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Eileen Soreng

PRECIOUS-Gold holds above $1,800 as virus cases spike

09 Jul 2020

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

Oil prices set for modest recovery on OPEC+ cuts, improving demand: Reuters poll

30 Jun 2020

Oil prices will consolidate at around $40 a barrel this year, with a recovery gaining steam in the fourth quarter and into 2021 on OPEC-led production cuts and as economies limp back from coronavirus lockdowns, a Reuters poll showed on Tuesday.

POLL-Oil prices set for modest recovery on OPEC+ cuts, improving demand

30 Jun 2020

June 30 Oil prices will consolidate at around $40 a barrel this year, with a recovery gaining steam in the fourth quarter and into 2021 on OPEC-led production cuts and as economies limp back from coronavirus lockdowns, a Reuters poll showed on Tuesday.

Gold discounts widen in top Asian hubs as COVID-19 keeps buyers indoors

26 Jun 2020

BENGALURU/MUMBAI Physical gold discounts widened in China and India this week as a surge in coronavirus infections restricted buying, while the reopening of retail outlets in Singapore saw a slight pick up in demand for the precious metal.

Asia Gold-Discounts widen in top Asian hubs as COVID-19 keeps buyers indoors

26 Jun 2020

* Pent up demand heading to retail outlets in Singapore-analyst

Asia Rice-Quality concerns hit Vietnam rates; India's demand improves

26 Jun 2020

BENGALURU, June 25 Vietnamese rice export prices eased this week, hurt by falling purchases and quality concerns as the harvest progresses, while India rates rose from an over two-month low hit last week as demand picked up from Africa.

Asia Rice-Quality concerns hit Vietnam rates; India's demand improves

25 Jun 2020

BENGALURU, June 25 Vietnamese rice export prices eased this week, hurt by falling purchases and quality concerns as the harvest progresses, while India rates rose from an over two-month low hit last week as demand picked up from Africa.

PRECIOUS-Gold soars towards 8-year high as coronavirus cases jump

24 Jun 2020

* Second wave fears dampen risk appetite * European Union prepared to bar U.S. travellers-report * For an interactive graphic tracking the global coronavirus spread, open https://tmsnrt.rs/3aIRuz7 in an external browser (Adds comments, updates prices) By Eileen Soreng June 24 Gold surged to its highest in nearly eight years on Wednesday as rising coronavirus cases globally dented hopes of a rapid economic recovery and pushed investors towards safe haven assets. Spot gold rose 0.3% to $1,772.43 per ounce by 1213 GMT, having earlier hit its highest since October 2012 at $1,779.06. U.S. gold futures rose 0.6% to $1,791.80 per ounce. "Everybody is worried about a second wave of the coronavirus not only in the U.S., but in Latin America, Brazil and Russia, so that's supporting the rally," said Jigar Trivedi, commodities analyst at Mumbai broker Anand Rathi Shares. "People are expecting stimulus packages from central banks and higher the stimulus, better the prospects for gold." The United States had a 25% increase in new cases of COVID-19 in the week ended June 21 compared with the previous seven days, while the death toll in Latin America has surpassed 100,000, a Reuters analysis found. The European Union is prepared to bar travellers from the United States, the New York Times said. The surge in coronavirus cases also weighed on global stock markets. Global central banks have bumped up stimulus measures and kept interest rates low to ease the economic blow from the pandemic, driving a 17% rise in gold this year. "Technicals are looking mighty bullish on the daily charts ... Solid daily close above $1,765 may encourage a move towards $1,796 and $1,800," said FXTM analyst Lukman Otunuga. Otunuga also said: "Any signs of the world economy recovering quicker than expected is poised to boost attraction towards riskier assets at the expense of safe-havens like gold." Indicative of investor sentiment, holdings in SPDR Gold Trust , rose 0.28% to 1,169.25 tonnes on Tuesday, its highest level since April 2013. Elsewhere, palladium fell 0.2% to $1,920.76 per ounce, platinum fell 1.6%, to $816.01 per ounce. Silver fell 0.9% to $17.79 per ounce. (Reporting by Eileen Soreng and Nakul Iyer in Bengaluru. Editing by Jane Merriman)

