Friday, September 27, 2013

privacy policy for blog

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Thursday, September 12, 2013

Gold, silver extend losses on sustained selling, global cues


Traders said sustained selling by stockists on the back of sluggish demand mainly kept pressure on both gold and silver prices for the second straight day. File Photo
The prices of both the precious metals gold and silver extended losses in New Delhi on Thursday on sustained selling by stockists amid weakening global trend.
Gold prices plunged by Rs. 440 to Rs. 30,800 per ten gram and silver fell by Rs. 310 to Rs. 52,300 per kg on poor off-take by jewellers and industrial units.
Traders said sustained selling by stockists on the back of sluggish demand mainly kept pressure on both gold and silver prices for the second straight day.
They said weak global trend where gold retreated to a three-week low on speculation that the US Federal Reserve will commit to reducing stimulus next week further influenced the trend.
Gold in Singapore, which normally set price trend on the domestic front, dropped by 0.8 per cent to USD 1,354.51 an ounce, the lowest level since August 20, and silver by 1.4 percent to USD 22.87 an ounce.
On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs. 440 each to Rs. 30,800 and Rs. 30,600 per ten gram, respectively. It had lost Rs. 130 in the previous session.
Sovereign followed suit and shed Rs. 100 to Rs. 25,100 per piece of eight gram.
Silver ready fell further by Rs. 310 to Rs. 52,300 per kg and weekly-based delivery by Rs. 1,120 to Rs. 51,490 per kg. The white metal had lost Rs. 720 on Wednesday.
Silver coins tumbled by Rs. 1,000 to Rs. 86,000 for buying and Rs. 87,000 for selling of 100 pieces.

Gold, silver futures plunge further after jobless claims data

Gold and silver futures plunged to multi-week lows on Thursday, after upbeat U.S. jobless claims data added to speculation the Federal Reserve will begin tapering its bond-buying program at its upcoming policy meeting next week.

The central bank is scheduled to meet September 17-18 to review the economy and assess policy.

Market players have closely been looking out for U.S. data reports recently to gauge if they will strengthen or weaken the case for the Fed to reduce its bond purchases.

Moves in the gold and silver price this year have largely tracked shifting expectations as to whether the U.S. central bank would end its bond-buying program sooner-than-expected.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,334.60 a troy ounce during U.S. morning hours, down 2.15%. The December contract ended Tuesday’s session little changed at USD1,363.80 a troy ounce.

Gold fell by as much as 2.2% earlier in the day to hit a session low of USD1,332.40 a troy ounce, the weakest level since August 15.

Futures were likely to find support at USD1,318.10 a troy ounce, the low from August 15 and resistance at USD1,387.10, the high from September 10.

The Department of Labor said the number of people who filed for unemployment assistance in the U.S. fell by 31,000 to a seasonally adjusted 292,000 from 323,000 in the previous week.

However, the report said the decline was largely due to two states not processing all claims received because of computer upgrades.

Some technical selling also contributed to gold’s losses after prices broke below their 100-day moving average close to the USD1,356-level, triggering a flurry of automatic sell orders amid bearish chart signals.

The precious metal is on track to post a loss of nearly 20% on the year as traders bet an improving U.S. economy would lead the Fed to unwind its stimulus program by the year's end.

Elsewhere on the Comex, silver for December delivery plunged 3.05% to trade at USD22.46 a troy ounce, the weakest level since August 20.

Meanwhile, copper for December delivery lost 1.45% to trade at USD3.210 a pound, the lowest since August 8.

Crude oil moves higher after bullish IEA report, Syria in focus

Crude oil futures were higher on Thursday, following the release of a mostly bullish report from the International Energy Agency on global oil supply and demand earlier in the day.

On the New York Mercantile Exchange, light sweet crude futures for delivery in October traded at USD108.16 a barrel during U.S. morning trade, up 0.55%. The October contract settled 0.15% higher at USD107.56 a barrel on Wednesday.

