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Mixed finish for precious metals
Mar 24,2017

Bullion prices ended mixed at Comex on Thursday, 23 March 2017. Gold futures settled lower on Thursday, ending a run of five straight daily gains, after a sharp slump in global equities and weakness in the U.S. dollar.

U.S. stocks were confined to tighter ranges on Thursday and equities markets overseas finished mostly higher, which cut some of the aggressive demand for gold as a short-term refuge amid a risk-off market sentiment shift. The battered dollar also improved on Thursday.

April gold fell $2.50, or 0.2%, to settle at $1,247.20 an ounce. May silver rose 1.5 cents, or 0.1%, to end at $17.593 an ounce.

Concerns about President Trumps ability to quickly push through pro-growth policies, promised during his presidential campaign, have helped diminish demand for assets considered risky. The next big test for markets comes with an expected late-Thursday vote on health-care reform.

The dollar, as measured by the ICE U.S. Dollar Index has lost roughly 0.5% so far this week, but was up 0.1% on Thursday. Shakiness in the buck has provided some path for dollar-priced assets to rise, as softening in the currency makes commodities priced in greenbacks more attractive to buyers using other monetary units.

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Rupee loses
Mar 22,2017

Rupee closed lower at 65.44/45 per dollar on Wednesday (22 March 2017), versus its previous close of 65.29/30 per dollar.

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Precious metals rise
Mar 22,2017

Bullion prices ended higher at Comex on Tuesday, 21 March 2017. Gold prices settled Tuesday at their highest level in nearly three weeks, with gains fueled by a drop in the U.S. dollar as traders eyed the presidential race in France and the U.K. prepared its exit from the European Union.

April gold rose $12.50, or 1%, to settle at $1,246.50 an ounce, with prices up a fourth straight session to settle at the highest level since March 1.

May silver added 0.8%, at $17.583 an ounce

The ICE U.S. Dollar Index which measures the greenbacks strength against a basket of six currencies, dropped 0.7% after touching its lowest levels since late January. Weakness in the greenback has helped to provide support for dollar-denominated commodity prices. The dollar was particularly weak versus the euro which rallied in the wake of Frances televised first presidential debate. The greenback was also sharply lower against the British pound as Britain was set to notify the European Union on March 29 that it will start the process of exiting itself from the bloc.

Tuesdays lone economic report was fourth quarter Current Account Balance. The current account deficit for the four quarter totaled $112.4 billion while the Briefing.com consensus expected the deficit to hit $128.2 billion. The third quarter deficit was revised to $116.0 billion from $113.0 billion.

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Rupee surges on dollar weakness
Mar 21,2017

Rupee closed higher at 65.29/30 per dollar on Tuesday (21 March 2017), versus its previous close of 65.36/37 per dollar.

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Marginal gains for bullions
Mar 21,2017

Bullion prices ended higher at Comex on Monday, 20 March 2017. Gold futures settled on Monday at their highest level in about 2n++ weeks, extending their post-Federal Reserve meeting gains to a third straight session, with the U.S. dollar losing ground against the euro as the U.K. prepared to leave the European Union.

April gold rose $3.80, or 0.3%, to settle at $1,234 an ounce n++the highest finish since March 1. Gold gained about 2.4% last week.

Silver for May delivery added 0.1% to $17.438 an ounce.

Gold on Friday recorded its strongest weekly climb since early February, following Wednesdays surprisingly dovish Fed stance on interest rates that depressed the dollar and lifted the yellow metal.

The Fed last week lifted benchmark interest rates by a quarter-point as was widely expected. But the central banks statement and forecasts for future rate increases were seen as less aggressive than had been anticipated.

A measure of the dollars strength, the ICE U.S. Dollar Index was up 0.1% on Monday, after touching its lowest level since early February. The greenback lost some ground against the euro as U.K. Prime Minister Theresa May will reportedly trigger the beginning of the countrys process of leaving the EU on March 29. Commodities priced in dollars often trade inversely with the dollar, as moves in the U.S. unit can influence the attractiveness of those commodities to holders of other currencies.

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Rupee consolidates
Mar 17,2017

Rupee closed slightly lower at 65.4550/4650 per dollar on Friday (17 March 2017), versus its previous close of 65.4075/4175 per dollar.

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Bullions jump higher
Mar 17,2017

Bullion metals jumped across the board on Thursday, 16 March 2017 with gold prices notching their highest finish in two weeks, on the heels of the dollars decline, which came after the U.S. Federal Reserve raised interest rates, but struck a less hawkish tone than expected.

April gold rallied $26.40, or 2.2%, to settle at $1,227.10 an ounce, with prices ending at their highest level since March 2. The metal scored its biggest one-day percentage gain since June of last year. That is when the U.K. announced its decision to exit from the European Union.

Silver jumped 40.7 cents, or 2.4%, to finish at $17.33 an ounce, marking its highest dally percentage gain since January.

The Fed on Wednesday, as expected, lifted its benchmark interest rate by 25 basis points to a range of 0.75% to 1%. It also stuck to its forecast for just two more rate hikes this year, even as some economists thought the central bank would signal it was ready to pick up the pace of rate hikes. Higher interest rates tend to boost the dollar.

Gold prices got a lift as the dollar weakened against most currency rivals following the Feds hint a measured pace of monetary tightening. The ICE Dollar Index fell 0.3%, building on a roughly 1.2% slump from Wednesday.

