold’ | Reuters

22 Tuesday May 2018

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* Dollalandis refining, dental industryr index climbs to five-month high

* China, U.S. have great potential for cooperation- Chinese state
media
* Specs cut net long position in gold in week to May 15

By Apeksha Nair
BENGALURU, May 21 (Reuters) – Gold slid to a near five-month
low on Monday, as the dollar rose and demand for safe-haven
assets eased after U.S. Treasury Secretary Steven Mnuchin said a
trade war between China and the United States was “on hold”.
Spot gold was down 0.6 percent at $1,283.30 per ounce
at 0658 GMT, after earlier hitting $1,281.76, its lowest since
Dec. 27.
U.S. gold futures for June delivery were 0.7 percent
lower at $1,282.50.
“Gold price is under pressure as the dollar maintains its
strength,” said Naeem Aslam, chief markets analyst at Think
Markets.
“‘On Hold’ is a risk-on term…The absence of trade tariffs
and hostile tone between the two countries has also impacted the
gold price more adversely,” Aslam said.
The dollar rose versus the yen and hit a five month-high
against a basket of currencies, after Mnuchin’s comments
downplaying a trade dispute with China, boosting risk sentiment
amid hopes for an easing of trade tensions between the world’s
two biggest economies.
Chinese state media on Monday praised a significant dialing
back of trade tension with the U.S., saying China had stood its
ground and the two countries had huge potential for win-win
business cooperation.
“You have this combination of technical factors which is at
the moment un-supportive (for gold). As long as the dollar is on
the firm side, gold is under pressure,” said Dominic Schnider at
UBS Wealth Management in Hong Kong.
The price of gold fell below the psychologically important
$1,300 per ounce level last week for the first time since late
December and has since continued to trade below its 200-day
moving average.
A stronger dollar makes dollar-denominated gold more
expensive for holders using other currencies. Furthermore,
rising U.S. interest rates, and the expectation that U.S.
Federal Reserve will raise rates again next month, limits
investor demand for non-yielding bullion.
“Investors are looking towards the biggest event of this
week- the FOMC minutes and if the Fed doesn’t tame its hawkish
stance, we would expect more weakness in the gold price,” Aslam
said.
Hedge funds and money managers cut their net long position
in COMEX gold contracts by 21,294 contracts to 31,327 in the
week to May 15, data showed on Friday.
In other precious metals, silver fell 0.8 percent to
$16.30 an ounce.
Platinum was 0.4 percent lower at $879 an ounce,
after marking an over five-month low at $874 earlier.
Palladium rose 0.5 percent at $968.30 per ounce,
after hitting a two-week low at $960.22 on Friday.

via PRECIOUS-Gold hits 5-month low as U.S. trade war with China ‘on hold’ | Reuters

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Gold Erases Modest Early Losses | Kitco News

18 Friday May 2018

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Live 24 hours gold chart [Kitco Inc.]

(Kitco News) – Gold prices are trading near steady levels in late-morning action Friday, and have recovered small losses seen overnight and in earlier U.S.-session trading. Short covering in the futures market and some bargain hunting in the cash market heading into the weekend are featured. There are also some geopolitical crosscurrents in play that could be limiting selling interest in the safe-haven gold market. Comex June gold was last up $0.10 at $1,289.60.

Read more via Gold Erases Modest Early Losses | Kitco News

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Gold scores first gain in 4 sessions

17 Thursday May 2018

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Set of gold bars

By  and 

Published: May 16, 2018 3:15 p.m. ET

Gold futures finished slightly higher Wednesday, a day after the metal got pummeled below $1,300 an ounce to post its lowest settlement of the year on the back of a jolt higher by U.S. government bond yields and a resurgent dollar.

The recent jump in Treasury yields and strength in the greenback had served to undercut appetite for precious metals in recent sessions.

On Wednesday, the 10-year Treasury note TMUBMUSD10Y, +0.21%  yield was at about 3.08%, pulling back from its highest levels since 2011, while the U.S. dollar, as measured by the ICE U.S. Dollar Index DXY, +0.14% a measure of a half-dozen rival currencies, was up 0.1% at 93.33, after trading as high as 93.63—its highest level of 2018, according to FactSet data.