New York-traded oil futures held in a range between USD107.31 a barrel, the daily low and a session high of USD108.69 a barrel.

Oil futures were likely to find support at USD105.86 a barrel, the low from September 2 and resistance at USD110.44 a barrel, the high from September 9.

In its monthly report released earlier in the session, the IEA said that global oil demand is forecast to rise by 1.1 million barrels a day next year, “as the underlying economic situation continues to improve.”

The IEA added that oil supplies from the Organization of the Petroleum Exporting Countries fell by 260,000 barrels to 30.51 million barrels per day in August, due to declining output from Libya.

Prices were also supported after data showed that the number of people who filed for unemployment assistance in the U.S. fell to the lowest level since April 2006 last week.

The Department of Labor said the number of people who filed for unemployment assistance in the U.S. fell by 31,000 to a seasonally adjusted 292,000 from 323,000 in the previous week.

However, the report said the decline was largely due to two states not processing all claims received because of computer upgrades.

Meanwhile, traders remained focused on developments regarding the situation in Syria.

U.S. Secretary of State John Kerry and Russian Foreign Minister Sergei Lavrov will meet in Geneva later Thursday to discuss Moscow's diplomatic resolution for Syria.

Oil prices surged to a 27-month high of USD112.22 a barrel on August 28 amid indications the U.S. was close to taking military action against Bashar al-Assad’s government.

But prices pulled back as the threat of U.S. military intervention in Syria appeared to diminish, easing concerns over a disruption to supplies from the Middle East.

Instead, President Barack Obama said that he will explore a plan proposed by Russia for Syria to place its chemical weapons under international control.

Countries in the Middle East and North Africa were responsible for 36% of global oil production in 2012.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for October delivery added 0.75% to trade at USD111.00 a barrel, with the spread between the Brent and crude contracts standing at USD2.84 a barrel.

The spread between the two contracts narrowed sharply after data showed that stockpiles at Cushing, Oklahoma, the delivery point for Nymex oil futures, fell to the lowest level since February 2012 last week.

Natural gas surges on surprisingly bullish U.S. supply data

Natural gas prices shot up on Thursday after official U.S. inventory data revealed the country's stockpiles rose less than expected last week, while investors kept their eyes an increasingly active Atlantic hurricane season as well.

On the New York Mercantile Exchange, natural gas futures for delivery in October traded at USD3.651 per million British thermal units during U.S. trading, up 2.34%.

The October contract settled down 0.47% at USD3.567 per million British thermal units on Wednesday.

The commodity hit a session low of USD3.537 and a high of USD3.662.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended September 6 rose by 65 billion cubic feet, below market expectations for an increase of 66 billion cubic feet.

Inventories increased by 27 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a build of 62 billion cubic feet.

Total U.S. natural gas storage stood at 3.253 trillion cubic feet as of last week. Stocks were 172 billion cubic feet less than last year at this time and 46 billion cubic feet above the five-year average of 3.207 trillion cubic feet for this time of year.

The report showed that in the East Region, stocks were 114 billion cubic feet below the five-year average, following net injections of 49 billion cubic feet.

Stocks in the Producing Region were 106 billion cubic feet above the five-year average of 993 billion cubic feet after a net injection of 14 billion cubic feet.

Weather forecasts calling for above-normal temperatures across the central U.S. also boosted prices as did an increasingly active Atlantic hurricane season.

While Hurricane Humberto remained out over the open Atlantic, a low-pressure system near the Bay of Campeche stood an 80% chance of developing into a tropical cyclone in the Gulf of Mexico within five days, the National Hurricane Center reported.

Tropical weather systems often disrupt production by prompting gas rig operators to evacuate offshore facilities.

The Gulf of Mexico is home to 10% of U.S. natural gas production.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in October were up 1.23% and trading at USD108.88 a barrel, while heating oil for October delivery were up 1.39% and trading at USD3.1145 per gallon.