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Bullion prices turn pale
Jan 09,2017

Bullion prices settled lower on Friday, 06 January 2017 at Comex. Gold futures settled lower on Friday as strength in the U.S. dollar and equities in the wake of the monthly domestic jobs report dulled investment demand for the precious metal. Prices, however, gained for the week, buoyed by uncertainty surrounding the pace of interest-rate increases by the Federal Reserve.

February gold fell $7.90, or 0.7%, to settle at $1,173.40 an ounce, after notching its highest settlement in five weeks on Thursday. Expectations about the pace of rate increasesn++a negative for gold that doesnt offer a yieldn++has cooled somewhat. For the week, the yellow metal tallied a 1.8% gain.

March silver was off 11.8 cents, or 0.7%, at $16.519 an ounce, paring its weekly rise to roughly 3.3%.

The Labor Department reported on Friday that 156,000 jobs were added in December to cap off the sixth straight year in which the economy created more than 2 million new jobs. Market had predicted a 180,000 increase in new nonfarm jobs. The unemployment rate rose to 4.7% from 4.6%. An increase in wage growth, however, provided support for the argument that the employment market remains on a solid footing. Average hourly wages jumped 0.4% to $26 last month, while hourly pay increased 2.9% from December 2015 to December 2016, marking the fastest 12-month increase since a recovery that began in mid-2009.

Strength in the dollar, with the ICE U.S. Dollar Index, a measure of the currency against six rival currencies, tacking on 0.7% Friday, weighed on gold, which is priced in the currency. A stronger buck makes assets priced in the currency more expensive to buyers using other monetary units.

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Rupee manages gain
Jan 06,2017

Rupee closed higher amid a strong dollar rally on Friday (06 January 2017) at 67.9509/9700 per dollar, versus its previous close of 67.9579/9720 per dollar.

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Rupee sustains gain
Jan 05,2017

Rupee closed higher at 67.9579/9720 per dollar on Thursday (05 January 2017), versus its previous close of 68.0499/0700 per dollar.

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Rupee sags further
Jan 03,2017

Rupee dropped further on Tuesday (03 January 2017) to close at 68.3879/4030 per dollar, versus its previous close of 68.2225/2325 per dollar.

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Rupee opens the years trade on a sad note
Jan 02,2017

Rupee closed lower at 68.2225/2325 per dollar on Monday (02 January 2017), versus its previous close of 67.8998/9330 per dollar.

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Precious metals end 2016 on dull note
Jan 02,2017

Bullion prices ended lower at Comex on Friday, 30 December 2016. Gold futures moved in and out of positive territory on Friday, risking a fifth straight session gain, but still on track to snap what had been the longest weekly losing streak in more than 12 years.

Gold futures for February delivery fell $1.00, or 0.1%, to $1,157.10 an ounce, but had earlier traded up to $1,164.

Gold futures fell on Friday but snapped what had been the longest weekly losing streak in more than 12 years with a 1.5% weekly gain. Gold logged a 9% gain for all of 2016, owed to its early-year move. Gold is off more than 15% from its 2016 best, which was the settle high of $1,364.90 hit 6 July 2016.

March silver was down 15 cents, or 0.9%, at $16.08 an ounce after trading at its highest in about two weeks. For the month, silver fell a roughly 2%. Silver gained 17% for the year.

Precious metals moved in choppy fashion in this final trading day of 2016 as the dollar index pulled back from the 14-year highs it hit late this month. Thanks to strong early-year performances, both gold and silver logged sizable gains for the year, their best annual showing since 2012.

The ICE Dollar which typically moves inversely to gold, was down 0.5% at 102.13. This dollar gauge, which measures the strength of the buck against a basket of six currencies, traded in recent sessions at its highest level since December 2002.

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Rupee up as dollar retreats
Dec 26,2016

Rupee closed higher at 67.7450/7550 per dollar on Monday (26 December 2016), versus its previous close of 67.8138/8290 per dollar.

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Precious metals turn pale
Dec 23,2016

Bullion prices ended lower at Comex on Thursday, 22 December 2016. Gold prices on Thursday declined for a third straight session, adding to their December retreat, even as the dollar fell from a 14-year high notched earlier this week.

Gold for February delivery fell $2.50, or 0.2%, to settle at $1,130.70 an ounce, after logging narrow declines on Tuesday and Wednesday. For the week, gold is down 0.5%. If the metal logs another weekly loss on Friday, it will be the seventh weekly loss for gold in a row.

March silver fell 10.8 cents, or 0.7%, to settle at $15.87 an ounce on Thursday.

For the year, gold and silver are poised for their most robust gains since 2012. Gold is headed for a roughly 6% advance and silver is up 15% for 2016, boosted by early-year gains scored when expectations for interest-rate increases by the Federal Reserve were more subdued.

The ICE Dollar Index was up less than 0.1% on Thursday. The dollar gauge, which measures the strength of the buck against a basket of six currencies.

