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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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Rupee gains
Sep 08,2016

Rupee closed higher at 66.39/40 per dollar on Thursday (08 September 2016) at 66.39/40 per dollar, versus its previous close of 66.48/49 per dollar.

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Precious metals rally
Sep 07,2016

Bullion prices rallied on Tuesday, 06 September 2016 to log their highest settlement in nearly three weeks as a fall in the U.S. service-sector index to its weakest level in over six years appeared to diminish the likelihood of a U.S. interest-rate hike this month, fueling a drop in the dollar.

December gold jumped $27.30, or 2.1%, to settle at $1,354 an ounce. December silver soared higher by 77.2 cents, or 4%, to $20.138 an ounce. Gold prices last week had eked out a weekly gain of less than 0.1%, but lost 3.4% for the month of August, the first monthly loss since May.

The ICE U.S. Dollar Index, a measure of the greenback against a basket of six rival currencies, was down 1.1% as gold prices settled. The greenback and dollar-denominated precious-metals prices tend to move inversely.

The Institute for Supply Management said Tuesday that its nonmanufacturing index fell to 51.4% last month from 55.5% in July. That was the weakest showing since February 2010.

The key takeaway from the ISM report is that it appears as if both the manufacturing sector and the non-manufacturing sector experienced a noticeable slowing of activity in August. U.S. employment data released last Friday had already shown slower overall job growth in August and an unemployment rate holding at 4.9%.

The debate over the speed and aggressiveness of Fed interest-rate changes has been pinned to each economic release but the payrolls report carried additional weight for financial markets. Prospects for higher interest rates can boost the dollar and dull the appeal of greenbak-priced gold. Rising rates also can turn off investors from precious metals, which dont bear a yield.

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Precious metals shine
Sep 02,2016

Gold futures rebounded from two-month lows on Thursday, 01 September 2016 to finish higher, after data showing a fall in U.S. manufacturing activity pressured the dollar and potentially gave the Federal Reserve a little less reason to boost interest rates at a meeting this month. Traders will now look ahead to Fridays monthly U.S. jobs report for further clues on the central banks plans for interest rates.

December gold rose $5.70, or 0.4%, to settle at $1,317.10 an ounce. December silver rose 23.6 cents, or 1.3%, to $18.943 an ounce. For the month of August, however, silver prices declined 8.1%, based on the most-active contract.

Gold fell as the dollar moved lower against its chief rivals. The ICE U.S. Dollar Index, a measure of the greenback against a basket of six rival currencies, was down 0.3% as gold futures settled.

The ICE U.S. Dollar Index turned lower after the ISM manufacturing data, but that failed to support dollar-denominated oil prices.

The Institute for Supply Management said Thursday its manufacturing index in August fell to 49.4% from 52.6% last month, below the consensus expectation for a 52% reading. A reading below 50% indicates contraction.

Fed Chairwoman Janet Yellen had reiterated at the Jackson Hole, Wyo. economic summit last week that any decision on rates would be depended on the n++degree to which incoming data continues to confirm the Fed policy committees outlook.n++

The market will get further clues on that front from data set for release Friday. The Labor Department is expected to say the worlds largest economy added 185,000 jobs in August; its report includes government hiring.

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Rupee gains moderately
Sep 01,2016

Rupee closed with moderate gains on Thursday (01 September 2016) at 66.95/96 per dollar, versus its previous close of 66.97/98 per dollar.

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Rupee plunges on dollars strength
Aug 29,2016

Rupee closed lower on Monday (29 August 2016) at 67.1660/1860 per dollar, versus its previous close of 67.0575/0675 per dollar last Friday.

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Modest gains for bullions
Aug 29,2016

Bullion prices settled modestly higher on Friday, 26 August 2016 paring earlier gains, as traders eyed moves in the dollar following comments from two top Federal Reserve officials that hinted at a potential U.S. interest-rate hike as early as next month.

