Thursday 28 December 2017

Gold set for best year since 2010

Spot gold was little changed at $1,294.70 an ounce at 0041 GMT, having hit its highest since Nov. 29 at $1,295.21 in the previous session.

Gold prices on Friday held steady near a one-month high hit in the previous session, but were on track for their best year since 2010, mainly driven by a softer dollar and political uncertainties around the globe.
FUNDAMENTALS
Spot gold was little changed at $1,294.70 an ounce at 0041 GMT, having hit its highest since Nov. 29 at $1,295.21 in the previous session.
Gold benefited from a technically-driven momentum after closing above its 100-day moving average on Wednesday for the first time since late November, analysts said.
Spot gold has gained over 1.5 percent so far this week in what could be its third straight weekly rise, and more than 12 percent so far this year.
The yellow metal is also on track for its best month since August, having risen 1.5 percent.
Spot prices on Thursday rose for a ninth straight session, not including the Christmas holiday. That is the longest string of daily gains since July 2011.
U.S. gold futures were steady at $1,296.80 an ounce.
The dollar index is down more than 9 percent so far this year, set for its biggest annual loss since 2003. That has helped lift gold nearly 5 percent from a near five-month low of $1,235.92 struck in mid-December.
Many investors predicted the dollar would get a boost from U.S. tax cuts, tighter central bank monetary policy and strong growth rates in 2017. Instead, the currency has only weakened.
Meanwhile, equity markets have feasted on a global economic growth recovery and accommodative monetary policy in 2017, which has, in turn, lifted company earnings and commodity prices.
Net gold imports by major consumer China via main conduit Hong Kong fell 23.6 percent in November from the previous month, data showed.
Spot silver was down 0.1 percent at $16.82 on Friday. Silver prices hit their highest in over a month on Thursday at $16.88 an ounce.
Silver has risen 5.7 percent so far this year.
Spot platinum fell 0.1 percent to $921.74 on Friday, after touching a more than three-week high in the previous session at $927.50 an ounce. Platinum is up 2.6 percent so far this year.
Palladium was mostly unchanged at $1,065.74 on Friday. It touched its highest since February 2001 at $1,072 on Thursday.
Palladium has risen nearly 57 percent so far this year, making it the best performing precious metal, and also heading for its best year since 2010.
Palladium has risen due to strong demand from autocatalyst makers amid production shortages. Analysts expect that about 80 percent of global palladium demand will come from autocatalysts for gasoline-powered cars, which many now prefer over diesel-fuelled vehicles.

     Missed call @8817002233
     Mail Us = starindiamarket@gmail.com

No comments:

Post a Comment