Silver, PGMs

• In the other precious metals, the spot silver price dipped $0.047 to $16.895-16.940 per oz. Platinum rose $3 to $931-936 per oz and palladium gained $6 to $919-924 per oz.
• On the Shanghai Futures Exchange, gold for December delivery was recently at 277.4 yuan ($42.05) per gram, and the December silver was at 3,859 yuan per kg.

Currency moves and data releases

• The dollar index was up 0.11% at 92.25 as of 03:58 BST.
• In other commodities, the Brent crude oil spot price rose 0.02% to $56.77 per barrel while the Texas light sweet crude oil spot price was down 0.18% to $50.54
• In equities, the Shanghai Composite dipped 0.36% to 3,340.57.
• In data on Friday, US flash manufacturing PMI came in at 53.0, above the forecast of 52.9. Flash services PMI stood at 55.1, below the economic consensus of 55.8.
• In EU data, flash manufacturing PMI was recorded higher at 58.3 from 57.4 last month while flash services PMI was also higher at 55.6 from 54.7.
• The economic agenda is light today with German Ifo business climate, the UK’s Financial Policy Committee statement and China’s CB leading index.
• In addition, FOMC members William Dudley, Charles Evans and Neel Kashkari as well as European Central Bank president Mario Draghi are speaking.
  

Silver 

White Metal Reverses Its Gains in the Morning Session

For the 24 hours to 23:00 GMT, Silver rose 0.15% against the USD and closed at USD16.28 per ounce, extending its previous session gains.
In the Asian session, at GMT0300, the pair is trading at 16.22, with the silver trading 0.37% lower against the USD from yesterday’s close.
The pair is expected to find support at 16.12, and a fall through could take it to the next support level of 16.01. The pair is expected to find its first resistance at 16.34, and a rise through could take it to the next resistance level of 16.45.
The white metal is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.

Vinvestment of india
Avinash Lokhande
Mobile 92294622212

Gold and Silver Biggest Opportunity Since Late 2015,

We've had to wait 18 months for an opportunity as big as the one we saw late in 2015 to appear again in the Precious Metals sector. "Wait a minute", I hear you say, "prices were generally lower back then at that low than they are now, so how can it be as big an opportunity, as leverage is reduced?". Here are the reasons, one technical, the other fundamental. When prices rose out of the late 2015 low, which was the Head of the Head-and-Shoulders bottom shown to advantage on the 10-year chart for GDX (VanEck Vectors Gold Miners ETF) below, they were destined to retrace to mark out the Right Shoulder of the pattern, which is what now has most investors very negative towards the sector again.
This time they don't have to—they can now rise out of this trough and proceed to break out upside from the entire pattern to embark on a mighty bull market. The fundamental reason is this: most investors have been taken in by the specious central bank talk about "normalizing interest rates" and scaling back their bloated balance sheets, but they haven't got a cat in hell's chance of doing this. Why? Because debt (and associated derivatives) has expanded to such gargantuan levels, that any attempt to bring it under control will send interest rates skyrocketing. Because of this stark reality, they are left with only one option—to inflate the debt away by monetizing it, which means inflation. Once investors grasp the inevitability of this—and that this process will soon get underway with a vengeance—gold and silver will soar. That is what the charts that we are going to look at today are telling us, and it means that we may never see the bargains in the Precious Metals sector that are now available ever again—or at least not for a very long time.
The latest COTs are telling us that gold and silver have hit bottom, or are very close to having done so, and that the time to buy the sector is now. Before proceeding to look at them we will start by looking at the latest 10-year chart for GDX, a reliable PM stocks proxy, to see where we are on the market clock, where we are in the PM stock price cycle.
Our 10-year arithmetic chart for GDX shows a clear large Head-and-Shoulders bottom forming, with the price now in the process of completing the Right Shoulder trough of the pattern. Obviously, most would be investors in this sector either don't know this pattern exists, or if they are aware of it, have written it off as a false H&S bottom, witness the rotten sentiment towards the sector, which is just what we want to see at this juncture. Indications that the pattern is genuine are provided by the strong volume on the rise out of the trough of the Head of the pattern, which we can expect to see again on the rise out of the Right Shoulder trough soon, and the outstandingly bullish COTs which we will soon look at.