Higher yields dent demand for nonyielding bullion and a strengthening greenback makes commodities priced in the currency, like gold, more expensive to buyers using other monetary units.

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PRECIOUS-Gold prices recover on short-covering

17 Thursday May 2018

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Gold nugget

* Dollar index hovers near 5-month high
* Benchmark U.S. Treasury yield hovers around 3 percent
* Spot gold may bounce to resistance at $1,302/oz-
technicals

By Apeksha Nair
BENGALURU, May 16 (Reuters) – Gold prices recovered some
lost ground on Wednesday on short-covering after prices fell to
the lowest level this year in the previous session on surging
U.S. bond yields and a stronger dollar.
Spot gold rose 0.3 percent to $1,294.30 per ounce at
0639 GMT, after shedding 1.7 percent and marking the lowest this
year at $1,288.31 in the previous session.
This was also the lowest price level for the yellow metal
since Dec. 28.
U.S. gold futures for June delivery were up 0.3
percent at $1,293.60 per ounce.
“Rising U.S. bond yields and a stronger dollar were factors
behind gold’s decline below the $1,300 level. The slight pick up
suggests that there might have been some opportunistic buying on
the part of investors,” said John Sharma, an economist with
National Australia Bank.
A stronger dollar makes greenback-denominated gold more
expensive for holders of other currencies, while rising U.S.
yields tend to weigh on bullion’s non-yielding appeal.
The dollar on Wednesday hovered near a five-month high
against a group of major currencies, boosted by a surge in the
benchmark 10-year Treasury yield after strong U.S. retail data
on Tuesday.
Meanwhile, Asian shares were under pressure after North
Korea cancelled high-level talks with Seoul, denouncing military
exercises between South Korea and the United States and throwing
into question next month’s unprecedented summit between Kim Jong
Un and U.S. President Donald Trump.
While global political tensions continued to provide
safe-haven support to the metal, investors said the main price
drivers would likely remain a stronger dollar and rising U.S.
interest rates.
“There are lot of geopolitical risks but people are just
used to it. Therefore it has not become a big driver for gold,”
said Helen Lau, analyst at Argonaut Securities.
Higher interest rates in the United States amid a rising
dollar will continue to add downward pressure on gold, Lau said.
Spot gold may bounce to a resistance at $1,302 per ounce,
before falling again, Reuters technical analyst Wang Tao said.

In other precious metals, silver was up 0.4 percent
at $16.30 per ounce after falling about 1.6 percent on Tuesday
in its biggest one-day percentage decline since April 23.
Platinum rose 0.4 percent to $897 an ounce, while
palladium eased 0.1 percent to $981.72 an ounce after
recording the biggest single-day percentage loss in two weeks at
1.3 percent in the previous session.

(Reporting by Apeksha Nair and Eileen Soreng in Bengaluru;
Editing by Sunil Nair)

via PRECIOUS-Gold prices recover on short-covering | Metals & Mining | Reuters

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PRECIOUS-Gold firms as dollar rally cools, U.S.-Iran tensions heat up | Metals & Mining | Reuters

11 Friday May 2018

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gold bars* U.S. consumer price data weaker than expected
* Dollar slips from 4-1/2-month peak
* U.S.-Iran tensions support gold prices

(New throughout, updates prices, market activity and comments;
adds second byline and NEW YORK dateline)
By Renita D. Young
NEW YORK/LONDON, May 10 (Reuters) – Gold rose on Thursday as
the U.S. dollar backed away from 2018 highs after
weaker-than-forecast U.S. inflation data and as tensions between
the United States and Iran also supported the precious metal.
The dollar slipped from a 4-1/2-month peak after U.S. data
showed the Consumer Price Index rose 0.2 percent in April, less
than the 0.3 percent increase that had been forecast. A weaker
dollar makes dollar-priced gold cheaper for non-U.S. investors.

