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Bullions shine
Oct 20,2016

Bullion prices ended higher at Comex on Wednesday, 19 October 2016. Gold futures on Wednesday logged a third straight session, climbing to their best level in two weeks, as the U.S. dollar continued to trade off multi month highs hit earlier this month on the back of a drop in monthly domestic housing starts.

December gold rose $7, or 0.6%, to settle at $1,269.90 an ounce. December silver climbed by 2.5 cents, or 0.1%, to $17.663 an ounce after tapping a low of $17.57.

A reading of economic conditions, known as the Federal Reserves beige book, showed that parts of the U.S. economy grew at a moderate pace. The anecdotal account of economic conditions at the Feds districts was released half an hour after gold futures settled. Metals were little-changed after the report.

Data released early Wednesday showed that U.S. housing starts ran at an annual 1.047 million pace in September. That was 9% lower than in August. The downbeat economic data could dull prospects for an interest-rate increase by the Federal Reserve before the year is up.

The next Fed meeting is Nov. 1-2, but expectations for a rate increase at that meeting, so close to the election, are slim. Those odds rise sharply, to around 60%, for a December hike, although investors continue to question how aggressive the Fed will need to be.

The dollar and gold tend to move inversely, as a firmer buck leaves dollar-priced gold less desirable to purchasers using another currency. On Wednesday, the ICE Dollar Index, a measure of the U.S. currency against six rivals, was nearly flat, trading about 0.2% lower week to date.

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Rupee continues to grow
Oct 19,2016

Rupee sustained its gains on Wednesday (19 October 2016) to close at 66.6199/6600 per dollar, versus its previous close of 66.7169/7210 per dollar.

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Rupee bounces back
Oct 18,2016

Rupee closed higher at 66.7169/7210 per dollar on Tuesday (18 October 2016), versus its previous close of 66.88/89 per dollar on the wake of dollars weakness against a basket of currencies.

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Rupee suffers losses
Oct 17,2016

Rupee closed lower at 66.88/89 per dollar on Monday (17 October 2016), versus its previous close of 66.71/80 per dollar last Friday due to dollars strength against major trading currencies.

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Precious metal end lower on Friday
Oct 17,2016

Bullion prices ended lower at Comex on Friday, 14 October 2016. Gold futures settled lower on Friday as the dollar climbed on the back of upbeat U.S. retail sales data, but scored their first weekly gain in three weeks.

December gold fell $2.10, or 0.2%, to settle at $1,255.50 an ounce. Gold futures ended the week about 0.3% higher.

December silver fell 1.7 cents, or 0.1%, to $17.441 an ounce, holding on to a nearly 0.4% gain on Friday.

On Friday, strength in the ICE U.S. Dollar Index which rose 0.5% as of golds settlement, put some pressure on dollar-denominated precious metals prices. It was set for a gain of about 1.4% for the week.

The greenback gained on the back of U.S. data that showed retail sales rebounded in September.

Data showed that consumer sentiment in early October, however, took a hit as concerns about the presidential election began to weigh, according to the University of Michigan. Fridays economic data included the PPI Report for September, the Retail Sales Report for September, Business Inventories for August, and the initial reading of the University of Michigan Consumer Sentiment Index for October. The Producer Price Index (PPI) for September showed a 0.3% increase in final demand prices (consensus +0.2%), led by a 0.7% jump in the index for final demand goods. Excluding food and energy, the index for final demand was up 0.2% (consensus +0.1%).Total retail sales increased 0.6% in September while sales, excluding autos, rose 0.5%. Both results were in-line with the estimates.

Separately, the University of Michigans Index of Consumer Sentiment dropped to 87.9 in the preliminary reading for October (consensus 92.4) from the final reading of 91.2 for September. The October reading is the second lowest level in the past two years.

The Federal Reserve has been tracking economic data to decide the timing of the next rate increase. On Friday, Boston Fed President Eric Rosengren said the central bank may have to be more aggressive in raising interest rates than the measured pace it currently projects.

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Rupee closes gain
Oct 14,2016

Rupee closed gains at 66.71/80 per dollar on Friday (14 October 2016), versus its previous close of 66.79/80 per dollar.

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Rupee closes with gain
Oct 14,2016

Rupee closed with gains at 66.71/80 per dollar on Friday (14 October 2016), versus its previous close of 66.79/80 per dollar.

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Rupee closes lower
Oct 13,2016

Rupee closed lower at 66.799/80 per dollar on Thursday (13 October 2016), versus its previous close of 66.49/50 per dollar.

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Precious metals end little lower
Oct 13,2016

Bullion prices settled lower on Wednesday, 12 October 2016 at Comex. Gold futures settled lower pressured by modest gains in the dollar, but prices headed higher in electronic trade after the Federal Reserve released minutes from its September meeting. The minutes, which were released after gold futures settled for the session, showed that officials from the central bank held off raising interest rates in September even though they said there was a reasonable argument for an increase.

