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Precious metals drop
Sep 29,2016

Bullion prices ended lower at Comex on Wednesday, 28 September 2016. Gold futures settled lower on Wednesday for a second straight session as traders focused on Federal Reserve Chairwoman Janet Yellens testimony at a House hearing and upcoming comments this week from other speakers at the central bank.

December gold fell $6.70, or 0.5%, to settle at $1,323.70 an ounce, holding ground at its lowest levels in just over a week. Silver for December delivery shed 4.4 cents, or 0.2%, to $19.121 an ounce.

Yellen didnt say much about monetary policy during her testimony before the House Financial Services Committee, but several Fed officials were slated to make remarks this week, which could have implications for currency and stock market trading n++ and influence demand for precious metals. On Tuesday, San Francisco Fed President John Williams told Reuters that he would support an increase-rate increase and that the central bank can raise rates without threatening the U.S. economy.

Higher interest rates can boost the dollar and dull demand for dollar-denominated commodities. On Wednesday, the ICE U.S. Dollar Index edged up by 0.1%.

Todays economic data at Wall Street included the weekly MBA Mortgage Index and the Durable Goods Orders report for August. The MBA Mortgage Index indicated that mortgage applications declined 0.7% in the week ending September 24. This followed a 7.3% decline in the prior week.Total durable goods orders were unchanged in August (consensus -1.9%), which was better than expected, while orders excluding transportation were down 0.4%, as expected. Total orders growth for July was revised down to 3.6% from 4.4% while growth in orders excluding transportation was also revised down to 1.1% from 1.5%.

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Rupee moves ahead
Sep 28,2016

Rupee closed higher the third session of the week at 66.4575/4675 per dollar on Wednesday (28 September 2016), versus its previous close of 66.48/49 per dollar.

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Rupee sustains gains
Sep 27,2016

Rupee closed higher at 66.48/49 per dollar on Tuesday (27 September 2016), versus its previous close of 66.60/61 per dollar.

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Rupee registers moderate gains
Sep 23,2016

Rupee closed higher at 66.65/66 per dollar on Friday (23 September 2016), versus its previous close of 66.66/67 per dollar.

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Rupee reverses losses
Sep 22,2016

Rupee closed higher at 66.66/67 per dollar on Thursday (22 September 2016), versus its previous close of 67.0150/0250 per dollar.

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Bright day for precious metals
Sep 22,2016

Bullion prices ended substantially higher at Comex on 21 September 2016. Gold futures settled higher on Wednesday, scoring a third straight advance, then extended its gain after the Federal Reserve left interest rates unchanged, but signaled that a rate increase was likely before the years end. Prices had spent most of the trading session in the green amid volatile currency moves, including a weaker dollar, even in the wake of the Bank of Japans aggressive steps to fight deflation announced earlier Wednesday.

Ahead of the Fed announcement, December gold rose $13.20, or 1%, to settle at $1,331.40 an ounce. December silver climbed 49.1 cents, or 2.6%, to settle at $19.768 an ounce.

Participants mulled over the latest policy statement from the FOMC and commentary from Fed Chair Janet Yellen. The FOMC opted to leave the target range for the fed funds rate unchanged at 0.25% to 0.50%. However, three committee members dissented, indicating that they supported an interest rate hike at the September meeting. Additionally, the committee lowered rate hike expectations going forward, estimating one rate hike in 2016, two to three in 2017, and three in 2018.

Higher U.S. rates are seen as dollar-supportive. That could undermine pricing for gold priced in greenbacks. Conversely, gold tends to gain when the dollar dips. And a rising-rate climate at the Fed can also dull the appeal of gold, which doesnt offer a yield.

Earlier Wednesday, Japans central bank took an unexpected step, launching a 10-year interest rate target to step up its fight against deflation. Against the yen, the dollar dropped about 1.2%. The Bank of Japan also said it would continue quantitative easing until inflation n++exceedsn++ 2%, effectively strengthening its commitment to continue aggressive easing.