Also helping gold, viewed as a safe-haven investment, was
U.S. President Donald Trump’s move on Tuesday to withdraw from a
nuclear accord with Iran, raising the risk of conflict in the
Middle East.
Israel said on Thursday it had attacked nearly all of Iran’s
military infrastructure in Syria after Tehran fired rockets at
Israeli-held territory.
“We’ve seen a (dollar rally) in the last few weeks, but
actually gold hasn’t gone down as far as you might think, so
political tensions are helping,” said Macquarie commodities
strategist Matthew Turner.
Turner said the dollar was the main driver for gold and he
expects the precious metal to come under pressure in the near
term, with the dollar extending its rally.
Spot gold rose 0.6 percent at $1,320.53 per ounce by
1:34 p.m. EDT (1734 GMT). During the session it touched
$1,322.76, a 10-day high. U.S. gold futures for June
delivery settled up $9.30, or 0.7 percent, at $1,322.30 per
ounce.
Risk appetite among investors limited gold’s gains. Global
equities hit a three-week high as rising oil prices boosted
energy companies, offsetting increased political uncertainty.

“It appears as though the investment side of the equation
has not attracted a lot of attention,” said Rob Lutts, chief
investment officer of Cabot Wealth Management
“We are at the lower end of the range. It appears we could
drift back up to $1,350, but longer term. We really need to see
more investment.”
North American gold-backed exchange-traded funds registered
inflows in April at their highest level since September 2017,
with safe-haven purchases ushered in by a trade stand-off
between the United States and China, Syria tensions and worries
about possible U.S. sanctions on Russia.
In other precious metals, silver gained 1.4 percent
at $16.72 an ounce after earlier hitting a two-week high at
$16.74.
Platinum rose 1.7 percent at $925.40 per ounce,
earlier hitting $926.20, a two-week high. Palladium rose
2.6 percent at $1,000.70 per ounce, earlier seeing $1,002.10, a
2-1/2-week high.

(Additional reporting by Apeksha Nair in Bengaluru; editing by
David Goodman and David Gregorio)

via PRECIOUS-Gold firms as dollar rally cools, U.S.-Iran tensions heat up | Metals & Mining | Reuters

Global Dental Implant and Prosthetic Market Is expected to Witness a CAGR of 7.2% During 2018-2024

08 Tuesday May 2018

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Associate Dentist

NEW YORK, May 07, 2018 (GLOBE NEWSWIRE) — The global dental implant and prosthetic market is expected to grow from USD 8,879 million in 2017 to USD 14,490 million in 2024 at a CAGR of 7.2% during the forecast period. The key factors driving the growth of the market include increasing incidences of dental diseases, growing geriatric population, and increasing awareness and concerns about oral diseases. Moreover, technological advancements in dental implantation and growing demand for cosmetic dentistry are further propelling the market growth. However, high cost of dental implantation may inhibit the market growth.

Tooth loss is a very common problem; therefore, dentistry employs the use of dental implants to provide support for replacement of damaged teeth and missing teeth. Researches on dental implant designs, dental materials, and new techniques have increased in the past few years and expected to become more popular in the coming years, due to growing demand for cosmetic dentistry. Healthcare researchers recently have turned to nanotechnology to target therapeutics to specific locations to develop better biomaterials, surface modification, and implant design.

Nanotechnology can create the surface with controlled topography and develop novel implant surface with predictable tissue-integrative properties. The technology has made it possible to coat the dental implant with a thin film of calcium phosphate; it provides helps in the attachment of the bone with the implanted teeth, and faster healing after the dental implant surgery.

Browse full research report with TOC on “Global Dental Implant and Prosthetic Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024” at: https://www.energiasmarketresearch.com/global-dental-implant-prosthetic-market-report/

Read more via: https://globenewswire.com/news-release/2018/05/07/1497273/0/en/Global-Dental-Implant-and-Prosthetic-Market-Is-expected-to-Witness-a-CAGR-of-7-2-During-2018-2024.html

Are The Precious Metals Percolating For A Big Move? | Seeking Alpha

08 Tuesday May 2018

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Since the beginning of 2018, gold has been stuck in a trading range between $1310 and $1360. Silver has ranged between $16.20 and $17.50, though primarily between $16.80 and $16.25 since February. So what’s next? While most analysts base their views largely on chart technicals, I have found – at least for me – the Commitments of Traders “tea

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Ticker

 leaves” is a more reliable forecasting tool. Friday’s COT report showed a continuation of the trader positioning pattern that I believe will support the next big move higher.