December gold tacked on $1.30, or 0.1%, to settle at $1,325.90 an ounce Friday. It had eased back from earlier highs above $1,344 that were hit as Yellen spoke and the U.S. ICE Dollar Index dropped. Gold futures were down about 1.5% for the week, the biggest weekly decline since the week ended 15 July.

December silver rose 13 cents, or 0.7%, to $18.745 an ounce, leaving the white metal with a 3.6% weekly drop.

The dollar saw volatile trading after Federal Reserve Chairwoman Janet Yellens speech at the Kansas City Feds annual economic symposium at Jackson Hole, Wyo. She said the case for an increase in the federal-funds rate had strengthened in recent months, but would remain dependent on what incoming data say about the U.S. economy. Chair Yellen indicated that the case for a rate hike had improved in recent months, but she also acknowledged that monetary policy is not on a preset course.

Following the comments, gold prices rallied $20 an ounce or more when the greenback began to drop versus other major currencies.

But the dollar then turned decidedly higher after Fed Vice Chairman Stanley Fischer, said Yellens speech was n++consistentn++ with the possibility of two rate increases this year. Fischer, however, also said that the August jobs report will influence the central banks rate decision, echoing Yellens emphasis on the importance of incoming economic data.

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Precious metals turn pale
Aug 25,2016

Bullion prices fell on Wednesday, 24 August 2016 at Comex. Gold futures fell Wednesday to log their lowest finish in about a month, as investors hope for clarity this week on the near-term path for interest rates.

December gold dropped $16.40, or 1.2%, to settle at $1,329.70 an ounce. December silver shed 37.7 cents, or 2%, to $18.688 an ounce.

Precious metals and the dollar have vacillated amid shifting expectations about the U.S. Federal Reserves interest-rate policy, ahead of a closely watched retreat in Jackson Hole where Fed Chairwoman Janet Yellen will speak on Friday.

The dollar largely gained versus major rivals, leaving the ICE dollar index up 0.3%. U.S. stocks, meanwhile, traded mostly lower in the wait for the Feds next clues. A firmer dollar tends to make the gold priced in this currency less attractive to investors. Higher interest rates can also turn investors away from nonyielding gold in favor of alternatives that typically fare better in a rising-rate climate.

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Rupee dips
Aug 24,2016

Rupee sinked to close at 67.1050/1150 per dollar on Wednesday (24 August 2016), versus its previous close of 67.0600/0650 per dollar.

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Dull day for precious metals
Aug 23,2016

Bullion prices finished lower on Monday, 22 August 2016 for a second session, pressured by expectations that a speech from U.S. Federal Reserve Chairwoman Janet Yellen later this week will support an interest-rate hike as soon as September, fueling a rise in the dollar.

On Monday, December gold fell $2.80, or 0.2%, to settle at $1,343.40 an ounce after a 0.8% loss on Friday. Gold managed a gain of roughly 0.2% last week.

September silver settled at $18.859 an ounce, down 45.8 cents, or 2.4%. The white metal ended Friday with a roughly 2% weekly decline.

Fed members are set to converge on Jackson Hole near the end of the week for an annual policy retreat. Investors will parse Yellens speech on Friday for clues on the near-term fate of interest rates.

The ICE U.S. dollar index was up 0.1% on Monday as gold futures settled. The greenback had tapped a seven-week low last week but regained a portion of the slide, sending gold still lower in the wake of hawkish rate talk from Fed Vice Chairman Stanley Fischer over the weekend. A firmer dollar makes dollar-priced gold less attractive to overseas buyers. Additionally, higher interest rates can dull the appeal of gold, which doesnt bear interest, in favor of investment alternatives that offer better yields.

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Rupee closes down
Aug 22,2016

Rupee closed lower on Monday (22 August 2016) at 67.1850/1950 per dollar, versus its previous close of 67.0550/0650 per dollar on the wake of dollars strength against the local greenback.

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Rupee edges higher
Aug 10,2016

Rupee closed higher on Wednesday (10 August 2016) at 66.72/73 per dollar, versus its previous close of 66.84/85 per dollar.

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