Tag Archives: Platinum

PRECIOUS-Gold prices rose higher due to a weaker dollar | Instant News


    March 1 (Reuters) - Gold edged higher on Monday, recovering
from an eight-month low touched in the previous session, as a
weaker dollar lifted bullion's appeal.
            
    FUNDAMENTALS
    * Spot gold        rose 0.3% to $1,739.31 per ounce by 0108
GMT, after hitting its lowest since June at $1,716.85 on Friday.
U.S. gold futures        gained 0.4% to $1,736.10.
    * The dollar        slipped from a one-week high hit in the
previous session, making gold cheaper for holders of other
currencies.       
    * Bullion, however, posted its worst monthly fall since
November 2016 in February due to rising U.S. Treasury Yields,
which increase the opportunity cost of holding non-yielding
gold.       
    * U.S. House of Representatives passed a $1.9 trillion
coronavirus relief package early Saturday.             
    * A global bond market rout saw government bond yields in
the United States, Germany and Australia ending February with
their biggest monthly rises in years.                          
    * The U.S. government on Saturday authorized Johnson &
Johnson's         single-dose COVID-19 vaccine, setting the
vaccine up for additional approvals around the world.
            
    * Speculators decreased their bullish positions in COMEX
gold and silver contracts in the week to Feb. 23, the U.S.
Commodity Futures Trading Commission (CFTC) said on Friday.
            
    * Physical gold demand in India gained momentum last week as
retail buyers and jewellers lapped up bullion at near
eight-month low prices, while Singapore continued to see steady
interest for both gold and silver.         
    * Silver        gained 0.3% to $26.71 an ounce, while
palladium        was up 1% at $2,340.69. Platinum        rose
1.1% to $1,202.00.    
    
DATA/EVENTS (GMT)
0855  Germany  Markit/BME Mfg PMI
0900  EU       Markit Mfg Final PMI
0930  UK       Markit/CIPS Mfg PMI Final
1300  Germany  CPI, HICP Prelim YY
1445  US       Markit Mfg PMI Final
1500  US       ISM Manufacturing PMI

 (Reporting by Shreyansi Singh in Bengaluru; Editing by Rashmi
Aich)
  

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PRECIOUS-Gold faces its worst week in 12 as US Treasury yields strengthened | Instant News


    Feb 19 (Reuters) - Gold prices fell to their lowest in
nearly three months on Friday and headed for their worst week
since end-November, as recent strength in U.S. Treasury yields
dented the non-yielding metal's appeal.
    
    FUNDAMENTALS
    * Spot gold        fell 0.4% to $1,769.26 per ounce by 0100
GMT, having touched its lowest since Nov. 30 at $1,765.35
earlier in the session. Prices have declined 3% so far this
week.
    * U.S. gold futures        slipped 0.5% to $1,766.40.
    * Benchmark U.S. Treasury yields edged higher, having hit a
near one-year peak earlier in the week. Higher yields increase
the opportunity cost of holding bullion, which pays no interest.
    * The dollar        was also set to mark a weekly gain,
making gold expensive for holders of other currencies. 
    * U.S. jobless claims unexpectedly increased last week,
raising the possibility of a second straight month of tepid job
growth despite declining new COVID-19 infections.            
    * Switzerland's monthly gold exports to India in January
reached their highest since May 2019, though exports to China
and Hong Kong remained at rock bottom, customs data showed on
Thursday.             
    * Silver        eased 0.6% to $26.86 an ounce, after falling
over 1.8% so far this week, its worst since mid-January. 
    * Platinum        slipped 0.7% to $1,266.09 and was on
course to mark its third straight weekly gain, while palladium
       shed 0.3% to $2,345.02.

DATA/EVENTS (GMT)
0700  UK      Retail Sales MM, YY                Jan
0700  UK      Retail Sales Ex-Fuel MM            Jan
0745  France  CPI (EU Norm) Final MM, YY         Jan
0815  France  Markit Mfg, Serv, Comp Flash PMIs  Feb
0830  Germany Markit Mfg, Serv, Comp Flash PMIs  Feb
0900  EU      Markit Mfg, Serv, Comp Flash PMIs  Feb
0930  UK      Flash Mfg, Serv, Comp PMIs         Feb
1445  US      Markit Mfg, Serv, Comp Flash PMIs  Feb
1500  US      Existing Home Sales                Jan

 (Reporting by Sumita Layek in Bengaluru; Editing by Devika
Syamnath)
  

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Palladium eyes new records in 2021 and travel set to climb | Instant News


Palladium recorded a fifth straight year of gains in 2020 and the rally shows no signs of slowing down. Greater restrictions on air pollution and a likely resumption of travel following the passage of the coronavirus pandemic are expected to boost demand for the metal used in auto parts. Stricter issuance rules are expected to push palladium prices up, especially given new standards in China, the second-largest consumer of metal behind the United States, says Steven Dunn, head of exchange-traded funds at Aberdeen Standard Investments. To comply with these standards, all new cars in China must be fitted with “good quality catalytic converters,” which means around 30% more palladium per vehicle, he says. “As countries continue to tighten emissions standards, palladium should be a beneficiary.” “As countries continue to tighten emissions standards, palladium should be a beneficiary.” – Steven Dunn, Aberdeen Standard Investments Palladium is primarily used in the catalytic converters of gasoline vehicles, which transform the most harmful pollutants in car exhaust gases into more environmentally friendly compounds like carbon dioxide and water, Dunn said. Palladium prices therefore have a strong correlation with the auto industry, which is expected to rebound in 2021, he says. Car and Driver magazine estimated that new vehicle sales in the United States were down 14.9% to 15.5% to about 14.5 million in 2020, bringing sales to the lowest level since 2012. However , the automotive enthusiast publication noted that a sales recovery had started. in summer and continued until December, amid an increase in Covid-19 cases across the country. Palladium PAH21, -2.20% PA00, -2.20% prices ended 2020 with a gain of around 29%. It hit a record settlement of $ 2,711.70 an ounce on February 27, 2020, but suffered a 48% drop from that level to mark its lowest settlement of the year on March 18, at 1,419.80 $. On Wednesday, the metal stood at $ 2,448.10, less than 10% below the record. Palladium prices have been increasing aggressively for several years, supported by an “acute imbalance between supply and demand, alongside the tightening of automobile emission standards”, ahead of the pandemic’s effects on demand in 2020, says Chris Blasi, President and President of Neptune Global. He expects prices this year to trade between $ 2,250 and $ 3,000, which would be a new record, with prices likely averaging around $ 2,710. Biden’s incoming administration is expected to be “environmentally focused and join the Paris Climate Agreement,” he said. “Such a position should further increase the demand for essential elements to achieve pollution control goals.” At the same time, palladium supplies have been in deficit for a decade, and that is unlikely to change anytime soon, he says. Meanwhile, the global distribution of the Covid-19 vaccine may impact palladium prices because “if more people start to resume a certain level of travel, the mode of transport most likely to be used will be the car. Says Ed Egilinsky, Managing Director and Head of Alternatives at Direxion. A “reopening of the global economy will be a key driver of this take shape and potentially lead to a significant spike in auto sales.” Other lockdowns or additional strains of the virus, on the other hand, could lead to supply constraints in the palladium market, he says. This could be the result of mining disruptions, but these constraints could also be offset by a decrease in automotive demand. Egilinsky says it’s possible to see palladium prices reach new highs in 2021, especially if there is a global recovery, a pickup in automotive demand, and more regulated global emission standards, but that ” may need to coincide with some level of supply disruption for this to happen. the story unfolds. “.



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