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India

Sumita Layek

RPT-Asia Rice-Vietnamese rates gain on hopes of deal with Philippines

16 Oct 2020

* Philippines to buy 300,000 tonne of Vietnamese rice- trader

PRECIOUS-Gold edges up after Trump offers larger U.S. stimulus

15 Oct 2020

* Dollar index gains * U.S. weekly jobless claims rise unexpectedly * Interactive graphic tracking global spread of coronavirus: open https://tmsnrt.rs/3aIRuz7 in an external browser (Updates prices) By Sumita Layek Oct 15 Gold prices edged up on Thursday after U.S. President Donald Trump reignited hopes of a coronavirus stimulus package before the Nov. 3 elections, but a strong dollar kept the metal's gains in check. Spot gold rose 0.3% at $1,906.15 per ounce by 1:46 p.m. EDT (1746 GMT). U.S. gold futures settled up 0.1% at $1,908.90. Trump said he would agree to go higher than the $1.8 trillion that the White House has offered in coronavirus stimulus to strike a deal. "The focus is on renewed hopes for stimulus talks as the U.S. president keeps pushing to get a deal done and gold is ignoring the strength in the dollar," ED&F Man Capital Markets analyst Edward Meir said. "But with the dollar as strong as it is, the upside in gold will likely be limited." The dollar held gains against rivals, supported by U.S. Treasury Secretary Steve Mnuchin's remarks on Wednesday that a stimulus deal would be hard to reach before the election. Further supporting gold, U.S. weekly jobless claims unexpectedly rose last week. "The jobless numbers showed that we're not out of the woods yet, we still have a lot of headwinds to contend with, which points to the likelihood of more government intervention through stimulus and suppressed interest rates," said Jeffrey Sica, president and chief investment officer of Sica Wealth Management. Gold, considered a hedge against inflation, currency debasement and uncertainty, has gained 25% this year, driven by massive global stimulus to cushion economies from the pandemic-induced slump. "Ultimately the macro factors that have driven investors to seek the yellow metal's warm embrace will keep investment capital flowing into gold well into next year," TD Securities analysts said in a note. Elsewhere, silver fell 0.4% to $24.19 per ounce, platinum rose 0.5% to $860.92 and palladium climbed 0.2% to $2,349.04. (Reporting by Sumita Layek in Bengaluru Editing by Marguerita Choy and Chizu Nomiyama)

Asia Rice-Vietnamese rates gain on hopes of deal with Philippines

15 Oct 2020

* Philippines to buy 300,000 tonne of Vietnamese rice- trader

PRECIOUS-Gold rises 1% on dollar weakness, economic uncertainty

14 Oct 2020

* Dollar down against major currencies * U.S. to get stimulus no matter who wins the election- analyst * Interactive graphic tracking global spread of coronavirus: https://graphics.reuters.com/world-coronavirus-tracker-and-maps/ (New throughout, updates prices, market activity and comments) By Sumita Layek Oct 14 Gold gained 1% on Wednesday, rebounding from a sharp decline in the previous session, boosted by a weaker dollar and uncertainties surrounding the U.S. election and global economic recovery boosted the safe haven metal's allure. Spot gold was up 0.7% to $1,903.20 per ounce by 1:46 p.m. EDT (1746 GMT). U.S. gold futures settled up 0.7% to $1,907.30. "The dollar index is down on the day, yields are lower which is supporting gold and we're also seeing some technical buying probably because yesterday's correction was a little overdone," said Bart Melek, head of commodity strategies at TD Securities. The dollar was down against major currencies, while the benchmark 10-year Treasury yield also fell. Bullion dipped as much as 1.9% on Tuesday after the greenback rallied on an impasse over U.S. stimulus. "We're going to get a stimulus no matter who wins the elections - Democrats or Republicans ... the fact of the matter is the U.S. needs a stimulus package, although it looks doubtful that we'll get one in any meaningful way before the elections," Melek added. Gold, considered a hedge against inflation and currency debasement, has climbed 25% this year amid the unprecedented levels of global stimulus to ease the economic blow from the pandemic. Investors also kept an eye on the U.S. presidential campaign, with polls showing Democratic candidate Joe Biden leading the race, but many remained worried about the potential for a delayed election result. "The $1,900 an ounce level has been a battle ground for gold," said Eli Tesfaye, senior market strategist at RJO Futures. "The market has tried to take it below that level several times but the bears have been overcome by demand from the uncertainty in the upcoming U.S. elections, stimulus and Brexit." Elsewhere, silver rose 0.5% to $24.30 per ounce, platinum fell 0.7% to $859.30 and palladium gained 1.2% to $2,342.32. (Reporting by Sumita Layek in Bengaluru; Editing by Sandra Maler, Marguerita Choy and David Gregorio)