Elijah Johnson and James Anderson invited me on to their weekly Metals and Markets podcast to discuss why I believe the metals may be bottoming. In addition, we discuss the why Amazon.com (NASDAQ:AMZN) and Tesla (NASDAQ:TSLA) are horrifically overvalued:

via Are The Precious Metals Percolating For A Big Move? | Seeking Alpha

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PRECIOUS-Gold prices crawl up as dollar pauses rally | Reuters

07 Monday May 2018

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American Gold Coin

BENGALURU, May 7 (Reuters) – Gold prices edged up in early
trade on Monday as the dollar took a breather after climbing to
its highest level this year in the previous session.

FUNDAMENTALS
* Spot gold rose 0.2 percent to $1,316.62 per ounce
at 0034 GMT.
* U.S. gold futures for June delivery were up 0.2
percent at $1,317.20 per ounce.
* The dollar index , which measures the greenback
against a basket of six major currencies, was steady at 92.547
after hitting its best since December at 92.900 on Friday.

* U.S. job growth increased less than expected in April and
the unemployment rate dropped to near a 17-1/2-year low of 3.9
percent as some out-of-work Americans left the labor force.
* Two Federal Reserve officials who are currently voting
members of the U.S. central bank’s rate-setting committee said
on Friday they were keeping an open mind on the total number of
interest rate rises needed this year.
* U.S. interest rate futures rose modestly on Friday, as
traders still expect the Federal Reserve to raise key borrowing
costs at its June 12-13 policy meeting in the wake of
weaker-than-forecast growth in domestic payrolls and wages in
April.
* Euro zone business growth dimmed again in April but the
picture remained relatively bright as new business stayed
buoyant and firms managed to build up backlogs of work, a survey
showed on Friday.
* SPDR Gold Trust , the world’s largest gold-backed
exchange-traded fund, said its holdings fell 0.17 percent to
864.13 tonnes on Friday from 865.60 tonnes on Thursday.

* Hedge funds and money managers trimmed their net long
positions in COMEX gold contracts in the week to May 1, U.S.
Commodity Futures Trading Commission (CFTC) data showed on
Friday.
* Demand for physical gold barely changed in major Asian
hubs last week even as global prices weakened, while a
correction in local rates in India prompted retail consumers and
jewellers to start purchases.
* The World Gold Council, owner of the world’s largest
gold-backed exchange traded fund (ETF), is launching a new fund
with a cut-price management fee to fend off rivals with lower
charges, a source familiar with the matter told Reuters.

via PRECIOUS-Gold prices crawl up as dollar pauses rally | Reuters

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CFTC Fines Two UAE Traders $2.7 Million Over Precious Metals Spoofing | Finance Magnates

04 Friday May 2018

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Photo: Reuters

The US Commodity Futures

Trading Commission (CFTC) has fined two gold futures traders from the UAE over allegations that they schemed to manipulate the precious metals futures market through a trading tactic known as ‘spoofing’.

Heet Khara and Nasim Salim, both are former traders of CME Group’s gold and silver futures contracts, were hit by $2.7 million in penalties for engaging in disruptive trading practices by placing bids and offers with the intent to cancel them before execution. The abuses of United Arab Emirates residents allegedly occurred between February 2015 through at least April 28, 2015.

Spoofing, in general, is a practice in which a trader floods the market with fake orders by entering and quickly canceling large buy or sell orders on an exchange, in order to fool other traders into thinking that the market is poised to rise or fall.

Read more via CFTC Fines Two UAE Traders $2.7 Million Over Precious Metals Spoofing | Finance Magnates

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