Vinvestment of india
Avinash Lokhande
Mobile 92294622212

Gold prices start to rebound, weaker dollar helping

Silver Prices Rebound from Yearly Lows on Haven Demand, Bargain Hunting

Silver prices rose for a second consecutive day Wednesday, as the combination of haven demand and bargain-hunting boosted the market for precious metals.

Silver for September settlement rose by as much as 1.1% through the overnight session before paring gains later in the day. It was last seen trading at $15.78 a troy ounce at 7:27 a.m. ET, up 4 cents, or 0.2%, from the previous close.

With the gain, silver has rebounded more than 2% over the past two days as prices recovered from their lowest level in 15 months.

Gold prices booked narrow gains through the morning session and were on track for a third consecutive gain. The August futures contract added $1.60, or 0.2%, to $1,216.40 a troy ounce.

Gold’s premium over silver has declined sharply in recent sessions as the grey metal stabilized. As of Tuesday, one ounce of gold was worth 77.31 ounces of silver.

Precious metals received a boost on Tuesday after President Donald Trump’s eldest son released emails that seemed to suggest a connection between the Trump campaign and Russian officials during the 2016 election. The email chain was posted to Donald Trump Jr.’s Twitter account after The New York Times informed him of its intent to publicize the story.

U.S. stocks declined sharply after the news, but later recovered. However, speculation about Russian collusion may stoke fears of an investigation into the president’s campaign, which would trigger fresh bouts of volatility.

In currency news, the U.S. dollar pared losses against a basket of major peers. The dollar index (DXY) was last seen trading at 95.73, little changed from the previous close.

Thanks & Regards  
Vinvestment of India   
Avinash Lokhande  
Mobile 9229462212 

Gold Silver Updates

Gold prices edged higher in European trade on Wednesday, extending gains into a third-straight session, as investors awaited comments from Federal Reserve Chair Janet Yellen for fresh cues on policy direction.
Comex gold futures were at $1,217.27 a troy ounce by 4:00AM ET (0800GMT), up $2.60, or around 0.2%. Prices settled with a modest gain for a second-straight session on Tuesday.
Yellen is scheduled to testify on the economy before the Senate Banking Committee at 10:00AM ET (1400GMT) Wednesday. Text of the testimony will be released 90 minutes before she starts speaking.
Her comments will be monitored closely for any new insight on the timing of the next U.S. rate hike and clues on how the central bank plans to pare back its massive balance sheet.
The Fed hiked rates at its June meeting and stuck to its forecast for one more rate hike this year, but the subdued inflation outlook has since raised doubts over whether the U.S. central bank will be able to stick to its planned tightening path.
Fed Governor Lael Brainard on Tuesday suggested her support for any future rate increases will depend in part on how inflation shapes up.
Futures traders are pricing in around a 50% chance of a hike by the end of the year, according to Investing.com’s Fed Rate Monitor Tool.
The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.
Besides the Fed, investors will be keeping a close eye on Washington, for any more political noise coming out of the White House as the Russia-linked scandal continues to rumble on.
Donald Trump Jr. released an email chain on Tuesday, which referred to a top Russian government prosecutor as offering the Trump campaign damaging information about Democratic rival Hillary Clinton.
The emails are the most concrete evidence yet that Trump campaign officials welcomed Russian help to win the election, a subject that has cast a cloud over Trump's presidency and spurred investigations by the Justice Department and Congress.
Also on the Comex, silver futures tacked on 4.3 cents, or roughly 0.3%, to $15.78 a troy ounce.
Among other precious metals, platinum was up 0.9% at $906.75, while palladium rose 0.6% to $851.80 an ounce.

