|Day's Range||1,237.60 - 1,249.80|
The nation’s 130-year-old gold industry -- which has produced half the bullion ever mined on Earth -- is locked in the final stages of a decades-long death spiral. Most of South Africa’s gold mines are unprofitable at current prices. Dwindling output has cut gold’s contribution to little more than 1 percent of the South African economy, down from 3.8 percent in 1993 -- the year before Nelson Mandela’s African National Congress won the country’s first democratic elections.
Production at Randgold's (RRS.L) Loulo gold mine in Mali has been on hold since Wednesday due to a dispute over pay, the head of the industry and mines union SECNAMI told Reuters. Workers went on strike at the Loulo-Gounkoto mining complex in April over bonus payments, but the standoff was resolved within a day. Randgold did not immediately respond to a request for comment.
Gold futures marked their highest settlement since July on Friday, climbing about 2.2% for the week, to score the largest weekly percentage gain since August. Prices for the precious metal climbed as the dollar weakened in the wake of a disappointing U.S. monthly jobs report. February gold rose $13.60, or 1.1%, to settle at $1,239.60 an ounce. That was the highest finish for a most-active contract since Nov. 1, according to FactSet data.
Canada's main stock index rose on Friday due to a rally in oil prices and a robust domestic jobs data, which eased worries over a recent economic slowdown. * Canada added a record number of jobs in November ...
The sudden price rise surprised them," said Harshad Ajmera, the proprietor of JJ Gold House, a wholesaler in the eastern Indian city of Kolkata. Local gold prices have risen nearly 3 percent so far this week following gains in the overseas market and on a depreciation in the rupee. Dealers in India were offering a discount of up to $1.5 an ounce over official domestic prices this week, compared to a premium of $2 in the previous week.
The producer club will curb output from January by 0.8 million barrels per day versus October levels while non-OPEC allies contribute an additional 0.4 million bpd of cuts, in a move to be reviewed at a meeting in April. Oil prices jumped about 5 percent to more than $63 a barrel as the combined cut of 1.2 million bpd was larger than the minimum 1 million bpd that the market had expected. Saudi Arabia, de facto leader of the Organization of the Petroleum Exporting Countries, has faced demands from Trump to help the global economy by refraining from paring supplies.
Gold was supported on Thursday after the Wall Street Journal reported that Federal Reserve officials were considering whether to signal a new wait-and-see approach after its widely expected rate hike in December.
Investing.com - Gold prices gained while the dollar was flat on Friday in Asia after Federal Reserve chairman Jerome Powell delivered a bullish assessment of the U.S. economy on Thursday.
Gold soars on headlines that US Fed is considering whether to signal new “wait-and-see” mentality at December meet
To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_12072018.pdf If you would like to receive this newsletter via email, please register at: https://forms.thomsonreuters.com/india-morning/ FACTORS TO WATCH 9:00 am: SEBI Chairman Ajay Tyagi and Kotak Mahindra Bank CEO Uday Kotak at Financial Markets Summit in Mumbai. 5:00 pm: RBI to release weekly foreign exchange data in Mumbai. GMF: Rahul Karunakar, Reuters Polling editor-in-charge discusses the latest forecasts in stocks and FX, and what to expect from the next set of central bank meetings, at 9:30 am IST.
Investing.com - At any other time, a 7-million-barrel weekly draw and the first record exports in U.S. crude might have sent oil prices rocketing. But not when the Russians are maintaining an elegant silence on production cuts that has OPEC and oil-dependent economies all over at their mercy.
By Laila Kearney NEW YORK (Reuters) - Stock markets around the world sank on Thursday as the arrest of a top Chinese technology executive threatened to strain an already brittle U.S.-China trade relationship, ...
Stock markets around the world sank on Thursday as the arrest of a top Chinese technology executive threatened to strain an already brittle U.S.-China trade relationship, while oil prices fell after OPEC delayed an output decision. The arrest of smartphone maker Huawei Technologies Co Ltd Chief Financial Officer Meng Wanzhou in Canada for extradition to the United States came as Washington and Beijing prepared for talks aimed at resolving a bitter trade spat. Sources familiar with the probe told Reuters Meng was arrested as part of a U.S. investigation of an alleged scheme to use the global banking system to evade U.S. sanctions against Iran.
Investing.com - Gold isn't soaring, but neither is it plummeting. The safe haven technically remains steady amid the bond yield reversion that's causing investors to flee stocks and chip away at the dollar as well.
Investing.com - Oil inventories in the U.S. fell by 7.3 million barrels in the latest week, the Energy Information Administration said Thursday.
Venezuela has signed deals securing investment from Russia in the South American country's oil and gold sectors, President Nicolas Maduro said on Thursday at the end of a three-day trip to Moscow. "We have signed contracts to guarantee investments of more than $5 billion with our Russian partners in joint ventures to raise oil production," Maduro said in a video posted on his Twitter account. Maduro did not provide specifics about where the investments would be made or how much money Russian companies would contribute.
Yellow metal gains as US Dollar is starting to lose its place as safe haven asset among global investors while increasing risk aversion has resulted in fund flow move towards most reliance recession proof asset in history – Gold
Based on the early price action, the direction of the January WTI crude oil futures contract on Thursday is likely to be determined by trader reaction to the short-term pivot at $51.98.
Based on the pair of inside days, we have to conclude that the direction of the December Comex gold market on Thursday is likely to be determined by trader reaction to Tuesday’s high at $1247.50 and its low at $1235.80.
Based on the early price action and the current price at .7228, the direction of the AUD/USD the rest of the session is likely to be determined by trader reaction to the main 50% level at .7252.