The economic report of the day at Wall Street showed that the MBA Mortgage Index indicated that mortgage applications declined 7.3% in the week ending September 17. This followed a 4.2% gain in the prior week.

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Rupee continues to slip
Sep 21,2016

Rupee closed lower on Wednesday (21 September 2016) at 67.0150/0250 per dollar, versus its previous close of 67.0050/0150 per dollar.

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Rupee sops
Sep 20,2016

Rupee continued its losing streak on Tuesday (20 September 2016) to close at 67.0050/0150 per dollar, versus its previous close of 66.9575/9675 per dollar.

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Rupee firm
Sep 19,2016

Rupee closed higher at 66.9575/9675 per dollar on Monday (19 September 2016), versus its previous close of 67.08/09 per dollar last Friday.

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Gold at lowest levels in three months
Sep 19,2016

Bullion prices ended lower at Comex on Friday, 16 September 2016. Gold futures finished at their lowest level in almost three months on Friday, logging a seventh drop in eight sessions to finish the week with a nearly 2% loss as the U.S. dollar climbed sharply in the run up to key central bank policy meetings next week.A report on inflation muddied the short-term fate for U.S. interest rates ahead of separate meetings of the Federal Reserve and Bank of Japan. Attention was fixed on inflation data and any implications it has for Fed decision-making. Quadruple witching, when certain futures and options expire at the same time, added volatility to the trading session, prompting prices to end closer to the days lows.

December gold fell $7.80, or 0.6%, to $1,310.20 an ounce. Prices saw the lowest settlement since June 23 and lost 1.8% for the week. December silver also fell by 17.9 cents, or 0.9%, to $18.862 an ounce, down around 2.6% for the week.

Economic data at Wall Street on Friday showed that the U.S. Consumer Price Index rose 0.2% in August, outpacing a forecast for 0.1% advance. Excluding the volatile food and energy categories, so-called core consumer prices climbed 0.3%. Consumer inflation is firming (as is producer price inflation) and there is some data-based rationalization in the core CPI rate for the Fed to raise the fed funds rate.

Both central banks are eyeing divergent directions for their respective monetary policies, when their policy-setting committees separately convene Sept. 20-21. Their actions, or simply their commentary, could influence their currencies and dollar-priced assets like metals.

Separately, the preliminary reading of the University of Michigan Consumer Sentiment Survey for September was unchanged from the final August reading, holding at 89.8.

The dollar has strengthened in response to the higher-than-expected consumer price inflation, prompting gold to drift lower. The ICE U.S. Dollar Index extended its gain after the inflation data, and traded 0.8% higher as gold futures settled. Higher rates tend to lift the dollar, dulling the appeal of greenback-priced assets including precious metals. At the same time, signs of deepening inflation risks could revive demand for gold as a hedging alternative to inflations erosive effects on other assets.

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Bullions drop again
Sep 16,2016

Bullion prices ended lower on Thursday, 15 September 2016. Gold prices dropped to mark a sixth loss in seven sessions as investors sifted through the latest deluge of U.S. economic data in the run up to next weeks meeting of the Federal Reserve. A deluge of macroeconomic reports drew into focus the near-term picture for interest rate-sensitive trading in currencies and metals. Both the Federal Reserve and the Bank of Japan are slated to hold policy meetings next week, which could influence the buck and dollar-priced assets like metals.

December gold fell $8.10, or 0.6%, to settle at $1,318 an ouncen++the lowest level in two weeks.

December silver fell 2.5 cents, or 0.1%, to $19.041 an ounce.

A broad index for the greenback switched between gains and losses on Thursday. The buck was slightly weaker versus the yen. It gained ground against the U.K.s sterling after the Bank of England left rates and bond-buying untouched but cracked the door open for a future rate cut.

