MTECHTIPS- Gold prices to trade sideways


MTECHTIPS- Gold prices to trade sideways

MTECHTIPS-gold prices closed flat at D 1309.3 per ounce, but the precious metal touched 10 – month high levels of D 1325.93/oz as the safe haven demand rose sharply after North Korea flew a missile over Japan. On Tuesday as well, gold prices gained support from weak dollar after the head of the European Central Bank (ECB) said that the euro zone’s economic recovery had taken hold at a meeting of central bankers. We expect gold prices to trade sideways today, international markets are trading higher by 0.3 percent at D 1313.2 per ounce

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MTECHTIPS-Gold eases from highs but remains supported as bullish bets pile up


MTECHTIPS-Gold eases from highs but remains supported as bullish bets pile up

MTECHTIPS- Gold prices remained supported despite easing from nearly 11-month highs on Tuesday, as the dollar pared some of its losses but geopolitical uncertainty limited downside momentum. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose $3.98, or 0.30%, to $1,319.31 a troy ounce. Gold prices rose more than 1% to a nearly 11-month high of $1,331.18, after North Korea fired a missile that flew over Japan on Monday, triggering a flight-to-safety among investors, lifting demand for safe haven assets like gold. The rally, however, was short lived as traders appeared to take profit on the precious metal’s spike to multi-month highs, following a rebound in the dollar amid better-than-expected consumer confidence data. The Consumer Confidence Index rose in August to 122.9, despite expectations of a decline, The Conference Board announced Tuesday. Gold is sensitive to moves higher in the dollar. A stronger dollar makes gold more expensive for holders of foreign currency. Sentiment on gold, however, remains positive as net bullish bets on gold rose to the highest in nine-months, according to a report from the Commodity Futures Trading Commission (CFTC) on Friday.

MTECHTIPS-Gold eases from highs but remains supported as bullish bets pile up


MTECHTIPS-Gold eases from highs but remains supported as bullish bets pile up

MTECHTIPS- Gold prices remained supported despite easing from nearly 11-month highs on Tuesday, as the dollar pared some of its losses but geopolitical uncertainty limited downside momentum. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose $3.98, or 0.30%, to $1,319.31 a troy ounce. Gold prices rose more than 1% to a nearly 11-month high of $1,331.18, after North Korea fired a missile that flew over Japan on Monday, triggering a flight-to-safety among investors, lifting demand for safe haven assets like gold. The rally, however, was short lived as traders appeared to take profit on the precious metal’s spike to multi-month highs, following a rebound in the dollar amid better-than-expected consumer confidence data. The Consumer Confidence Index rose in August to 122.9, despite expectations of a decline, The Conference Board announced Tuesday. Gold is sensitive to moves higher in the dollar. A stronger dollar makes gold more expensive for holders of foreign currency. Sentiment on gold, however, remains positive as net bullish bets on gold rose to the highest in nine-months, according to a report from the Commodity Futures Trading Commission (CFTC) on Friday.

MTECHTIPS-Gold eases from highs but remains supported as bullish bets pile up


MTECHTIPS-Gold eases from highs but remains supported as bullish bets pile up

MTECHTIPS- Gold prices remained supported despite easing from nearly 11-month highs on Tuesday, as the dollar pared some of its losses but geopolitical uncertainty limited downside momentum. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose $3.98, or 0.30%, to $1,319.31 a troy ounce. Gold prices rose more than 1% to a nearly 11-month high of $1,331.18, after North Korea fired a missile that flew over Japan on Monday, triggering a flight-to-safety among investors, lifting demand for safe haven assets like gold. The rally, however, was short lived as traders appeared to take profit on the precious metal’s spike to multi-month highs, following a rebound in the dollar amid better-than-expected consumer confidence data. The Consumer Confidence Index rose in August to 122.9, despite expectations of a decline, The Conference Board announced Tuesday. Gold is sensitive to moves higher in the dollar. A stronger dollar makes gold more expensive for holders of foreign currency. Sentiment on gold, however, remains positive as net bullish bets on gold rose to the highest in nine-months, according to a report from the Commodity Futures Trading Commission (CFTC) on Friday.

MTECHTIPS-Gold eases from highs but remains supported as bullish bets pile up


MTECHTIPS-Gold eases from highs but remains supported as bullish bets pile up

MTECHTIPS- Gold prices remained supported despite easing from nearly 11-month highs on Tuesday, as the dollar pared some of its losses but geopolitical uncertainty limited downside momentum. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose $3.98, or 0.30%, to $1,319.31 a troy ounce. Gold prices rose more than 1% to a nearly 11-month high of $1,331.18, after North Korea fired a missile that flew over Japan on Monday, triggering a flight-to-safety among investors, lifting demand for safe haven assets like gold. The rally, however, was short lived as traders appeared to take profit on the precious metal’s spike to multi-month highs, following a rebound in the dollar amid better-than-expected consumer confidence data. The Consumer Confidence Index rose in August to 122.9, despite expectations of a decline, The Conference Board announced Tuesday. Gold is sensitive to moves higher in the dollar. A stronger dollar makes gold more expensive for holders of foreign currency. Sentiment on gold, however, remains positive as net bullish bets on gold rose to the highest in nine-months, according to a report from the Commodity Futures Trading Commission (CFTC) on Friday.

MTECHTIPS-Copper Near Three Year High, Supplies Remains Tight


MTECHTIPS-Copper Near Three Year High, Supplies Remains Tight



MTECHTIPS-Copper soared to near three year high on sustained weakness in US dollar and supportive equities. COMEX Copper is currently up 0.26% at $3.11 per pound. MCX Copper futures ended up 0.70% at Rs 434 per kg. Asian equities are up despite the North Korea missile concerns. Copper output is falling this year, keeping the overall scenario positive for the prices. International Copper Study Group (ICSG) mentioned in a latest update that world copper mine production is estimated to have declined 3% in the first five months of 2017. World refined copper balance for the first five months of 2017 indicates a surplus of around 15000 tonnes. The decline in world mine production was mainly due to: A 10% (220,000 t Cu) decline in production in Chile, the world’s biggest copper mine producing country, negatively affected by the strike at Escondida mine and lower output from Codelco mines. A decline in Canada and Mongolia concentrates production of 20% and 21%, respectively, mainly due to lower grades in planned mining sequencing

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MTECHTIPS-Copper Near Three Year High, Supplies Remains Tight


MTECHTIPS-Copper Near Three Year High, Supplies Remains Tight



MTECHTIPS-Copper soared to near three year high on sustained weakness in US dollar and supportive equities. COMEX Copper is currently up 0.26% at $3.11 per pound. MCX Copper futures ended up 0.70% at Rs 434 per kg. Asian equities are up despite the North Korea missile concerns. Copper output is falling this year, keeping the overall scenario positive for the prices. International Copper Study Group (ICSG) mentioned in a latest update that world copper mine production is estimated to have declined 3% in the first five months of 2017. World refined copper balance for the first five months of 2017 indicates a surplus of around 15000 tonnes. The decline in world mine production was mainly due to: A 10% (220,000 t Cu) decline in production in Chile, the world’s biggest copper mine producing country, negatively affected by the strike at Escondida mine and lower output from Codelco mines. A decline in Canada and Mongolia concentrates production of 20% and 21%, respectively, mainly due to lower grades in planned mining sequencing

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