Edition:
India

Swati Verma

PRECIOUS-Gold regains footing as U.S.-China tensions flare

22 May 2020

* Gold down 0.4% so far this week * Palladium eyes best week since end-March * For an interactive graphic tracking the global coronavirus spread, open https://tmsnrt.rs/3aIRuz7 in an external browser (Updates prices) By Swati Verma May 22 Gold gained on Friday as an escalation in U.S.-China tensions underpinned bullion's safe-haven appeal, although positive economic indicators after some countries eased lockdowns set up the precious metal for a weekly drop. After declining 1.4% on Thursday, spot gold rose 0.5% at $1,734.27 per ounce by 0747 GMT. U.S. gold futures climbed 0.9% to $1,737. Bullion had rallied to its highest since October 2012 on Monday, but has since lost ground and is now heading for a 0.4% weekly decline. "The fundamentals are still supportive for gold. But, there was a slight improvement in the manufacturing activity in Europe and the U.S., the PMI data last night was slightly better," said Avtar Sandu, a senior commodities manager at Phillip Futures. The euro zone economy's contraction eased in May, the Purchasing Manager Index (PMI) survey showed. Germany's private sector recession also improved on loosening of lockdown curbs. However, U.S.-China frictions dampened risk appetite, supporting bullion and offsetting pressure on the metal's prices from the slightly better data. Asian shares fell after Beijing's plan to impose new national security legislation on Hong Kong drew a warning from U.S. President Donald Trump. Adding to uncertainties, China dropped its annual growth target for the first time. Gold has held ground above the key $1,700 per ounce level, building impetus to reach its 2011 peak in the coming quarters, Fitch Solutions said in a note. The lower-for-longer interest rates with quantitative easing in full swing, macro and geopolitical uncertainty and strong investor flows should continue to support gold prices on a 6-12 month horizon, Fitch added. Palladium fell 0.2% to $2,008.93 per ounce, but was looking to post its best week since the end of March. Platinum slid 1.7% to $818.64 and silver eased 0.4% to $16.99. (Reporting by Swati Verma and K. Sathya Narayanan in Bengaluru; Editing by Devika Syamnath and Rashmi Aich)

PRECIOUS-Gold slides on hopes of recovery in economic growth

21 May 2020

(Updates prices) * Palladium slides after hitting 1-month high on Wed * Markets eye U.S. initial jobless claims data due at 1230 GMT * For an interactive graphic tracking the global coronavirus spread, open https://tmsnrt.rs/3aIRuz7 in an external browser By Swati Verma May 21 Gold fell on Thursday on hopes of a swift recovery in growth following easing of lockdowns and possibility of a coronavirus vaccine, but bleak data from major economies limited losses. Spot gold slid 0.7% to $1,737.09 per ounce by 0744 GMT. U.S. gold futures slipped 0.8% to $1,738.40. Global equities surged overnight, though gains during Asian hours were limited by lingering caution about the long-term impact of the coronavirus outbreak. "There is still some optimism and risk-on sentiment about the possibility of a vaccine and talks of lockdown easing and growth slowly picking up," said National Australia Bank economist John Sharma. "But it not a huge thing and if it was major, we would see gold going below $1,700." Gold rallied to its highest since October 2012 on Monday, driven by economic damage concerns, U.S.-China tensions and massive monetary and fiscal stimulus. U.S. Federal Reserve policymakers acknowledged the possibility of further support measures if the economic downturn persists, the minutes from the latest policy meeting showed. The latest round of dismal economic indicators have underscored the extent of damage inflicted by the virus, with data showing Britain's inflation slumped to its lowest since 2016. The initial U.S. jobless claims data due later in the day will be the next focus for further clues about the health of the world's top economy. Palladium dropped 1.4% to $2,071.81 an ounce, after hitting a one-month high on Wednesday. Platinum fell 0.9% to $842.78. ANZ analysts expect weaker auto sales to be the key downside risk for the platinum group metals this year and see demand contracting for both palladium and platinum. "Mine supply disruptions could protect the downside; still we see prices staying volatile amid the ongoing macroeconomic challenges," they said. Silver declined 1.6% to $17.23 an ounce. (Reporting by Swati Verma and K. Sathya Narayanan in Bengaluru; Editing by Subhranshu Sahu and Rashmi Aich)

Gold's rally will be tamed by dollar strength, weak physical market: Reuters poll

20 Apr 2020

BENGALURU Gold prices are expected to consolidate below recent highs during 2020 and 2021 as increased demand from investors for the 'safe haven' asset is offset by dollar strength and weak retail consumption, a Reuters poll showed on Monday.

RPT-Asia Rice-Thai rates bounce to 7-yr high as virus limits exports from other hubs

03 Apr 2020

* Philippines secures Vietnam commitment to continuous rice supply

Asia Rice-Thai rates bounce to 7-yr high as virus limits exports from other hubs

02 Apr 2020

* Philippines secures Vietnam commitment to continuous rice supply

PRECIOUS-Gold rebounds as recent plunge opens door for bargain hunters

17 Mar 2020

March 17 Gold jumped on Tuesday as a five-session decline in the bullion market led bargain hunters out in force, with Federal Reserve's announcement to boost lending soothing market fears over a crunch in liquidity.

OPEC+ deal collapse, virus double whammy to keep oil in $30s range

14 Mar 2020

Oil prices are set to languish near current lows in coming months as the collapse of a deal among major producers to curb output hammers a market already reeling from falling demand due to the coronavirus, a Reuters survey showed on Friday.

OPEC+ deal collapse, virus double whammy to keep oil in $30s range - Reuters poll

13 Mar 2020

Oil prices are set to languish near current lows in coming months as the collapse of a deal among major producers to curb output hammers a market already reeling from falling demand due to the coronavirus, a Reuters survey showed on Friday.

PRECIOUS-Gold jumps over 3% after U.S. Fed's emergency rate cut

04 Mar 2020

* G7 officials offer "appropriate", but unspecific policy moves

Palladium slumps nearly 13%, gold up to 4.6% as precious metals join virus-led free fall

29 Feb 2020

Palladium led a free fall in precious metals on Friday, slumping nearly 13% at one point earlier in the session, while gold slid as much as 4.6% en route to its biggest daily drop in almost seven years, as coronavirus drove panic-stricken investors to liquidate assets across the board.

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