Both the dollar and gold remained relatively muted, following mixed U.S. economic indicators Thursday. A reading of third-quarter gross domestic product was lifted to a gain of 3.5% on an annual basis, while durable-goods orders fell for the first time in five months in November.

An additional negative in gold was Italys approval of n++20 billion in bailout funds for its ailing banking sector,

The precious metal has declined 3.7% so far in December, weighed by a rising dollar and higher interest rates. Because gold is priced in dollars, any advances for the greenback make the metal more expensive for other currency holders, presumably impeding appetite. Additionally, rising yields make it more attractive to invest in assets that offer interest, which gold doesnt.

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Rupee drops
Dec 22,2016

Rupee closed lower at 67.9697/9850 per dollar on Thursday (22 December 2016), versus its previous close of 67.9178/9330 per dollar.

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Rupee bounces back
Dec 21,2016

Rupee closed higher at 67.9178/9330 per dollar on Tuesday (21 December 2016), versus its previous close of 68.0279/0430 per dollar.

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Rupee weakens further
Dec 20,2016

Rupee closed weaker on Tuesday (20 December 2016) at 68.0279/0430 per dollar, versus its previous close of 67.8650/8750 per dollar.

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Rupee closes up
Dec 16,2016

Rupee closed higher at 67.7577/7730 per dollar on Friday (16 December 2016), versus its previous close of 67.8799/8970 per dollar.

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Precious metals shine ahead of Fed meeting
Dec 15,2016

Bullion prices ended higher at Comex on Wednesday, 15 December 2016 at Comex. Gold futures settled higher on Wednesday, then retreated in electronic trading as the dollar strengthened on the heels of the U.S. Federal Reserves decision to raise interest rates for the first time in 12 months.

Gold for February delivery was at $1,156.20 an ounce in electronic trading shortly after the Fed announcement, down from Wednesdays settlement of $1,163.70. Wednesdays finish marked a rebound of $4.70, or 0.4% from Tuesdays settlement, at a roughly 10-month low. March silver rose 24.4 cents, or 1.4%, to $17.221 an ounce.

The Federal Reserve raised its key short-term rate on Wednesday, as had been universally expected, but it also forecast three rate increases in 2017, compared with the two that had been anticipated at its previous meeting in September. While the revised outlook could be taken as a positive signn++the Fed has said it would only raise rates when it deems the economy strong enough to withstand such a moven++it added an element of uncertainty to the market. In raising rates, the Fed moved its key short-term rate to a range of 0.5%-0.75% from 0.25% to 0.5%. The Fed decision marks the central banks first increase in rates since last December, which itself was the first in about a decade.

A rise in interest rates tends to strengthen the dollar, the currency used in oil trading. This makes make oil more expensive for those who trade oil in foreign currencies.

In the latest round of economic data, retail sales rose 0.1% in November, a slower pace of growth than had been expected. Elsewhere, the producer-price index jumped 0.4% in November, largely because of higher wholesale margins in the extremely volatile retail category.

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Rupee almost stable
Dec 15,2016

Rupee closed almost steady at 67.43 per dollar on Monday (12 December 2016), versus its previous close of 67.4150/4250 per dollar on Friday (09 December 2016).

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Dull day for precious metals
Dec 07,2016

Bullion prices ended lower at Comex on Tuesday, 06 December 2016. Gold prices settled lower for a second session as the dollar strengthened against its leading rivals and U.S. stocks traded mostly highern++drawing investors attention away from the precious metal. Gold investors also remained on the defensive as they faced the strong likelihood of a Federal Reserve interest-rate hike next week and the possibility that monetary policy will tighten at an accelerated pace in 2017, boosting the dollar and cutting demand for the yellow metal.

Gold futures for February delivery fell $6.40, or 0.5%, to settle at $1,170.10 an ounce. The contract fell below $1,160 an ounce briefly on Monday, flirting with levels not seen since February.

March silver failed to extend the gains seen over the past three trading sessions, with the contract settling at $16.81 an ounce, down 8.9 cents, or 0.5%.

The ICE U.S. dollar index was trading higher by 0.4% after strong gains in November and early December. Strength in the buck often makes commodities, including gold, less attractive for holders of other currencies.

Economic data at Wall Street on Tuesday included Productivity, Unit Labor Costs, Trade Balance, and Factory Orders. Third-quarter productivity was left unrevised at 3.1% (consensus 3.3%) while Unit Labor Costs were revised up to 0.7% from 0.3% (consensus 0.2%). Higher unit labor costs may not be the best thing for corporate profit margins, yet there is an encouraging element for consumer spending growth since the revision for unit labor costs was driven solely by an increase in hourly compensation growth.

Separately, the trade deficit widened to $42.6 billion in October (consensus -$41.8 bln) from an upwardly revised $36.2 billion deficit (from -$36.4 bln) in September.

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