November 24, 2017

Gold:-

Gold futures rose nearly one percent in American trade to the highest since July as the dollar index tumbled to a seven-month trough, following earlier data from the US, the world’s largest economy. US industrial production grew more than expected in June, while the Capacity Utilization Rate rose below expectations, as business inventories match expectations in gains, while the preliminary UoM consumer sentiment survey fell unexpectedly in July. The mostly negative data came after Federal Reserve Chair Janet Yellen presented the second part of her Congressional testimony about monetary policy ahead of the Senate Banking Committee yesterday, and now could force the Federal Open Market Committee to hold on before tightening the policy in the July 25-26 meeting, weighing on the dollar and boosting the yellow metal.

Silver:-

Silver futures rose over one percent in American trade away from the lowest since February 2016 for the fifth straight session, as the dollar index tumbled to a ten-month nadir following earlier data from the US, the world’s largest economy. Federal Reserve Bank of Dallas President Robert Kaplan said in a speech about the Federal Reserve and monetary policy at the Center for Economic Studies of the Private Sector, in Mexico City, that recent softening of inflation is transient, while a state of weakness dictates the pace of wages growth, and added that trimming down the Fed’s balance sheet will be gradual with little impact on markets. The mostly negative data earlier today came after Federal Reserve Chair Janet Yellen presented the second part of her Congressional testimony about monetary policy ahead of the Senate Banking Committee yesterday, and now could force the Federal Open Market Committee to hold on tightening the policy in the July 25-26 meeting, weighing on the greenback today.

Crude:-

Oil futures rose nearly one percent for the fifth session in a row as the dollar index swooned to a ten-month trough following earlier data from the US the world’s largest energy consumer. Earlier US data showed consumer prices slowing down on a yearly basis in June, while retail sales fell further unexpectedly last month. US industrial production grew more than expected in June while the Capacity Utilization Rate rose below expectations, as business inventories matched expectations in gains while the preliminary UoM consumer sentiment survey fell unexpectedly in July. The compliance rate for OPEC producers with output cuts fell to 78% in June from 95%, after some countries pumped more than their limits, like Iraq, Emirates, and Venezuela, while the agency upgraded its global demand growth forecasts by 100 thousand bpd to 1.4 million bpd in 2017, as global supplies fell to 266 million bod in May from 300 million bpd in April.

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