INTL FCStone: Gold Upticks But 'Still Has A Lot Of Work To Do'
The price of gold has bounced but the metal“still has a lot of work to do to recoup yesterday's sharp decline,” says INTLFCStone. As of 8:44 a.m. EDT, Comex June gold was $1.70 higher to $1,325.70 anounce, while May silver had not moved much, easing just 2.2 cents to $16.565.“The stronger dollar is keeping the upside potential somewhat in check and thefact that U.S. 10-year yields are now hovering at just under 3% is not helpingmuch either,” INTL FCStone says. “The next inflection point, at least for goldand oil, will likely come early next month, which is when the Trumpadministration has to come to grips with intense European pressure and decidewhether it will remain in the Iranian nuclear deal.”
By Allen Sykoraof Kitco News; asykora@kitco.com
Commerzbank: Palladium Falling As Concerns About Sanctions Ease
Tuesday April 24, 2018 08:12
Palladium prices have fallen back as the U.S. considers easingsanctions against Russia’s Rusal, says Commerzbank. This in turn has reducedmarket fears that the Trump administration will not extent sanctions toNornickel, a major palladium producer. As of 8:02 a.m. EDT, Nymex Junepalladium was $13 lower to $966.55 an ounce. Palladium has fallen as far as$955.75 so far Tuesday after it had been as high as $1,047.75 last week on worriesthat sanctions would limit the palladium supply from key producer Russia. “As such, it has followed basemetals prices on their downward trajectory now that the U.S. is consideringlifting the sanctions against Rusal and probably will not impose any furthersanctions against Russia,” Commerzbank says. “In response, the price gap toplatinum has narrowed to $50 per troy ounce again.”
By Allen Sykoraof Kitco News; asykora@kitco.com
BMO: China’s First-Quarter Gold Output Declines
Tuesday April 24, 2018 08:12
Gold output in China, the world’s largest producing nation, fellin the first quarter, which BMO Capital Markets says is due to the country’sincreased emphasis on protecting the environment. “The environmental clampdown in China continued toimpede gold productionin Q1, with output falling 3% y/y [year-on-year] to 98.2 tonnes,” BMO says.“Meanwhile, consumption dropped 5.4% y/y in the first Q1 decline in many years,but against a strong Q1 comparison last year. China remains the world’s largestgold-mining country at present, but unless this trend reverses this position maycome under pressure.”
By Allen Sykoraof Kitco News; asykora@kitco.com
Commerzbank:Swiss Gold Exports To Asia Soft During March
Tuesday April 24, 2018 08:12
Switzerland’s gold exports to Asia were soft last month, saysCommerzbank. Analysts cite data from the Swiss Federal Customs Administrationshowing that exports to India slumped to just 12.3 tonnes. “Two weeks ago, theIndian Ministry of Finance had already reported low gold imports,” the banksays. Meanwhile, Switzerland’s gold exports to China fell 40% month-on-month. “Exportsto Hong Kong more than doubled, on the other hand,” analysts continued. “Datafrom the Chinese customs authorities show that China also imported less silver(346 tonnes) year-on-year in March but somewhat more platinum and palladium(8.5 and 1.6 tonnes, respectively).”
By Allen SykoraFor Kitco News
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