Tag Archives: commodity updates

Gold inches up, headed for third weekly gain

26 Jul

Gold edged up on Friday and was headed for its third straight weekly gain, helped by a weaker dollar and hopes of a prolonged period of easy monetary policy.

FUNDAMENTALS

* Spot gold had climbed 0.07 percent to USD1,333.95 an ounce by 0014 GMT, after gaining about 1 percent in the previous session.

* US data showed that new claims for jobless benefits edged higher last week, but remained within a range that suggests the labour market’s recovery is on track.

* Investors fear that strong US economic numbers would prompt the Federal Reserve to start tapering its stimulus measures sooner rather than later.

* China’s gold demand could hit a record 1,000 tonnes this year, the World Gold Council said on Thursday, which means it would overtake India as the world’s biggest bullion consumer.

* Gold premiums in India jumped to USD 20 an ounce over London spot prices on Thursday due to short supplies even as traders, looking to stock up for festivals, waited for prices to fall further from their highest level in more than a month.

* Gold mining companies are expected to cut their gold hedging position by 20 tonnes on a net basis in 2013 even though the price of bullion has fallen sharply, precious metals consultancy Thomson Reuters GFMS said on Thursday.

* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.26 percent to 927.36 tonnes on Thursday.

* Goldcorp Inc , the world’s largest gold miner by market capitalisation, posted weaker-than-expected second quarter results on Thursday, hit by a sharp drop in the gold price and a USD 2 billion non-cash impairment charge.

MARKET NEWS

* The dollar languished at one-month lows against a basket of major currencies on Friday, having suffered a setback overnight as investors turned cautious ahead of next week’s Fed policy meeting.

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Oil Continues to Fall in Asia

25 Jul

Oil futures traded modestly lower during Thursday’s Asian session, extending losses incurred during U.S. traded Wednesday.

On the New York Mercantile Exchange, light, sweet crude futures for September delivery fell 0.29% to USD105.29 per barrel in Asian trading Thursday despite some encouraging U.S. real estate data.

In U.S. economic news out Wednesday, the National Association of Home Builders/Wells Fargo builder sentiment index climbed to 57 this month from 51 last month. The July reading reading is the highest since January 2006. Readings above 50 indicate builders view the market as good.

New home sales advanced 8.3%, the best rate in five years. The seasonally adjusted rate was 497,000 units. Economists expected 484,000. May’s sales rate was also revised up to 459,000.

Even solid weekly inventories could not help oil higher in Asian Thursday. On Wednesday, the U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories fell by 2.8 million barrels in the week ending July 19, exceeding expectations for a decline of 2.4 million barrels.

Total U.S. crude oil inventories stood at 364.2 million barrels as of last week.

Traders appear to still be concerned about economic data out of China last night that serves as further proof manufacturing activity in the world’s second-largest economy is slowing. China’s HSBC manufacturing PMI fell to an 11-month low of 47.7 in July, from a final reading of 48.2 last month. Analysts had expected the index to rise to 48.6.

The U.S. and China are the world’s two largest oil consumers.

Elsewhere, Brent futures for September delivery fell 0.14% to USD106.91 per barrel.

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