Tag Archives: Precious metal

Demand for Asian gold rebounded in line with the surge in Swiss exports to India | Instant News


    LONDON, March 18 (Reuters) - Switzerland in February sent
gold to mainland China for the first time since September and
shipments to India and Thailand rose to multi-year highs,
suggesting that demand for bullion in Asia is recovering from
the coronavirus shock. 
    Switzerland is the world's biggest gold refining centre and
transit hub, while India and China are the two biggest gold
consumers and Thailand is a regional trade hub. 
    Demand from all three Asian countries plunged last year as
the coronavirus spread and has been slowest to recover in China.

    
    
    One reason for the pick-up is a steady decline in gold
prices from record highs last August. Most gold in Asia
is sold as jewellery and buyers are put off by high prices.   
    Swiss customs data showed that in February Switzerland
exported 56.5 tonnes of gold to India, 11.2 tonnes to Thailand,
2 tonnes to mainland China and 1 tonne to Hong Kong. 
    That is biggest total to India for any month since April
2019, to Thailand since August 2018 and to Hong Kong since
September. It is the first shipment of any gold at all to China
since September. 
    Following are numbers for February and comparisons. 
            
    SWISS TRADE DATA (KG)         
          EXPORT (kg)
  Feb-21      102,850
  Jan-21       82,033
  Feb-20       42,759
           To China   To Hong    To India   To the     To
                      Kong                  U.S.       Britain
   Feb-21      2,000      1,045     56,472     12,031         77
   Jan-21          0         28     38,696     16,666      5,216
   Feb-20      2,000         10      9,591        361      9,256
    * Source: Swiss customs. Data subject to revision by source.
    
    

    
 (Reporting by Peter Hobson; Editing by Kirsten Donovan)
  

.



image source

GLOBAL MARKET- Asian stocks rose as risk assets shone, c. Australian bank view | Instant News


NEW YORK, March 1 (Reuters) – Asian stocks are poised for a rally on Tuesday as a recent halt to sell-off in bond markets calms investors’ nerves and lifted risk assets, although oil prices are on the defensive on fears of slowing Chinese energy consumption . .

Australian stocks jumped 0.8% in early trading, while S&P E-mini futures were up 0.15%. The Japanese Nikkei opened 0.93% higher.

US stocks surged overnight, with the S&P 500 posting its best day in nearly nine months, after declines in bond yields and optimism about more US fiscal stimulus and wider distribution of the COVID-19 vaccine aroused investor appetite for risk.

For now, all eyes will be on Australia’s central bank, which holds its monthly policy meeting on Tuesday. Analysts expect the Reserve Bank of Australia to hold interest rates at a historic low of 0.1% when it announces its policy decision at 0330 GMT.

“There’s a lot to like about the rally in EU and US equity markets,” said Chris Weston, head of research at Pepperstone Group Ltd in Australia.

“Financials are outperforming, with 95% of shares in the S&P 500 higher on the day,” he said, adding that “obviously investors are seeing the world in a new light.”

US stocks were volatile last week when a sell-off on Treasury bonds pushed yields on the 10-year Treasury to a one-year high of 1.614%. The 10-year yield edged down in early trading at 1.4255%.

Demand for riskier assets does not diminish the dollar, usually considered a safe-haven currency, as investors are betting on fast growth and inflation in the United States. The US dollar index rose 0.3% in early trading against a basket of currencies to 91.029, seen from a three-week high overnight.

The Australian dollar was little changed at $ 0.77685 ahead of the RBA meeting.

A stronger dollar weighed on gold, and the precious metal was on the defensive at $ 1,722,887 an ounce early Tuesday.

The excess of risky assets is not helping the energy market. Oil prices fell more than 1% overnight after data showed growth in Chinese factory activity slumped to a nine-month low in February, partly due to disruptions during the Lunar New Year holiday. There are also concerns among energy investors that OPEC could increase global supplies after this week’s meeting.

Brent crude fell 1.7% to $ 63.31 a barrel, while US West Texas Intermediate crude fell 0.6% to $ 60.3.

Reporting by Koh Gui Qing; Edited by Sam Holmes

.



image source

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)
  

.



image source

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)
  

.



image source

Swiss monthly gold exports to India hit their highest level since May 2019 | Instant News


    LONDON, Feb 18 (Reuters) - 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. 
    India and China are the world's two biggest gold consumers.
Demand for bullion plunged in both when the coronavirus struck
last year but has bounced back in India much more quickly.

    Switzerland is the world's biggest gold refining centre and
a transit hub.
    Following are numbers for January and comparisons. 
        
    SWISS TRADE DATA (KG)        
           EXPORT
   Jan-21      82,025
   Dec-20      76,549
   Jan-20      87,444
    
           To China  To Hong    To India   To the     To
                     Kong                  U.S.       Britain
   Jan-21         0         28     38,696     16,666      5,216
   Dec-20         0        263     34,500     14,496        265
   Jan-20    17,000     23,583      8,541        574      6,344
    * Source: Swiss customs. Data subject to revision by source.
    
    
    

    
 (Reporting by Peter Hobson
Editing by David Goodman
)
  

.



image source