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Apr 17, 2014

Platinum drops as S.African wage offer eases supply fears

NEW YORK/LONDON, April 17 (Reuters) – Platinum prices fell
to their lowest in more than two weeks on Thursday, reversing
initial gains after South Africa’s biggest platinum producers
offered to raise wages for miners in a bid to end a 13-week-old
strike that has curbed metal output.
Anglo American Platinum Ltd and Impala Platinum
Holdings Ltd said they have tabled a strike settlement
offer to end the debilitating strike, South Africa’s longest and
most damaging mining strike in living memory.
The country produces 40 percent of global output for
platinum, which is mostly used by the auto industry as catalytic
converters or consumed as jewelry products.
Signs of progress in talks between the world’s biggest
platinum producers and the AMCU union representing its 70,000
striking members have already pressured platinum prices after
they hit a one-month high at about $1,470 an ounce on Monday.
“The strike was last bastion supporting the bullish case for
platinum this week. That was the only thing holding the market
up,” said Frank McGhee, head precious metals dealer at Chicago
commodities brokerage Alliance Financial LLC.
Platinum was down 1.1 percent to $1,415.99 an ounce
by 1:41 p.m. EDT (1741 GMT). U.S. NYMEX contract for July
delivery settled down $9.10 at $1,428.70 an ounce.
Palladium also reversed early gains, falling 0.3
percent to $795 an ounce.
Among other precious metals, signs of weaker investment
demand weighed down on gold.
Holdings in the world’s biggest exchange-traded fund, SPDR
Gold Trust, fell 8.39 tonnes to 798.43 tonnes on
Wednesday, the biggest daily outflow since late December.

Spot gold was down 0.7 percent at $1,293.81 an ounce.
US Gold JUN 1293.90 -9.60 -0.7 1292.80 1304.40 82,731
US Silver MAY 19.596 -0.038 -0.2 19.490 19.720 28,776
US Plat JUL 1428.70 -9.10 -0.6 1415.50 1442.30 9,590
US Pall JUN 807.10 4.80 0.6 796.10 808.40 4,651

Apr 16, 2014

Gold eases on Wall Street gains, strong US industry data

NEW YORK/LONDON, April 16 (Reuters) – Gold prices eased on
Wednesday as Wall Street stocks rose and as strong U.S.
industrial production data fed investor caution about bullion a
day after prices fell nearly 2 percent.

Gold traded near its key 200-day moving average support near
$1,300 an ounce after a U.S. government report showed industrial
production rose faster than expected in March.

Apr 15, 2014

Gold tumbles nearly 2 pct in technical sell-off

NEW YORK/LONDON, April 15 (Reuters) – Gold prices tumbled
about 2 percent on Tuesday, hit by technical selling below its
key 200-day moving average and as investors cashed in after its
sharp rally on hopes that the U.S. Federal Reserve would not
raise interest rates any time soon.

Silver and platinum group metals were also sold off after
Monday’s gains as renewed concerns over the escalation of
hostilities in Ukraine prompted investors to add positions in
precious metals as a hedge.

Apr 14, 2014

Gold rises on renewed Ukraine tension, palladium jumps

NEW YORK/LONDON, April 14 (Reuters) – Gold rose to a
three-week high on Monday as renewed concerns over the
escalation of hostilities in Ukraine prompted investors to add
positions in bullion as a hedge, while supply fears lifted
palladium prices to a fresh 2-1/2 year peak.

Gold’s safe-haven appeal increased on growing violence
between pro-Russian separatists and Ukrainian government forces,
and news that a Russian fighter aircraft made repeated
low-altitude, close-range passes near a U.S. ship in the Black
Sea over the weekend.

Apr 10, 2014

Gold extends rally after Fed minutes as stocks tumble

NEW YORK/LONDON (Reuters) – Gold rose to its highest price in more than two weeks on Thursday, boosted by a sharp pullback in U.S. equities and follow-through buying a day after minutes from the Federal Reserve’s latest policy meeting revealed its cautious approach in future interest-rate hikes.

Gold came uncoupled in the afternoon from U.S. equities, stalling even as the S&P 500 index accelerated losses. The S&P, which fell 2 percent for the day, has given back all its gains to turn negative for the year.

Apr 10, 2014

Gold rises on follow-through buying after Fed minutes

NEW YORK/LONDON, April 10 (Reuters) – Gold rose to its
highest in nearly three weeks on Thursday, boosted by
follow-through buying a day after minutes from the U.S. Federal
Reserve’s latest policy meeting suggested officials will be
cautious on hiking interest rates.

A weaker U.S. equities market, measured by a 0.8 percent
drop in the S&P 500 index also underpinned gold’s appeal
as a hedge.

Apr 9, 2014

U.S. gold stocks rise to 10-month high as physical demand eases

NEW YORK, April 9 (Reuters) – Gold stocks sitting inside
U.S. exchange warehouses have risen to a 10-month high as
physical buying has continued to weaken, underscoring concerns
about slowing demand from Asia, one of the world’s biggest
consumers of jewelry and bullion bars.

Market watchers said lower appetite for gold jewelry and
investment coins and bars from Chinese physical buyers, combined
with recent outflows from gold-backed exchange-traded funds are
largely behind the rise in U.S. gold stocks held at CME Group’s
COMEX warehouses, removing a key support to prices.

Apr 9, 2014

Gold turns higher after Fed minutes ease rate hike fears

NEW YORK/LONDON (Reuters) – Gold rose on Wednesday, boosted by a weaker dollar and the release of Federal Reserve minutes that eased concerns the central bank was set to hike interest rates soon after it ended its massive monetary stimulus later this year.

Gold prices pulled back after Fed Chair Janet Yellen said on March 19 the U.S. central bank would probably end its massive bond-buying program this fall and could start raising interest rates around six months later.

Apr 9, 2014

Gold falls ahead of Fed minutes; S&P rises

NEW YORK/LONDON, April 9 (Reuters) – Gold fell on Wednesday
on gains in U.S. equities and fresh outflows from bullion-backed
exchange-traded funds, while traders awaited further cues from
the minutes of the U.S. Federal Reserve’s latest policy meeting.

Worries over Ukraine, as well as technical momentum after a
break above $1,300, had helped lift gold nearly 1 percent on
Tuesday, but uncertainty over U.S. monetary policy and weak
physical and investment appetite curbed that rally.

Apr 8, 2014

Gold rises as dollar drops, Ukraine tensions rise

NEW YORK/LONDON, April 8 (Reuters) – Gold rose 1 percent on
Tuesday on a sharply lower dollar and as renewed tensions
between the United States and Russia over Ukraine burnished
bullion’s safe-haven appeal.

The metal was also underpinned by official-sector buying
after Iraq’s central bank said it might buy more gold in the
next few months, having bought 60 tonnes over the past two.