PRECIOUS-Gold holds near 1-month peak on second wave fears

23 Jun 2020

* SPDR Gold Trust holdings at over 7-year high * European stocks rise on upbeat data * Coronavirus infections spike in Latin America (Updates prices) By Eileen Soreng June 23 Gold prices on Tuesday held firm near a more than one-month peak scaled in the last session, as a rise in coronavirus infections fuelled concerns of a second wave of the pandemic. Spot gold was up 0.1% to $1,756.70 per ounce at 1154 GMT. On Monday, bullion hit $1,762.84, its highest since May 18. U.S. gold futures were up 0.3% to $1,771.20 per ounce. "Stimulus and fiscal spending are going to continue to go up because the virus hasn't gone... we're not out of the woods yet and that's driving continuous demand for safe havens" especially with the liquidity from central banks starting to stoke inflation, Saxo Bank analyst Ole Hansen said. Technically, he said a break above the $1,745-$1,765 range "would trigger a chase towards the $1,800 level". Global cases of the novel coronavirus surpassed nine million on Monday. Gold has gained nearly 16% this year, hitting a 7-1/2 year peak of $1,764.55 last month, supported by global stimulus measures since the non-yielding metal is considered a hedge against inflation and currency debasement. Holdings in SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, rose 0.58% to 1,166.04 tonnes on Monday, a level last seen in April 2013. While the increase in infection is positive for gold, demand from the world's second biggest bullion consumer India is likely to remain paralysed since the country is also seeing a spike in cases, Commerzbank said. Also helping gold, the dollar edged 0.2% lower against a basket of currencies. Gold's gains came despite a rise in equities driven by data showing the downturn in the euro zone economy eased this month, and after U.S. President Donald Trump tweeted the U.S.-China trade pact was "fully intact". Elsewhere, palladium slipped 0.6% to $1,926.25 per ounce, platinum rose 0.4% to $824.97 per ounce and silver was steady at $17.82 per ounce. (Reporting by Eileen Soreng and Nakul Iyer in Bengaluru; Editing by Barbara Lewis and Mark Potter)

PRECIOUS-Gold hits highest in over a month as rise in virus cases bolsters appeal

22 Jun 2020

* SPDR Gold Trust holdings rose 2% on Friday * Specs raise gold bullish positions in week to June 16-CFTC * Silver hits more than one-week high of $17.97/oz (Updates prices) By Eileen Soreng June 22 Gold prices hit their highest level in more than a month on Monday as a resurgence of coronavirus infections in some countries raised doubts about a swift global economic recovery. Spot gold was up 0.3% at $1,748.05 per ounce by 1151 GMT, after rising to as high as $1758.35 earlier in the session, its highest level since May 18. U.S. gold futures was also 0.3% higher, at $1,758.10. Spot prices are now $17 shy of a 7-1/2 year high of $1,764.55, hit last month. Gold is seen as a safe haven during times of economic turmoil and benefited as global investors were unnerved after the World Health Organization reported a record jump in global infections of the coronavirus on Sunday, with the biggest increases seen in North and South America. Two U.S. Federal Reserve officials on Friday warned the unemployment rate could rise again if the disease is not brought under control. As well as concerns about the health of the global economy, there are also worries about rising inflation, said UBS analyst Giovanni Staunovo. "There seems to be some increase in inflation expectations which is pushing real rates lower and giving some support to the gold price," Staunovo said. The rise in coronavirus cases also pressured European shares. Against a basket of currencies, the dollar index was down 0.2%, making gold cheaper for holders of other currencies. Gold prices have risen 15% this year amid fears of a coronavirus-induced economic slowdown and unprecedented stimulus measures from governments and central banks globally. "Technically a clear breakup of the previous high in May would open space for a further rally ... The price is expected to find support firstly at $1,741 and later at $1,730," ActivTrades chief analyst Carlo Alberto De Casa said in a note. SPDR Gold Trust holdings on Friday rose 2% to 1,159.31 tonnes, the highest level since April 2013. Speculators increased bullish positions in COMEX gold and silver contracts in the week to June 16. Silver rose 1.4% on Monday to $17.85 per ounce, its highest level in more than a week. Palladium inched 0.1% higher to $1,911.91, while platinum gained 1.9% to $820.89. (Reporting by Eileen Soreng and Nakul Iyer in Bengaluru; editing by David Evans and Susan Fenton)

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