  Thanks & Regards  
Vinvestment of India   
Avinash Lokhande  
Mobile 9229462212 

Silver futures decline to Rs. 37,080 per kg

Taking weak cues from overseas markets, silver prices fell Rs. 272 to Rs. 37,180 per kg at the futures trade today as participants cut down their bets.

At the Multi Commodity Exchange, silver for delivery in September was trading lower by Rs. 272 or 0.73 per cent at Rs. 37,180 per kg in a business turnover of 568 lots.

Similarly, the white metal for delivery in far-month December declined by Rs. 194 or 0.51 per cent to Rs. 37,868 per kg in a business volume of four lots.

In the international market, silver fell 0.94 per cent to $15.88 an ounce in Singapore today.

Traders said reducing of exposure by participants, tracking a weak trend in global markets, led to the fall in silver prices at the futures trade.

Gold and platinum prices are down 0.4% this morning, Friday July 7, with spot gold prices at $1,220.30 per oz, silver prices are down 1.2% (in early trading it appears silver suffered a flash-crash down below $15 per oz, but only for seconds, the fact it rebounded suggests it may have been a trading error). Palladium prices are up 0.2%. Rising bond yields seem to be driving bullion prices, while geopolitical concerns over North Korea are not yet showing themselves.
Consolidation has set in across most of the base metals traded on the London Metal Exchange this morning, Friday July 7, with three-month prices down an average of 0.3%. The exception is nickel where prices are under more pressure – off 0.7% at $9,035 per tonne. Copper prices are off 0.1% at $5,840 per tonne. Volume has been light with 2,997 lots traded as of 06:13 BST.
This comes after a general up day on Thursday that saw gains in aluminium, lead and tin, averaging 0.6%, while nickel dropped 0.4% and copper and zinc were little changed.
Today’s weaker tone comes after a generally weaker day on Thursday, when gold prices dropped 0.2%, palladium prices dropped 0.6% and silver and platinum prices were little changed.
In Asia this morning, the base metals on the Shanghai Futures Exchange (SHFE) are mixed. Lead prices are up 1.2%, zinc prices are up 0.5% and copper prices are up 0.1% at 46,880 yuan ($6,893) per tonne, while on the downside, nickel leads with a 0.9% drop, aluminium prices are off 0.3% and tin prices are down 0.1%. Spot copper prices in Changjiang are off 0.1% at 46,680-46,800 yuan per tonne and the LME/Shanghai copper arb ratio has firmed to 8.03.
September iron ore prices on the Dalian Commodity Exchange are up 2.1% at 476 yuan per tonne. On the SHFE, steel rebar prices are up 0.1%, gold prices are down 0.1% and silver prices are off 0.6%.
In international markets, spot Brent crude oil prices are down 1% at $47.51 per barrel and the yield on the US ten-year treasuries is higher at 2.38%, the German ten-year bund is at 0.56%.
Rising bond yields were worrying the equity markets on Thursday with the Euro Stoxx 50 closing down 0.5% and the Dow closed off 0.7% at 21,320.04. The worry has flowed through to Asia this morning, where the ASX 200 is down 0.8%, Kospi is down 0.6%, the Nikkei and CSI 300 are off 0.4% and the Hang Seng is off 0.3%. Key now will be whether the bond rout continues and whether that ends up prompting broader risk-off move across other markets.
The dollar index, at 95.96 is weaker, this despite firmer bond yields. Conversely, the euro has rebounded to 1.1415, sterling is treading water at 1.2960, the yen is weaker at 113.73 and the Australian dollar at 0.7587 is little changed, but looking weaker.
The yuan, at 6.8014, remains weak, the rand at 13.4624 is weakening again, while the other emerging market currencies we follow are generally flat.
It is a busy day for economic data, with the highlights being the US employment report and G20 meeting – data out already showed better than expected Japanese leading indicators and German industrial production. Data out later includes French industrial production, government budget balance and trade balance, UK house prices, manufacturing and industrial production, goods trade balance and GDP estimates, while in addition to the US employment report there is data on natural gas storage and a US Federal Reserve monetary policy report.
Copper and nickel prices are looking the weaker ones in the LME complex this week, but the weakness seems to be part of an effort to consolidate, which most of the other metals are also doing. The exception is aluminium, where prices are pushing higher towards former resistance levels that are bunched together in the $1,960-1980 per tonne area. While the metals consolidate, direction may come from the broader markets – for now geopolitical concerns are surprisingly having little effect on markets, but a correction in the massive bond markets does seem to be having an impact and that has potential to trigger a bigger risk-off move.
