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Diptendu Lahiri

RPT-Asia Rice-Rates dip in top hubs; traders flag low Mekong water levels

02 Oct 2020

Oct 1 Rice export prices eased this week in most hubs on lackluster demand with fresh supplies expected to be a further drag, but Vietnamese traders were concerned about low water levels in the Mekong.

Asia Rice-Rates dip in top hubs; traders flag low Mekong water levels

01 Oct 2020

Oct 1 Rice export prices eased this week in most hubs on lackluster demand with fresh supplies expected to be a further drag, but Vietnamese traders were concerned about low water levels in the Mekong.

PRECIOUS-Gold slips as ECB gives no stimulus cue

11 Sep 2020

* U.S. Aug unadjusted CPI index comes above expectation * Gold up 0.6% this week * Platinum on track for best week since early Aug * Interactive graphic tracking global spread of coronavirus: open https://tmsnrt.rs/3aIRuz7 in an external browser (Updates prices) By Diptendu Lahiri Sept 11 Gold prices dipped on Friday after the European Central Bank stopped short of offering any concrete signals on further stimulus, but lingering economic uncertainties kept the metal on track for a weekly rise. Spot gold was down 0.4% at $1,945.79 per ounce by 1243 GMT, after hitting its highest level since Sept. 2 at $1,965.94 on Thursday. Gold has gained 0.6% this week. U.S. gold futures fell 0.7% to $1,950.20. "The ECB did not address the stronger euro, neither did it come up with any stimulus plans, which will keep inflation in check in the euro zone. That's negative for gold," said Quantitative Commodity Research analyst Peter Fertig. ECB President Christine Lagarde played down concerns about the euro's strength and disappointed hopes for more stimulus. The U.S. Senate blocked a Republican bill that would have provided around $300 billion in new coronavirus aid. Gold is perceived as a hedge against inflation and currency debasement. Economic indicators suggest a long and difficult recovery from the pandemic, especially in the labour market. Latest data showed U.S. consumer prices increased more than expected in August. "While COVID-19 vaccine developments and improving economic data present near-term headwinds to gold, low and negative interest rates, a weaker USD, and expectations for further stimulus keep the balance of risks to the upside," Standard Chartered said in a note. Recent data showed Britain's economy grew for a third month in a row in July as some sectors reopened after the coronavirus lockdown, but it remained around 12% smaller than its pre-pandemic level. Elsewhere, silver dropped 0.4% to $26.81 per ounce, while palladium rose 0.3% to $2,299.95. Platinum was up 0.5% to $931.15 and was heading for its best week since the week ending Aug. 7, up 4%. (Reporting by Diptendu Lahiri in Bengaluru; editing by David Evans and Emelia Sithole-Matarise)

PRECIOUS-Gold jumps as dollar retreats post U.S. jobs data, ECB decision

10 Sep 2020

* Interactive graphic tracking global spread of coronavirus: open https://tmsnrt.rs/3aIRuz7 in an external browser (Adds comments, updates prices)

Gold edges up on economic woes, firm dollar caps gains

09 Sep 2020

Gold firmed on Wednesday on lingering uncertainties stemming from the coronavirus pandemic, but gains were limited as the dollar too gained from safe-haven inflows driven by worries about a delay in the development of a vaccine.

PRECIOUS-Gold edges up on economic woes, firm dollar caps gains

09 Sep 2020

* Interactive graphic tracking global spread of coronavirus: open https://tmsnrt.rs/3aIRuz7 in an external browser (Recasts, adds comments; updates prices)

PRECIOUS-Gold falls on firm dollar, vaccine delay limits losses

09 Sep 2020

* Interactive graphic tracking global spread of coronavirus: open https://tmsnrt.rs/3aIRuz7 in an external browser (Recasts, adds comments; updates prices)

PRECIOUS-Gold falls 1% on strong dollar; eyes on ECB policy decision

08 Sep 2020

* Interactive graphic tracking global spread of coronavirus: open https://tmsnrt.rs/3aIRuz7 in an external browser (Updates prices)

PRECIOUS-Gold dips on dollar gains, with central banks in focus

07 Sep 2020

* Interactive graphic tracking global spread of coronavirus: open https://tmsnrt.rs/3aIRuz7 in an external browser (New throughout, updates prices, market activity and comments)

PRECIOUS-Gold retreats as positive U.S. jobs data boosts dollar

04 Sep 2020

* Gold down 1.8% this week, silver 3% * Nonfarm payrolls rises in August; unemployment rate dips * Platinum on track for biggest weekly decline since June * Dollar heads for its strongest week since mid May * Interactive graphic tracking global spread of the coronavirus: https://tmsnrt.rs/3aIRuz7 in an external browser (Updates prices) By Diptendu Lahiri Sept 4 Gold fell on Friday, reversing course as better-than-expected U.S. employment data bolstered the dollar, putting bullion on course for a weekly decline of 1.8%. Platinum was on track for its biggest weekly decline since June, dragged down by bullion. Spot gold erased early gains to fall 0.2% to $1,927.04 per ounce by 1:51 p.m. EDT (1751 GMT). U.S. gold futures settled down 0.2% to $1,934.30 per ounce. "Gold's correlation with the dollar has been elevated, especially over the past couple of weeks and bullion is being weighed down by the bounce in the greenback following the solid report, especially the unemployment rate," said Tai Wong, head of base and precious metals derivatives trading at BMO. The dollar index was up 0.1%, putting it on track for its best week since mid May and making the metal expensive for holders of other currencies. Data showed nonfarm payrolls increased by 1.371 million jobs in August. The unemployment rate fell to 8.4% from 10.2% in July. "However, this data does not change the U.S. Federal Reserve's stand on more stimulus to be pumped into the economy and its take on tolerating a higher inflation rate, keeping gold supported in the long run," said Michael Matousek, head trader at U.S. Global Investors. The metal has gained 27% so far, helped by near-zero interest rates globally and easy monetary policy, especially from the Fed, and safe-haven demand driven by a clouded economic picture due to the coronavirus pandemic. "This restive $1,900-$2,000 range should resolve ultimately higher especially with the Fed now officially elevating employment over inflation in the medium term. The practically permanent highly accommodative policy and intense election uncertainty will severely limit the attractiveness of USD," BMO's Wong said. Platinum rose 0.9% to $897.61 an ounce but was on track for its biggest weekly decline since mid-June, down 3.4%. Gold's failure to break above $2,000 and subsequent decline this week triggered a sharp retreat in platinum, sometimes dubbed "poor man's gold," Wong said. Silver fell 0.2% to $26.57 an ounce and has shed 3% over the week, while palladium rose 1.7% to $2,324.77. (Reporting by Arpan Varghese and Diptendu Lahiri in Bengaluru; Editing by David Gregorio and Marguerita Choy)

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