Gold prices kept its momentum high, hovering near its one week high after the Federal Reserve stood pat on interest rates and signaled moderate economic growth for next year. Better than expected US consumer prices in Nov, supported the Fed’s interest rate decision. Base metals surged after consolidating in a broad range for around a month now. Copper prices rose to a five-month high on hopes that the US would delay imposing more trade tariffs on goods from China, which would signal a detente in the dispute that has sapped metals demand Crude oil prices dropped by 1% in yesterday’s session after a surprise build in U.S. inventories along with worries about Tariff deal as investors waited to see if a fresh round of tariffs by Washington on Chinese goods would come into force. Reports suggest that Trump is likely to meet with top trade advisers today to discuss tariff situation. Motilal Oswal Commodities Research lists how different commodities may trade in the second half … [Read more...] about Commodity outlook: How gold, silver, nickel, crude oil may trade today
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Palladium is now more expensive than gold has ever been
By Elena Mazneva Palladium rose for a 15th day, heading for its longest run of gains on record and exceeding the highest-ever price of gold. Spot palladium touched a record of $1,940.34 an ounce Thursday, extending its year-to-date gains to 54%. Prices have been driven by supply concerns as mines in South Africa, the world’s No. 2 palladium producer, were shut down for 24 hours this week because of electricity shortages. State power utility Eskom Holdings SOC Ltd. is still implementing rolling blackouts, although at a lower level. “It seems that nothing can slow palladium,” said Daniel Briesemann, a Commerzbank AG analyst. “Even though we regard the steep price rise as exaggerated, there is no end in sight to the rally.” Palladium’s gains on Thursday propelled it past gold’s 2011 record of $1,921.17 an ounce. There’s a good chance that palladium will touch $2,020 before 2020, said Jonathan Butler, precious metals strategist at … [Read more...] about Palladium is now more expensive than gold has ever been
Palladium falls further on technical sell-off; gold firms
Palladium fell further on Thursday, a day after the metal posted its biggest drop in more than two years on technical selling and profit-booking. Gold prices, meanwhile, edged higher as an inversion in the US Treasury yield curve fanned fears of an economic slowdown. FUNDAMENTALS Spot palladium was down 0.2 per cent at $1,441.49 per ounce at 1335 GMT, after hitting its lowest since Feb. 18 at $1,436 earlier in the session. The metal fell 6.3 per cent on Wednesday, its biggest one-day per centage decline since January 2017. It hit a record peak of $1,620.52 last week, and has gained about 14 per cent so far this year. Spot gold was 0.1 per cent higher at $1,310.48 per ounce. US gold futures were down 0.1 per cent at $1,308.50 an ounce. At the FT Commodities Global Summit in Lausanne, Switzerland, Anglo American Chief Executive Officer Mark Cutifani said palladium, whose price hit record high this month, was a "bubble". Asian share markets were painted red on Thursday as … [Read more...] about Palladium falls further on technical sell-off; gold firms
DRI seizes gold from two foreigners
Sleuths of the Directorate of Revenue Intelligence on Thursday recovered 14 kg of smuggled gold at the Rajiv Gandhi International Airport. The gold was allegedly concealed in hollow pipes under the seats of the aircraft. In a statement, the DRI’s Hyderabad Zonal Unit said the pipes containing tightly wrapped gold strips were concealed under seats 31 A and 32 A on Air India flight AI 952 which landed from Dubai. The DRI said two passengers, who were foreign nationals, were suspected in the case. While one is from South Korea, the other is from China. Police unwrapped the black adhesive tape in which the gold strips were concealed and found 112 bars of 24 karat gold of 99.5%. The DRI valued the gold at ₹5.46 lakh. Both passengers admitted to bringing in the gold and were unable to produce documents. … [Read more...] about DRI seizes gold from two foreigners
South Korea wins second short track gold at Winter Universiade
Video PlayerClose KRASNOYARSK, March 5 (Xinhua) -- Short-track skating powerhouses South Korea delivered a dominant performance on Tuesday, finishing 1-2 in the men's 500m to claim the second short-track title at the 29th Winter Universiade. Park Ji-won, who clashed with his teammate to lose the gold medal in the men's 1,500m the day before, did not make the same mistake twice. The 22-year-old teamed up with compatriot Lim Yong-jin to overcome local star Konstantin Ivliev on the final lap to grab both gold and silver. Ivliev took the lead at the start, but Park and Lim remained in close attention. On the final lap, Park succeeded in taking the lead, and Lim also managed to overtake Ivliev, who had led for most of the race, but the South Korean duo proved to be the better skaters on the day. The women's 500m was won by France's Aurelie Noelie Monvoisin. Ekaterina Efremenkova from Russia and South Korea's Park Ji-yun took home silver and bronze respectively. It was the second … [Read more...] about South Korea wins second short track gold at Winter Universiade