Gold prices are under pressure, as are silver and platinum prices, while palladium prices continue to correct after the sharp May-June rally. With the precious metals looking vulnerable on the back of stronger bond yields much will depend on whether investors start to want switch more into havens – this could happen either on a pick-up in geopolitical concerns over North Korea, or if they get more worried about risk off in broader markets.
Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.
Gold and platinum prices are down 0.4% this morning, Friday July 7, with spot gold prices at $1,220.30 per oz, silver prices are down 1.2% (in early trading it appears silver suffered a flash-crash down below $15 per oz, but only for seconds, the fact it rebounded suggests it may have been a trading error). Palladium prices are up 0.2%. Rising bond yields seem to be driving bullion prices, while geopolitical concerns over North Korea are not yet showing themselves. Consolidation has set in across most of the base metals traded on the London Metal Exchange this morning, Friday July 7, with three-month prices down an average of 0.3%. The exception is nickel where prices are under more pressure – off 0.7% at $9,035 per tonne. Copper prices are off 0.1% at $5,840 per tonne. Volume has been light with 2,997 lots traded as of 06:13 BST. This comes after a general up day on Thursday that saw gains in aluminium, lead and tin, averaging 0.6%, while nickel dropped 0.4% and copper and zinc were little changed. Today’s weaker tone comes after a generally weaker day on Thursday, when gold prices dropped 0.2%, palladium prices dropped 0.6% and silver and platinum prices were little changed. In Asia this morning, the base metals on the Shanghai Futures Exchange (SHFE) are mixed. Lead prices are up 1.2%, zinc prices are up 0.5% and copper prices are up 0.1% at 46,880 yuan ($6,893) per tonne, while on the downside, nickel leads with a 0.9% drop, aluminium prices are off 0.3% and tin prices are down 0.1%. Spot copper prices in Changjiang are off 0.1% at 46,680-46,800 yuan per tonne and the LME/Shanghai copper arb ratio has firmed to 8.03. September iron ore prices on the Dalian Commodity Exchange are up 2.1% at 476 yuan per tonne. On the SHFE, steel rebar prices are up 0.1%, gold prices are down 0.1% and silver prices are off 0.6%. In international markets, spot Brent crude oil prices are down 1% at $47.51 per barrel and the yield on the US ten-year treasuries is higher at 2.38%, the German ten-year bund is at 0.56%. Rising bond yields were worrying the equity markets on Thursday with the Euro Stoxx 50 closing down 0.5% and the Dow closed off 0.7% at 21,320.04. The worry has flowed through to Asia this morning, where the ASX 200 is down 0.8%, Kospi is down 0.6%, the Nikkei and CSI 300 are off 0.4% and the Hang Seng is off 0.3%. Key now will be whether the bond rout continues and whether that ends up prompting broader risk-off move across other markets. The dollar index, at 95.96 is weaker, this despite firmer bond yields. Conversely, the euro has rebounded to 1.1415, sterling is treading water at 1.2960, the yen is weaker at 113.73 and the Australian dollar at 0.7587 is little changed, but looking weaker. The yuan, at 6.8014, remains weak, the rand at 13.4624 is weakening again, while the other emerging market currencies we follow are generally flat. It is a busy day for economic data, with the highlights being the US employment report and G20 meeting – data out already showed better than expected Japanese leading indicators and German industrial production. Data out later includes French industrial production, government budget balance and trade balance, UK house prices, manufacturing and industrial production, goods trade balance and GDP estimates, while in addition to the US employment report there is data on natural gas storage and a US Federal Reserve monetary policy report. Copper and nickel prices are looking the weaker ones in the LME complex this week, but the weakness seems to be part of an effort to consolidate, which most of the other metals are also doing. The exception is aluminium, where prices are pushing higher towards former resistance levels that are bunched together in the $1,960-1980 per tonne area. While the metals consolidate, direction may come from the broader markets – for now geopolitical concerns are surprisingly having little effect on markets, but a correction in the massive bond markets does seem to be having an impact and that has potential to trigger a bigger risk-off move. Gold prices are under pressure, as are silver and platinum prices, while palladium prices continue to correct after the sharp May-June rally. With the precious metals looking vulnerable on the back of stronger bond yields much will depend on whether investors start to want switch more into havens – this could happen either on a pick-up in geopolitical concerns over North Korea, or if they get more worried about risk off in broader markets. Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.

Taking weak cues from overseas markets, silver prices fell Rs. 272 to Rs. 37,180 per kg at the futures trade today as participants cut down their bets.

At the Multi Commodity Exchange, silver for delivery in September was trading lower by Rs. 272 or 0.73 per cent at Rs. 37,180 per kg in a business turnover of 568 lots.

Similarly, the white metal for delivery in far-month December declined by Rs. 194 or 0.51 per cent to Rs. 37,868 per kg in a business volume of four lots.

In the international market, silver fell 0.94 per cent to $15.88 an ounce in Singapore today.

Traders said reducing of exposure by participants, tracking a weak trend in global markets, led to the fall in silver prices at the futures trade.

Gold and platinum prices are down 0.4% this morning, Friday July 7, with spot gold prices at $1,220.30 per oz, silver prices are down 1.2% (in early trading it appears silver suffered a flash-crash down below $15 per oz, but only for seconds, the fact it rebounded suggests it may have been a trading error). Palladium prices are up 0.2%. Rising bond yields seem to be driving bullion prices, while geopolitical concerns over North Korea are not yet showing themselves.
Consolidation has set in across most of the base metals traded on the London Metal Exchange this morning, Friday July 7, with three-month prices down an average of 0.3%. The exception is nickel where prices are under more pressure – off 0.7% at $9,035 per tonne. Copper prices are off 0.1% at $5,840 per tonne. Volume has been light with 2,997 lots traded as of 06:13 BST.
This comes after a general up day on Thursday that saw gains in aluminium, lead and tin, averaging 0.6%, while nickel dropped 0.4% and copper and zinc were little changed.
Today’s weaker tone comes after a generally weaker day on Thursday, when gold prices dropped 0.2%, palladium prices dropped 0.6% and silver and platinum prices were little changed.
In Asia this morning, the base metals on the Shanghai Futures Exchange (SHFE) are mixed. Lead prices are up 1.2%, zinc prices are up 0.5% and copper prices are up 0.1% at 46,880 yuan ($6,893) per tonne, while on the downside, nickel leads with a 0.9% drop, aluminium prices are off 0.3% and tin prices are down 0.1%. Spot copper prices in Changjiang are off 0.1% at 46,680-46,800 yuan per tonne and the LME/Shanghai copper arb ratio has firmed to 8.03.
September iron ore prices on the Dalian Commodity Exchange are up 2.1% at 476 yuan per tonne. On the SHFE, steel rebar prices are up 0.1%, gold prices are down 0.1% and silver prices are off 0.6%.
In international markets, spot Brent crude oil prices are down 1% at $47.51 per barrel and the yield on the US ten-year treasuries is higher at 2.38%, the German ten-year bund is at 0.56%.
Rising bond yields were worrying the equity markets on Thursday with the Euro Stoxx 50 closing down 0.5% and the Dow closed off 0.7% at 21,320.04. The worry has flowed through to Asia this morning, where the ASX 200 is down 0.8%, Kospi is down 0.6%, the Nikkei and CSI 300 are off 0.4% and the Hang Seng is off 0.3%. Key now will be whether the bond rout continues and whether that ends up prompting broader risk-off move across other markets.
The dollar index, at 95.96 is weaker, this despite firmer bond yields. Conversely, the euro has rebounded to 1.1415, sterling is treading water at 1.2960, the yen is weaker at 113.73 and the Australian dollar at 0.7587 is little changed, but looking weaker.
The yuan, at 6.8014, remains weak, the rand at 13.4624 is weakening again, while the other emerging market currencies we follow are generally flat.
It is a busy day for economic data, with the highlights being the US employment report and G20 meeting – data out already showed better than expected Japanese leading indicators and German industrial production. Data out later includes French industrial production, government budget balance and trade balance, UK house prices, manufacturing and industrial production, goods trade balance and GDP estimates, while in addition to the US employment report there is data on natural gas storage and a US Federal Reserve monetary policy report.
Copper and nickel prices are looking the weaker ones in the LME complex this week, but the weakness seems to be part of an effort to consolidate, which most of the other metals are also doing. The exception is aluminium, where prices are pushing higher towards former resistance levels that are bunched together in the $1,960-1980 per tonne area. While the metals consolidate, direction may come from the broader markets – for now geopolitical concerns are surprisingly having little effect on markets, but a correction in the massive bond markets does seem to be having an impact and that has potential to trigger a bigger risk-off move.
Gold prices are under pressure, as are silver and platinum prices, while palladium prices continue to correct after the sharp May-June rally. With the precious metals looking vulnerable on the back of stronger bond yields much will depend on whether investors start to want switch more into havens – this could happen either on a pick-up in geopolitical concerns over North Korea, or if they get more worried about risk off in broader markets.
Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.
Gold and platinum prices are down 0.4% this morning, Friday July 7, with spot gold prices at $1,220.30 per oz, silver prices are down 1.2% (in early trading it appears silver suffered a flash-crash down below $15 per oz, but only for seconds, the fact it rebounded suggests it may have been a trading error). Palladium prices are up 0.2%. Rising bond yields seem to be driving bullion prices, while geopolitical concerns over North Korea are not yet showing themselves. Consolidation has set in across most of the base metals traded on the London Metal Exchange this morning, Friday July 7, with three-month prices down an average of 0.3%. The exception is nickel where prices are under more pressure – off 0.7% at $9,035 per tonne. Copper prices are off 0.1% at $5,840 per tonne. Volume has been light with 2,997 lots traded as of 06:13 BST. This comes after a general up day on Thursday that saw gains in aluminium, lead and tin, averaging 0.6%, while nickel dropped 0.4% and copper and zinc were little changed. Today’s weaker tone comes after a generally weaker day on Thursday, when gold prices dropped 0.2%, palladium prices dropped 0.6% and silver and platinum prices were little changed. In Asia this morning, the base metals on the Shanghai Futures Exchange (SHFE) are mixed. Lead prices are up 1.2%, zinc prices are up 0.5% and copper prices are up 0.1% at 46,880 yuan ($6,893) per tonne, while on the downside, nickel leads with a 0.9% drop, aluminium prices are off 0.3% and tin prices are down 0.1%. Spot copper prices in Changjiang are off 0.1% at 46,680-46,800 yuan per tonne and the LME/Shanghai copper arb ratio has firmed to 8.03. September iron ore prices on the Dalian Commodity Exchange are up 2.1% at 476 yuan per tonne. On the SHFE, steel rebar prices are up 0.1%, gold prices are down 0.1% and silver prices are off 0.6%. In international markets, spot Brent crude oil prices are down 1% at $47.51 per barrel and the yield on the US ten-year treasuries is higher at 2.38%, the German ten-year bund is at 0.56%. Rising bond yields were worrying the equity markets on Thursday with the Euro Stoxx 50 closing down 0.5% and the Dow closed off 0.7% at 21,320.04. The worry has flowed through to Asia this morning, where the ASX 200 is down 0.8%, Kospi is down 0.6%, the Nikkei and CSI 300 are off 0.4% and the Hang Seng is off 0.3%. Key now will be whether the bond rout continues and whether that ends up prompting broader risk-off move across other markets. The dollar index, at 95.96 is weaker, this despite firmer bond yields. Conversely, the euro has rebounded to 1.1415, sterling is treading water at 1.2960, the yen is weaker at 113.73 and the Australian dollar at 0.7587 is little changed, but looking weaker. The yuan, at 6.8014, remains weak, the rand at 13.4624 is weakening again, while the other emerging market currencies we follow are generally flat. It is a busy day for economic data, with the highlights being the US employment report and G20 meeting – data out already showed better than expected Japanese leading indicators and German industrial production. Data out later includes French industrial production, government budget balance and trade balance, UK house prices, manufacturing and industrial production, goods trade balance and GDP estimates, while in addition to the US employment report there is data on natural gas storage and a US Federal Reserve monetary policy report. Copper and nickel prices are looking the weaker ones in the LME complex this week, but the weakness seems to be part of an effort to consolidate, which most of the other metals are also doing. The exception is aluminium, where prices are pushing higher towards former resistance levels that are bunched together in the $1,960-1980 per tonne area. While the metals consolidate, direction may come from the broader markets – for now geopolitical concerns are surprisingly having little effect on markets, but a correction in the massive bond markets does seem to be having an impact and that has potential to trigger a bigger risk-off move. Gold prices are under pressure, as are silver and platinum prices, while palladium prices continue to correct after the sharp May-June rally. With the precious metals looking vulnerable on the back of stronger bond yields much will depend on whether investors start to want switch more into havens – this could happen either on a pick-up in geopolitical concerns over North Korea, or if they get more worried about risk off in broader markets. Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.

Gold Pauses After Recent Losses, Fed Minutes Due

Gold futures steadied Wednesday morning ahead of the closesly watched minutes of the June Federal Reserve meeting.
Gold was up $2 at $1221.40 an ounce, holding near its 6-week lows.
Gold prices have dropped sharply over the past week due to speculation the Fed will raise rates a few more times in 2017.
Stocks rebounded in Asia and Europe overnight, limiting gold’s safe haven appeal. However, crude oil prices cooled off, giving gold a modest boost.
The Fed minutes may be taken with a grain of salt as data released since the meeting showed U.S. GDP rose more than initially reported in the first quarter.
Factory Orders data for May is expected at 10.00 am ET. Economists are looking for a decline of 0.6 percent. In the prior month, factory orders were down 0.2 percent.
Mortgage applications decreased 6.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage report.
Thanks & Regards
Vinvestment of India
Avinash Lokhande
Mobile 9229462212 

Today Call in Commodity (Potional)
Buy Silver 38330 Sl 38000 Tgt 38550 38779 390036
Sell Zinc 163.30 sl 165 Tgt 162.25 161.20 160.10
Sell Copper 367 sl 369 Tgt 363 361 359

Continuous Selling in Base Metals

Copper , Lead  & Zinc 

China's yuan weakens after US dollar gains, sharply lower midpoint fixing

SHANGHAI, June 16 (Reuters) - China's yuan fell against the U.S. dollar on Friday and was on track for its worst week since March, after the central bank fixed its official guidance sharply lower than the previous day.

