Daily

Daily Metal & Agro Buzz:


HIGHLIGHTS:

Gold prices were down on Thursday as the dollar strengthened amid trade worries. Comex gold futures for August delivery fell 0.38 to $1,222.90 a troy ounce as of 10:56 AM ET (14:56 GMT). A stronger dollar and rising interest rates have weighed on gold in recent months. The Fed left interest rates unchanged on Wednesday, as expected. But the central bank upgraded its view on the economy, as strong U.S. economic data support continuing gradual rate hikes. Higher rates are a negative for gold as the precious metal, which does not pay interest, struggles to compete with yield-bearing assets when rates rise. The precious metal was also held down by a stronger dollar. Gold falls as the dollar rises, as it is denominated in the U.S. currency and is sensitive to moves in the dollar. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, rallied 0.40% to 94.84. Bullion becomes more expensive for holders of other currencies when the dollar rises and cheaper when it falls. Trade uncertainty continued to weigh on investors minds after reports that the White House plans to propose tariffs of 25%, instead of 10%, on $200 billion of imported Chinese goods. The two largest economies in the world have been in a tit-for-tat trade war over the last few months, which has weighed heavily on markets. On Wednesday U.S. Trade Representative Robert Lighthizer said the proposed increase was due to China refusing to meet U.S. demands. China responded that “blackmail" would not work and that it would retaliate if the U.S. continues to impose fresh trade tariffs. Other metals were mixed on the Comex, with silver futures falling 0.24% to $15.415 a troy ounce. Among other precious metals, Platinum Futures rose 2.14% to $834.70, while Palladium Futures increased 0.18% to $915.50 an ounce. Copper futures fell 0.75% to $2.727 a pound.

Tags: Technical


Search Reports

SEARCH

Open an account

OPEN AN ACCOUNT

Reports

Daily Market Update...

On 18/12/2018 markets opened...

Read More

Daily Metal & Agro Buzz:

HIGHLIGHTS: For procurement...

Read More

Daily Currency Market...

HIGHLIGHTS: The U.S. dollar...

Read More

Daily Market Update...

On 17/12/2018 markets opened...

Read More

Daily Metal & Agro Buzz:

HIGHLIGHTS: The U.S....

Read More

BAJFINANCE

SHORT TERM TRADING CALL: BUY...

Read More

DELTACORP

SHORT TERM TRADING CALL BUY...

Read More

HDFCAMC

SHORT TERM TRADING CALL: BUY...

Read More

Marico Initiating...

Marico is the market leader...

Read More

MGL

SHORT TERM TRADING CALL: BUY...

Read More

Subscribe to newsletter

Request a call back

DISCLAIMER: This document has been prepared by Arihant Capital Markets Limited (hereinafter called as Arihant) and its subsidiaries and associated companies. This document does not constitute an offer or solicitation for the purchase and sale of any financial instrument by Arihant. This document has been prepared and issued on the basis of publicly available information, internally developed data and other sources believed to be reliable. Whilst meticulous care has been taken to ensure that the facts stated are accurate and opinions given are fair and reasonable, neither the analyst nor any employee of our company is in any way is responsible for its contents and nor is its accuracy or completeness guaranteed. This document is prepared for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. All recipients of this material should before dealing and or transacting in any of the products referred to in this material make their own investigation, seek appropriate professional advice. The investments discussed in this material may not be suitable for all investors. The recipient alone shall be fully responsible/are liable for any decision taken on the basis of this material. Arihant Capital Markets Ltd (including its affiliates) or its officers, directors, personnel and employees, including persons involved in the preparation or issuance of this material may; (a) from time to time, have positions in, and buy or sell or (b) be engaged in any other transaction and earn brokerage or other compensation in the financial instruments/products discussed herein or act as advisor or lender/borrower in respect of such securities/financial instruments/products or have other potential conflict of interest with respect to any recommendation and related information and opinions.