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Rupee flares up
Mar 16,2017

Rupee closed higher at 65.4075/4175 per dollar on Thursday (16 March 2017), versus its previous close of 65.67/69 per dollar.

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Gold settles with loss while silver ends flat
Mar 16,2017

Gold futures settled with a loss on Wednesday, 15 March 2017 while silver ended flat. Gold climbed up in post electronic trading buoyed by a fall in the U.S. dollar following the Federal Reserves decision to increase interest rates, as expected. Expectations for higher rates had already been generally dollar-positive and gold-negative as a richer buck makes gold less attractive to investors using another currency.

Gold for April delivery fell $1.90, or 0.2%, to finish at $1,200.70 an ounce. It was trading higher at $1,210.50 in electronic trading shortly after the Fed announcement, which followed the price settlement. May silver settled flat at $16.923 an ounce.

As expected, the Federal Open Market Committee voted to raise the fed funds target range by 25 basis points to 0.75%-1.00% on Wednesday. More notably, the Fed still believes that three rate hikes are appropriate for 2017, relieving investors fears that the central bank could begin setting the groundwork for a fourth hike.

Gold futures had dug in just above the $1,200 mark in recent sessions, even as prices returned to late-January lows. The metal suffered from a nine-session slide that ended Friday that marked the longest streak of declines since July 2015, FactSet data showed.

The ICE U.S. dollar index extended its decline following the news, which had been widely expected. A weaker greenback tends to provide support for dollar-denominated commodities such as gold.

Earlier Wednesday, gold was little moved by a series of economic releases, which did little to alter expectations for the Fed meeting. The data revealed a still-strong reading in a New York-area business gauge, plus a small rise in a consumer-inflation reading and negligible February improvement in retail sales which were held back by delayed tax refunds.

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Rupee marches ahead
Mar 15,2017

Rupee closed higher at 65.67/69 per dollar on Wednesday (15 March 2017), versus its previous close of 66.95/9550 per dollar.

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Rupee rises sharply
Mar 14,2017

Rupee closed sharply higher at 66.95/9550 per dollar on Tuesday (14 March 2017), versus its previous close of 66.9275/9300 per dollar.

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Precious metals shine
Mar 14,2017

Bullion prices ended higher at Comex on Monday, 13 March 2017. Gold futures marked their first advance on Monday after nine straight sessions of losses, underpinned by uncertainty surrounding elections in the Netherlands, after strong expectations for a Federal Reserve interest-rate hike on Wednesday clobbered precious metals.

Gold for April delivery rose $1.70, or 0.1%, to settle at $1,203.10. The contract ended at $1,201.40 an ounce Fridayn++the lowest finish since Jan 2016. The metals nine-session slide had marked the longest streak of declines since July 2015.

May silver also rose 4.9 cents, or 0.3%, Monday to finish at $16.972 an ounce.

Futures prices for gold posted a decline of roughly 2% last week, while silver lost about 4.6%.

But golds ability to hold ground late last week above the key $1,200-an-ounce level helped set up a possible short-term rebound for the yellow metal on Monday. The prospect of higher interest rates, with the Federal Reserves looming decision March 15, can boost the allure of holding the dollar and erode demand for dollar-priced commodities like gold. The Fed-funds futures market is currently pricing in a nearly 90% chance that the Fed will raise interest rates at the conclusion of its two-day meeting on Wednesday.

The ICE U.S. Dollar Index was up by 0.1% on Monday.

Global investors also were focused on Wednesdays Dutch parliamentary elections. The risk of a euroskeptic party emerging there is small, but a notable election performance could renew market concerns about the popularity of the anti-euro, far-right party in French presidential elections in April and May. Amid this uncertainty, investors may prefer increased holdings in gold, which is considered a haven asset in times of uncertainty.

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Rupee edges up further
Mar 10,2017

Rupee closed higher at 66.7275/7300 per dollar on Friday (10 March 2017), versus its previous close of 66.8600/8650 per dollar.

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Bullions continue to lose shine
Mar 10,2017

Bullion prices ended lower at Comex on Thursday, 09 March 2017 at Comex. Gold futures settled lower for an eighth consecutive session on Thursday as the European Central Bank appeared less concerned about deflation and investors awaited an expected rate increase from the Federal Reserve next week.

Gold for April delivery on Comex fell $6.20, or 0.5%, to $1,203.20 an ounce. May silver fell 26 cents, or 1.5%, to settle at $17.04 an ounce.

The yellow metal fell even as a rising dollar index paused its advance; gold and the dollar typically move inversely since a higher dollar makes gold more expensive for investors using another currency. The ICE Dollar Index which tracks the greenback against major currencies, slipped 0.2% to 101.87.

The European Central Bank (ECB) captured investors attention for a while this morning with its latest policy decision to leave rates unchanged. More notably, the ECB raised its 2017 GDP forecast to 1.8% from 1.7%, but did not suggest an impending reduction to stimulus. This gave a boost to the euro, helping the currency climb 0.4% against the dollar to 1.0587. The European Central Banks stand-pat stance on easing measures and Mario Draghis assertion that hes less concerned about deflation also weighed on precious metals.

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Rupee closes high
Mar 09,2017

Rupee closed higher at 66.8600/8650 per dollar on Thursday (09 March 2017), versus its previous close of 66.88/89 per dollar.

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