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Commerzbank: Low Prices, Festival Season Boost India's Gold Imports

Kitco News

Indian gold imports were strong in September, helped by previously low prices and the ongoing festival season, says Commerzbank. Analysts cite preliminary data from the Finance Ministry showing that imports more than doubled year-on-year to 93.8 tonnes after India had imported more than 90 tonnes of gold in August. “The import dynamism may abate again soon, however, as gold in Indian rupees has become considerably more expensive since mid-August,” Commerzbank adds.

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

 

RBC’s Gero: Gold Futures Softer With Oil Down, Dollar Strong

Monday October 8, 2018 08:45

Gold futures are starting the week softer on a day when “cash is king” as margin calls, lower crude oil and China-inspired selling hurts gold for now, says George Gero, managing director with RBC Wealth Management. “Further erosion of emerging markets may bring some retail gold sellers,” Gero says. “For now gold slides with stocks, as closed bond market on holiday today and strong dollar continue to keep buyers on sidelines.” As of 8:29 a.m. EDT, Comex December gold was $14.80 lower to $1,190.80 an ounce. The spot dollar index was up 0.323 point to 95.947.

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

 

BBH: Rising Yields Driving Global Markets

Monday October 8, 2018 08:45

Rising Treasury yields in the U.S. continue to be the main driver for global markets, says Brown Brothers Harriman. “Indeed, the impact has spread from the rates markets to the equity markets,” analysts say. “This makes sense for several reasons. First, markets are coming to grips with a Fed that’s sounding more confident than ever in hiking rates. Those assumptions are now being challenged.” Stock futures are signaling a lower open on Wall Street Monday after losses last week, when the S&P 500 fell 1% and the Nasdaq by over 3%. The U.S. 10-year yield traded near 3.25% Friday, while the two-year traded near 2.90%, both cycle highs. The U.S. bond market is closed Monday due to the Columbus Day holiday. BBH adds that markets will be sensitive to U.S. readings on the Producer Price Index Wednesday and Consumer Price Index Thursday.

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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