PRECIOUS-Gold slides nearly 2% on dollar rally, IMF silver lining

13 Oct 2020

* Interactive graphic tracking global spread of coronavirus: https://graphics.reuters.com/world-coronavirus-tracker-and-maps/ (Updates prices)

PRECIOUS-Gold slips from 3-wk high on prospect of limited U.S. stimulus

12 Oct 2020

* U.S. government, bond market closed for Columbus Day * Trump administration calls for stripped-down relief bill * Interactive graphic tracking global spread of coronavirus: https://graphics.reuters.com/world-coronavirus-tracker-and-maps/ (Updates prices) By Sumita Layek Oct 12 Gold prices fell from a three-week peak on Monday as expectations of an inadequate U.S. coronavirus relief bill dented the appeal of bullion, which is used as a hedge against likely inflation. Spot gold fell 0.3% to $1,923.56 per ounce by 1:41 p.m. EDT (1741 GMT), after hitting its highest since Sept. 21 at $1,932.96. U.S. gold futures settled up 0.1% at $1,928.90. The Trump administration on Sunday called on Congress to pass a stripped-down coronavirus relief bill using leftover funds, as negotiations on a broader package ran into resistance. "We are talking trillions (in stimulus) one day and it's billions the next day and it will (probably) be millions next. It feels like it is getting smaller coming into the election," said Phillip Streible, chief market strategist at Blue Line Futures in Chicago. The possibility of a smaller U.S. coronavirus stimulus bill is weighing on gold, he added. Gold has gained over 26% so far this year helped by stimulus from governments and global central banks as it considered a hedge against inflation risks and currency weakening. Investors were also keeping a close eye on the upcoming U.S. election due in a couple of weeks, where Democrat Joe Biden is seen as more likely to win. "Gold will be higher if Biden wins because he will spend a lot of money," said Bob Haberkorn, senior market strategist at RJO Futures, adding any unknowns on the election night will also provide support. Bullion also eased as Wall Street's main indexes were supported by rising tech stocks. The U.S. government and bond market are closed on Monday for Columbus Day. Among other precious metals, silver fell 0.2% to $25.07 per ounce, platinum fell 1.3% to $874.22, while palladium lost 1.6% to $2,399.86. (Reporting by Sumita Layek in Bengaluru Editing by Marguerita Choy and Richard Chang)

PRECIOUS-Gold jumps on weaker dollar, U.S. stimulus bets

09 Oct 2020

* Spot gold headed for weekly gain of 0.9% * Silver up over 2% for the week * Interactive graphic tracking global spread of coronavirus: https://graphics.reuters.com/world-coronavirus-tracker-and-maps/ (Updates prices) By Sumita Layek Oct 9 Gold rose by more than 1% on Friday and was on course for a second straight weekly gain as the dollar weakened and renewed negotiations for U.S. stimulus prompted investors to buy bullion as a hedge against inflation. Spot gold was up 1.2% to $1,915.36 per ounce by 1135 GMT, up 0.9% this week. U.S. gold futures gained 1.4% to $1,921.30. "The gyrations on whether we are going to get a stimulus or not seems to be affecting gold prices; gold has rallied on huge stimulus from the U.S. Federal Reserve and the government, and if that continues, it will support gold further," said Robin Bhar, an independent analyst. U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin resumed their talks over the coronavirus aid plan, after U.S. President Donald Trump called off negotiations earlier this week. "Investors who have a portfolio in equities, fixed income, will also try to find ways of hedging the uncertainty on the economy and the stimulus," Bhar added. Gold has gained 26% this year, boosted by massive stimulus globally to cushion the pandemic's economic impact. The dollar fell against rivals, amid growing bets that Joe Biden would win the U.S. presidential election and possibly offer more stimulus after that. The prospect of a Democrat win boosts the incentive to hold gold as a new relief package can be assembled if the ongoing stimulus talks fall apart, said OANDA analyst Craig Erlam. Meanwhile, gold-backed exchange traded funds added over 1,000 tonnes of bullion worth $60 billion to their stockpile in the first nine months of 2020, the World Gold Council said. Silver rose 2.3% to $24.36 per ounce and is up more than 2% this week. Platinum gained 2.2% to $881.33 and palladium climbed 2.2% to $2,423.30. (Reporting by Sumita Layek in Bengaluru; editing by Elaine Hardcastle and Jason Neely)