December gold settled at $1,253.80 an ounce, down $2.10, or 0.2%, for the session. It traded up at $1,257 an ounce in electronic trading about a half-hour after the FOMC minutes. Prices, however, had seesawed above and below the settlement level in the immediate wake of the release.

December silver settled little-changed at $17.505 an ounce. December copper ended at $2.177 a pound, down just under a penny, or 0.4%.

The minutes from the FOMCs September policy meeting indicated that there were a number of arguments for raising rates in September, but that the committee opted to wait for further data. All in all, there wasnt really any new news in the minutes, which essentially reinforced preconceived policy notions held by the market ahead of their release. Those notions revolved around a belief that the next hike in the target range for the fed funds rate will most likely occur at the December 13-14 FOMC meeting, barring any big economic potholes hit along the way. The next Fed meeting is scheduled for Nov. 1-2.

Higher interest rates can boost the dollar and dull demand for dollar-denominated commodities, but the ICE U.S. Dollar Index pared some gains after the Fed minutes and was up by about 0.1% by 2:30 p.m. Eastern, after earlier tapping its highest level in seven months.

Todays economic data at Wall Street included the weekly MBA Mortgage Index and the Job Openings and Labor Turnover Survey for August 2016. The MBA Mortgage Index indicated that mortgage applications fell 6.0% in the week ending 8 October 2016. This followed a 2.9% increase in the prior week. The August Job Openings and Labor Turnover Survey showed that job openings came in at 5.443 million from a revised 5.831 million (from 5.871 million) in July.

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Rupee continues to fall
Oct 07,2016

Rupee closed lower at 66.699/71 per dollar on Friday (07 October 2016), versus its previous close of 66.69/70 per dollar.

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Rupee surges on RBIs move
Oct 04,2016

Rupee on the back of the Reserve Bank of Indias move to slash the repo rate by 25 bps helped the greenback gain to close at 66.46/47 per dollar on Tuesday (04 October 2016), versus its previous close of 66.5850/5950 per dollar.

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Rupee extends gains
Oct 03,2016

Rupee closed higher on Monday (03 October 2016) at 66.5850/5950 per dollar, versus its previous close of 66.61/62 per dollar.

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Rupee reverts
Sep 30,2016

Rupee closed higher at 66.61/62 per dollar on Friday (30 September 2016), versus its previous close of 66.8350/8650 per dollar.

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Gold futures stage a late turnaround
Sep 30,2016

Bullion prices ended higher at Comex on Thursday, 29 September 2016. Gold futures staged a turnaround late in Thursdays session, settling higher as a drop in U.S. equities boosted the investment appeal of the precious metal.

December gold rose $2.30, or 0.2%, to end at $1,326 an ounce after tapping earlier lows under $1,320. Prices had tallied losses of roughly 1.6% over the past two trading sessions. Silver for December delivery added 6.7 cents, or 0.4%, to $19.188 an ounce.

Gold futures turned decisively higher in the last hour of Comex trading as losses for major U.S. equity indexes intensified on the back of worries about European banks. The indexes still looked set to end higher for the third quarter. European stock indexes finished mixed, but were also set for broad gains for the quarter.

U.S. stocks fell as Deutsche Banks U.S.listed shares tumbled on news that some hedge funds that clear derivatives through the company had withdrawn some excess cash and options. That helped fuel larger declines for the Dow Jones Industrial Average and S&P 500 and sent investors back to the perceived safety of gold.

But gold prices had spent much of the session trading lower with U.S. and overseas stock markets set to log gains for the quarter and traders looking to comments this week from Federal Reserve officials for clues on the timing and pace of interest-rate increases. Fed remarks so far this week have mostly pointed to a December U.S. rate increase but some disagreement persists.

The ICE U.S. Dollar Index was up 0.2% as markets looked to recent and upcoming commentary from Federal Reserve officials for clues on the pace of interest-rate increases. Higher interest rates can boost the dollar and dull demand for dollar-denominated commodities.

Economic data at Wall Street showed that initial jobless claims rose 3,000 to 254,000 in late September, but remained below 300,000 for 82 straight weeks, pointing to a steadily improving labor market. Meanwhile, revised data suggest that the economys performance in the spring was slightly better than expected, as business investment wasnt nearly as weak as previously reported. The gross domestic product grew a 1.4% pace in the second quarter.

On Thursday, Philadelphia Fed President Patrick Harker said he backs a December rate increase if the economy continues to grow as expected, while Atlanta Fed President Dennis Lockhart said he expects the Fed to be in a position to raise rates soon.

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Rupee hardly hit
Sep 29,2016

Rupee was hardly hit after a Government release stated it had on Wednesday late evening launched strike against the militants in the Pakistan occupied Kashmir.

Rupee closed lower at 66.8350/8650 per dollar against its previous close of 66.4650/4750 per dollar.

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