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Shreyansi Singh

PRECIOUS-Gold set for best month in 4 years; silver eyes record monthly gain

31 Jul 2020

* Platinum on track for biggest monthly gain since January 2017 * Palladium eyes its first monthly rise in five * Dollar set for steepest monthly drop in decade * BofA sees gold hitting $3,000/oz in next 18 months (Updates prices) By Shreyansi Singh July 31 Gold rose on Friday, hovering near its all time peak, as a sliding dollar and dire economic numbers from far and wide sparked a rush to safety in bullion, which is on course for its biggest monthly gain since February 2016. Silver climbed 2.3% to $24.08 per ounce, on course for a monthly rise of about 33%, its largest on records going back to 1982, supported by investment and industrial demand. Spot gold gained 0.6% to $1,971.83 per ounce by 2:17 p.m. EDT (1817 GMT), while U.S. gold futures settled 1% higher at $1,985.9. Prices hit a record $1,980.57 on Tuesday and are up over 10% so far this month. "The macro environment still remains very positive and prices continue to track real rates ... extreme weakness in the dollar has helped buoy gold prices further," said Standard Chartered analyst Suki Cooper. The dollar was on track for its biggest monthly drop in almost a decade. Data showed the U.S. economy suffered its harshest blow since the Great Depression in the second quarter due to the pandemic, while investors also geared up for an uncertain political situation in the country. Safe-haven bullion has gained nearly 30% so far this year, propelled by low interest rates globally and widespread stimulus from central banks adding to support for the metal considered a refuge from inflation and currency debasement. "With policy rates already at or even below the zero bound, support to gold prices will increasingly have to come from higher inflation, in our view," said BofA Global Research, which expects gold to hit $3,000 per ounce in the coming 18 months. