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Commerzbank: India's Holiday Gold Demand Met With Stocks

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Moderating U.S. inflation could end up reducing the amount of monetary tightening from the Federal Reserve, eventually underpinning gold, says TD Securities. “Gold prices remain relatively range-bound as money managers weigh the prospect of future Fed hikes amid a weakish USD [U.S. dollar] and flattening yield curve, in combination with the recent waning of the safe-haven premium and strong producer selling above $1350/oz,” TDS says. “However, we continue to expect that moderating inflation momentum will remove any impetus for the Fed to get restrictive, which could see the yellow metal move higher still.” As of 7:37 a.m. EDT, spot gold was up 25 cents at $1,349.35 an ounce.

By Allen Sykora of 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 Akshaya Tritiya festival appears to have been met by stockpiles in the country. “According to Indian newspaper reports, 15-20% higher gold demand was registered during the Hindu Akshaya Tritiya festival,” the bank says. “The lion’s share of this demand is likely to have been met by stocks given that Indian gold imports fell sharply in the first quarter.”

By Allen Sykora of Kitco News; asykora@kitco.com

 

TDS: Palladium Lifted By Sanction Fears, Could Run Into Profit-Taking

Thursday April 19, 2018 07:52

Palladium has risen on worries about U.S. sanctions on Russia but could quickly run into profit-taking selling if those sanctions end up not affecting the metal, says TD Securities. As of 7:37 a.m. EDT, spot palladium was up $2.75 to $1,037.75 an ounce and peaked at $1,057.60, its strongest level since late February. “Palladium prices continue to surge as speculators wager that Norilsk could be the next target for U.S. sanctions on Russia given that the producer accounts for nearly 37% of global supply,” TDS says. “However, it appears that [U.S. President Donald] Trump has opted against further sanctions for now, which could see some investors start to take profits in the near term.”

By Allen Sykora of Kitco News; asykora@kitco.com

 

MKS Lists Nearby Support, Resistance For Gold

Thursday April 19, 2018 07:52

So far gold is within Wednesday’s trading band, with spot metal up 25 cents at $1,349.35 an ounce as of 7:37 a.m. EDT. Tim Brown, of MKS (Switzerland) S.A., lists the following nearby technical chart levels: “Gold should find initial support around yesterday’s low of $1,342 and at the 55 DMA [day moving average of] $1,331 below that,” he says. “On the upside, the metal is trading close to the recent resistance level at $1,355; a break through here and we could see another attempt at the 2018 high.”

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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