Prior to the market opening on Friday, the People's Bank of China set the midpoint rate at 6.7995 per dollar, the weakest level since June 2, reacting to strength in the greenback overnight in global markets.
On Thursday morning, shortly after the Federal Reserve raised U.S. interest rates, the PBOC set the midpoint fixing at 6.7852 per dollar, the strongest level in more than seven months.
In Friday trading, the onshore spot yuan opened at 6.8042 per dollar and was changing hands at 6.8144 at midday, 44 pips weaker than the previous late session close and 0.22 percent softer than the day's midpoint.
For the week, the yuan was down 0.26 percent against the dollar. If that remains the case at the end of Friday, this week will be the yuan's worst since the one that ended on March 3.
The global dollar index , which measures its strength against six other currencies, rose to a more than two week high to 97.507 on Friday, after upbeat U.S. economic data that could allow the Fed raise interest rates again this year.
After the Fed hiked its key policy rates a quarter percentage point as expected on Wednesday, the Chinese central bank stood pat on short-term interest rates. When the Fed raised rates in March, the PBOC did so too, within hours. Traders said dollar demand climbed in Friday morning trade as the bank clients worried that the yuan could weaken further. June is a traditional peak period for corporate dollar demand, they said.
One trader at a Chinese bank in Shanghai said some market participants may start to liquidate and sell dollars to lock in profits if the spot rate continued to ease and moved close to 6.85 per dollar.
Market watchers, noting that China's foreign exchange reserves had booked four straight months of expansion, said they would like to have a better picture of capital flows judging from commercial banks' forex sales and purchases data.
The foreign exchange regulator is due to release the May data later on Friday.
Separately, a Reuters poll of 16 analysts, traders and fund managers showed that investors raised their Chinese yuan bullish bets from two weeks ago to the largest since late 2014, after Chinese authorities began tightening control of the currency in recent weeks to guard against outflow risk. The Thomson Reuters/HKEX Global CNH index , which tracks the offshore yuan against a basket of currencies on a daily basis, stood at 94.28, firmer than the previous day's 94.25.
The offshore yuan was trading 0.12 percent weaker than the onshore spot, at 6.8229 per dollar.
Offshore one-year non-deliverable forwards contracts (NDFs) , considered the best available proxy for forward-looking market expectations of the yuan's value, traded at 6.9995, or 2.86 percent away from the midpoint.
One-year NDFs are settled against the midpoint, not the spot rate.

The yuan market at 0359 GMT:
ONSHORE SPOT: Item Current Previous Change PBOC midpoint 6.7995 6.7852 -0.21% Spot yuan 6.8144 6.81 -0.06% Divergence from 0.22% midpoint* Spot change YTD 1.94% Spot change since 2005 21.46% revaluation
Key indexes:
Item Current Previous Change
Thomson 94.28 94.25 0.0 Reuters/HKEX CNH index Dollar index 97.507 97.433 0.1
*Divergence of the dollar/yuan exchange rate. Negative number indicates that spot yuan is trading stronger than the midpoint. The People's Bank of China (PBOC) allows the exchange rate to rise or fall 2 percent from official midpoint rate it sets each morning.

OFFSHORE CNH MARKET Instrument Current Difference
from onshore Offshore spot yuan 6.8229 -0.12% * Offshore 6.9995 -2.86% non-deliverable forwards ** *Premium for offshore spot over onshore **Figure reflects difference from PBOC's official midpoint, since non-deliverable forwards are settled against the midpoint.

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Vinvestment of India

Vinvestment of India

U.S. Fed Funds Target Rate

The dollar was on tenterhooks in Asian trading on Wednesday as investors waited anxiously to see what clues the U.S. Federal Reserve would soon reveal on its monetary policy outlook.The U.S. central bank began its two-day monetary policy meeting on Tuesday. With the futures market pricing in more than a 90 percent chance that it would raise interest rates, investors' main focus turned to what its statement would say about the pace of hikes this year.
Against its Japanese counterpart, the greenback edged down 0.1 percent to 114.67, shy of last week's high of 115.51, which was its highest level since Jan. 19 as expectations built for the rate increase.
"I think the dollar might have trouble above the 115 level today, with Japanese exporters still seeking to sell above it ahead of the end of the Japanese fiscal year this month," said Kaneo Ogino, director at foreign exchange research firm Global-info Co in Tokyo.
"Of course, everyone is waiting for the Fed, so we're expecting range-bound trading until we get some clear signals about expectations for the rest of the year," he said.
U.S. inflation data overnight cemented rate hike expectations. U.S. producer prices rose more than expected last month, marking the most robust year-on-year gain in nearly five years.
Sterling nursed its losses after tumbling to an eight-week low of $1.2110 in the previous session, amid worries about a prolonged and painful process of the UK's exit from the European Union.

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