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RBC's Gero: Gold Steady; Upside Capped By Strong Dollar

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Gold is steady in the early going despite more U.S. dollar strength, says George Gero, managing director with RBC Wealth Management. Nevertheless, he adds, rising interest rates and U.S. dollar strength have capped the metal’s rally. “Sellers have appeared from emerging markets and China as dollar needs increased,” Gero says. However, “buyers in euro zone, Italy, Greece, South America, Venezuela, Argentina, Brazil and some central banks have evened out tonnage losses from ETFs [exchange-traded funds].” Around 8:40 a.m. EDT, Comex December gold was $1.60 stronger at $1,190.20 an ounce. The December dollar index was up 0.320 point to 96.081.

By Allen Sykora of Kitco News;


Commerzbank: Palladium Prices Remain Strong

Monday October 9, 2018 09:00

Palladium prices have remained strong, even Monday when other precious metals were selling off, says Commerzbank. Spot palladium topped $1,082 an ounce early Tuesday for its strongest level of the month so far. “The world’s largest palladium producer envisages a supply deficit of around 1 million ounces on the global palladium market this year,” Commerzbank says. “This is significantly higher than has been forecast so far by Johnson Matthey, for example. That said, the producer does expect demand in the automotive industry to shift from palladium back to platinum if the price differential between the two precious metals widens any further. Currently the price gap is around $260 per troy ounce.”

By Allen Sykora of Kitco News;


BBH: U.S. Rates Continue To Be Focus Of Financial Markets

Monday October 9, 2018 09:00

Interest rates remain the focus of financial markets, says Brown Brothers Harriman. The U.S. bond market reopens Tuesday following the Columbus Day holiday that shuttered bond markets and banks. “The 10-year yield made a new high near 3.26% but has since stabilized near 3.25%,” BBH says. Analysts point out that a number of Federal Reserve officials are scheduled to speak on Tuesday. Markets watch these for clues on the future of monetary policy. Meanwhile, the Producer Price Index is due out Wednesday and the Consumer Price Index on Thursday. “Global equity markets remain under pressure, but today it’s more of a slow simmer than a boil,” BBH says. “However, it’s clear that the U.S. rates story has started to impact equity markets.”  

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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