In Commodity News 26/09/2016
Precious metals fell back from their biggest weekly gain in about two months as the dollar stabilized after loses last week driven by the Federal Reserve cutting its outlook for rate increases.
Silver, platinum and palladium all sank at least 1 percent, with gold down 0.2 percent at $1,334.38 an ounce by 10:09 a.m. in London, according to Bloomberg generic pricing. An index of the dollar against major peers was little changed after last week’s biggest weekly drop in a month.
The “dollar a little firmer, no follow through buying from Friday, creates a bit of disappointment in the metals and hence the selling,” David Govett, head of precious metals trading at Marex Spectron Group in London, said by e-mail.
Precious metals also pared last week’s gains before a political debate on Monday between U.S. presidential nominees Hilary Clinton and Donald Trump, with the two running neck-and-neck in the latest Bloomberg Politics national poll. Gold may be in for a bumpy ride in the final quarter with Trump rising in the polls and the chance of an interest-rate increase, Citigroup Inc. warned.
Platinum and silver slid 1.3 percent and palladium 1.2 percent.
In other markets news:
Gold assets in exchange-traded funds were little changed at 2,030.6 metric tons on Friday after rising the previous day to a more than two-week high, data compiled by Bloomberg show.
Source: Bloomberg
