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Arihant Capital Markets Ltd

Published on 18/02/2020 9:02:00 AM

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Gold Rises as Portfolio Buyers Continue to Flood In: GOLD prices advanced again on Friday, carried along by a flood of money into gold-backed exchange-traded products amid concerns of asset bubbles in both stocks and bonds. According to data compiled by Bloomberg, ETFs bought a net 27,501 ounces of gold on Thursday, the 17th-straight day of net additions to assets under management in the sector. That means that ETF investors have bought a net 83.4 million ounces so far this year, explaining the momentum in prices despite a sharp drop in purchases by end-users such as central banks and jewelers. GOLD futures for delivery on the COMEX exchange had risen 0.4% to $1,583.75 a troy ounce, having hit an intraday high of $1,585.95 hours earlier. Spot gold was up 0.3% at $1,580.93. Gold prices were also supported by weakish-looking U.S. industrial production data, which showed factory output and capacity utilization dropping slightly – albeit not by enough to change the Federal Reserve’s interest rate outlook.

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Arihant Capital Markets Ltd

Published on 3/02/2020 11:07:56 AM

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HIGHLIGHTS:

Bullion futures traded higher on MCX: Gold & Silver futures traded higher on MCX as investors accumulated their bets on safe-haven assets due to concerns over escalating tensions surrounding the Coronavirus attack in China and its impact on the nation’s economy.

GOLD April delivery was trading at Rs 41206.00, higher by 0.38% from its previous closing of Rs 41052.00.

SILVER March delivery was trading at Rs 47160.00, higher by 0.36% from its previous closing of Rs 46890.00.

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Arihant Capital Markets Ltd

Published on 27/01/2020 11:45:20 AM

WEEKLY COMMODITY OUTLOOK:-

Gold Creeps Toward $1,580 as Hedge to China’s Coronavirus:  There’s nothing like a global contagion to get gold buyers to pile back into the safe haven. The yellow metal hit two-week highs on Friday, creeping toward the $1,580-per-ounce level targeted by gold bugs on worldwide fears over the economic fallout to the Chinaoriginated coronavirus. Gold futures for February delivery on New York’s COMEX settled up $6.50, or 0.4%, at $1,565.90 per ounce. It earlier reached $1,575.25, a peak since Jan 8th, as gold bugs appeared to shoot for a test of the $1,580 resistance.  “In retrospect, it seemed like the virus situation was prodding bulls back into long positions yesterday afternoon,” The Hightower Report said in its precious metals report, adding that if the situation continued, gold bugs could expect an “upside extension from classic short covering (stop loss) buying”. Gold’s rise was also remarkable as it came on the back of a rally in the dollar, which hit three-week highs against a basket of six major currencies. 

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Arihant Capital Markets Ltd

Published on 20/01/2020 11:57:02 AM

WEEKLY COMMODITY OUTLOOK:

HIGHLIGHTS:

Change in Weather Model Send Natural gas Prices Below $2.00: Natural gas prices tumbled lower on Friday breaking down and closing below trend line support. Prices dropped nearly 9% on the week, as colder than normal weather quickly faded. The EIA reports that production will exceed consumption in 2020, and put further downward pressure on prices. The weather is expected to become warmer than normal over the next 6-10 days and then to moderate but remain warmer than normal over the next 8-14 days. Demand declined in the latest week driven by a contraction in the need for power.
Weekly natural gas prices broke down as the Feb contract fell nearly 9%. Prices broke through trend line support and appear to be headed for the 2016 lows near 1.61. Short term resistance is seen near the weekly breakdown level at 2.03.

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