Commerzbank: India's Holiday Gold Demand Met With Stocks
Moderating U.S. inflation could end upreducing the amount of monetary tightening from the Federal Reserve, eventuallyunderpinning gold, says TD Securities. “Gold prices remain relativelyrange-bound as money managers weigh the prospect of future Fed hikes amid aweakish USD [U.S. dollar] and flattening yield curve, in combination with therecent waning of the safe-haven premium and strong producer selling above$1350/oz,” TDS says. “However, we continue to expect that moderating inflationmomentum will remove any impetus for the Fed to get restrictive, which couldsee the yellow metal move higher still.” As of 7:37 a.m. EDT, spot gold was up25 cents at $1,349.35 an ounce.
By Allen Sykoraof Kitco News; asykora@kitco.com
Commerzbank:India’s Holiday Gold Demand Met With Stocks
Thursday April 19, 2018 07:52
Commerzbank says Indian gold demand during the Hindu AkshayaTritiya festival appears to have been met by stockpiles in the country.“According to Indian newspaper reports, 15-20% higher gold demand wasregistered during the Hindu Akshaya Tritiya festival,” the bank says. “Thelion’s share of this demand is likely to have been met by stocks given thatIndian gold imports fell sharply in the first quarter.”
By Allen Sykoraof Kitco News; asykora@kitco.com
TDS:Palladium Lifted By Sanction Fears, Could Run Into Profit-Taking
Thursday April 19, 2018 07:52
Palladiumhas risen on worries about U.S. sanctions on Russia but could quickly run intoprofit-taking selling if those sanctions end up not affecting the metal, saysTD Securities. As of 7:37 a.m. EDT, spot palladium was up $2.75 to $1,037.75 anounce and peaked at $1,057.60, its strongest level since late February. “Palladium prices continue to surge asspeculators wager that Norilsk could be the next target for U.S. sanctions onRussia given that the producer accounts for nearly 37% of global supply,” TDSsays. “However, it appears that [U.S. President Donald] Trump has opted againstfurther sanctions for now, which could see some investors start to take profitsin the near term.”
By Allen Sykoraof Kitco News; asykora@kitco.com
MKS ListsNearby Support, Resistance For Gold
Thursday April 19, 2018 07:52
So far gold is within Wednesday’s trading band, with spotmetal up 25 cents at$1,349.35 an ounce as of 7:37 a.m. EDT. Tim Brown, ofMKS (Switzerland) S.A., lists the following nearby technical chart levels:“Gold should find initial support around yesterday’s low of $1,342 and at the55 DMA [day moving average of] $1,331 below that,” he says. “On the upside, themetal is trading close to the recent resistance level at $1,355; a breakthrough here and we could see another attempt at the 2018 high.”
By Allen SykoraFor Kitco News
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