The flurry of economic reports Thursday included a closely watched snapshot of retail sales. Sales at U.S. retailers fell 0.3% in August and declined for the first time in five months. U.S. producer prices were flat in August, while regional manufacturing gauges measuring conditions in the New York area and Philadelphia both showed improvement. Economic data can sway the Feds decisions on interest rates.

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Rupee flutters on devaluation talk
Sep 15,2016

Rupee went down to close at 67.0175/0275 per dollar on Thursday (15 September 2016) after a Ministry of Commerce hinted at devaluation of rupee. However the Finance Ministry has declined such an idea. Earlier rupee closed at 66.90/92 per dollar on Wednesday.

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Precious metals end higher
Sep 15,2016

Bullion prices ended higher at Comex on Wednesday, 14 September 2016 at Comex. Gold futures settled higher on Wednesday, as support from a retreat in the U.S. dollar prompted prices to snap a five-day slide. But investors remained wary ahead of next weeks meetings for the U.S. Federal Reserve and Bank of Japan that may yield changes to monetary policy.

December gold rose $2.40, or 0.2%, to settle at $1,326.10 an ounce. December silver rose 9.1 cents, or 0.5%, to $19.066 an ounce.

Prices edged down on Tuesday to finish at their lowest level in nearly two weeks as a strengthening U.S. dollar pressured gold. But a broad index for the greenback on Wednesday traded lower as gold prices settled, with global markets readying for key interest-rate meetings slated for next week. The Feds policy announcement is due at the end of its two-day meeting next Wednesday and the BOJ meets during the same period.

Comments from Fed officials have also managed to rattle the gold market. Fed Gov. Lael Brainard on Monday struck a dovish monetary policy tone, saying the central bank needed to be prudent in considering future rate rises. Brainards comments were the last from a Fed official ahead of the U.S. central banks own policy meeting next week.

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Rupee marches forward
Sep 14,2016

Rupee closed higher on Wednesday (14 September 2016) at 66.90/92 per dollar, versus its previous close of 67.14/15 per dollar.

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Precious metals turn dull
Sep 14,2016

Bullion prices ended lower at Comex on Tuesday, 13 September 2016.Gold futures failed to hold on to earlier gains on Tuesday as pressure from strength in the U.S. dollar prompted prices to extend their losing streak to a fifth session in a row. Some dovish Federal Reserve comments on Monday had helped to cool expectations for an interest-rate hike as soon as next week, but the greenback managed to post gains on Tuesday ahead of next weeks Fed policy meeting.

On Tuesday, December gold fell $1.90, or 0.1%, to settle at $1,323.70 an ounce.

December silver fell 2.5 cents, or 0.1%, to $18.975 an ouncen++also its lowest settlement since the start of this month.

Fed Gov. Lael Brainard on Monday struck a dovish tone, saying the central bank needed to be prudent in considering future rate rises. Her comments hit just minutes before golds settlement, keeping prices for the metal off the days lows. Financial markets had braced for potential signals from Brainard for an imminent hike, especially after hawkish-leaning chatter from her colleagues in recent days.

On Tuesday, the ICE U.S. Dollar Index rose by 0.4%, while U.S. equities traded lower after a rally on Monday.

A loose monetary-policy stance is positive news for gold bulls as the metal, which doesnt pay interest, is typically more appealing in a low-rate environment. Conversely, indications for rising rates tend to pressure gold prices. U.S. currency weakness is also a boon for dollar-pegged assets including precious metals, making them relatively cheaper to buyers using other currencies.

Todays economic data at Wall Street was limited to the Treasury Budget for August. The Treasury Budget for August showed a deficit of $107.1 billion versus a deficit of $64.4 billion in August 2015. The Treasury Budget data is not seasonally adjusted, so the August deficit cannot be compared to the $112.8 billion deficit registered in July. Total receipts in August were $231.3 billion while total outlays were $338.4 billion. Receipts were $20.5 billion more than receipts in August 2015. Total outlays, meanwhile, were $63.2 billion more than the same period a year ago. The 12-month deficit widened to $529.9 billion from $487.2 billion in July.

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