PRECIOUS-Gold rises on U.S. stimulus hopes, awaits jobs data

08 Oct 2020

* U.S. weekly jobless claims due at 1230 GMT * Gold range-bound between $1,850-$2,070- analyst * Interactive graphic tracking global spread of coronavirus: https://graphics.reuters.com/world-coronavirus-tracker-and-maps (Updates prices) By Sumita Layek Oct 8 Gold rose on Thursday on hopes of a partial U.S. coronavirus stimulus deal to support the virus-stricken economy, while investors waited for the weekly jobless claims report from the world's largest economy. Spot gold had risen 0.2% to $1,891.36 per ounce by 1130 GMT. U.S. gold futures were up 0.3% at $1,896.10. "The short-term potential for additional stimulus and the longer term prospect for a Joe Biden-Kamala Harris win, which the market is viewing as inflationary, are thereby continuing to support gold, given the increased demand for hedging against future inflation," said Saxo Bank analyst Ole Hansen. Global stocks rose on hopes for the partial stimulus deal, as President Donald Trump urged Congress to pass money for airlines, small businesses, and stimulus checks for individuals on Tuesday after abruptly calling off negotiations. Bullion, considered a hedge against inflation and currency debasement, has risen 24% this year following unprecedented government and central bank stimulus worldwide to revive economies. Minutes from the U.S. Federal Reserve's September meeting offered no clear sense of the next steps to offset the coronavirus recession. Many policymakers said their economic outlook assumed additional fiscal support. The focus is now on U.S. employment data due at 1230 GMT. Jobless claims are predicted to decline, but continued claims are likely to remain above 10 million. "It seems investors are in a wait-and-see mode as they are still hoping for new stimulus from central banks to help the economy's recovery," ActivTrades chief analyst Carlo Alberto De Casa said in a note. "Bullion remains in a lateral trading range between $1,850 and $2,070, waiting for a clear new direction." Among other metals, silver gained 0.5% to $23.96 per ounce. Platinum was flat at $863.77, while palladium rose 0.7% to $2,369.17. (Reporting by Sumita Layek in Bengaluru; editing by Barbara Lewis, Kirsten Donovan)

Gold gains as concerns over U.S. stimulus talks ease

07 Oct 2020

Gold rebounded on Wednesday as worries about a halt in U.S. coronavirus stimulus talks faded, bolstering bullion's appeal as a hedge against inflation and prompting investors to cover short positions after a near 2% decline in the last session.

PRECIOUS-Gold firms on weaker dollar; buoyant equities cap gains

06 Oct 2020

* Dollar dips by 0.1% * Global equities near highest in more than two weeks * Interactive graphic tracking global spread of coronavirus: https://graphics.reuters.com/world-coronavirus-tracker-and-maps/ (Updates prices and adds comment) By Sumita Layek Oct 6 Gold edged higher on Tuesday as the dollar weakened, though gains were capped by improved appetite for riskier assets after U.S. President Donald Trump left the hospital where he was treated for COVID-19. Spot gold rose 0.3% to $1,917.86 an ounce by 1205 GMT, having hit its highest in almost two weeks on Monday at $1,918.36. U.S. gold futures gained 0.2% to $1,923.90. "The moderating dollar is eroding some of the downward pressure on spot gold," said FXTM market analyst Han Tan. He added that while news of Trump's improving condition had initially encouraged risk-on sentiment, it could be short-lived, with questions continuing to swirl about the true state of the president's health. The dollar fell 0.1% against a basket of major currencies, making gold cheaper for holders of other currencies. Global stock markets neared a more than two-week high after Trump returned to the White House, and on expectations of new coronavirus economic relief measures in the United States. "Should the next round of U.S. fiscal stimulus be approved, that may lend upward pressure to the U.S. inflation outlook while encouraging gold bulls to return to the fore," FXTM's Tan said. Gold, seen as a hedge against inflation and currency debasement, has risen 26% this year, supported by massive government and central bank stimulus worldwide. "The main risk is the upcoming U.S. elections. If the election is close and Joe Biden has the lead and Trump does not concede, then we will enter a prolonged period of uncertainty," said Commerzbank analyst Carsten Fritsch. "And that will be dovish news for the dollar and bullish news for gold." Elsewhere, silver rose 0.3% to $24.42 an ounce, palladium fell 0.3% to $2,355.55 and platinum shed 1.1% to $886.76. (Reporting by Sumita Layek in Bengaluru Editing by Kirsten Donovan and David Goodman)

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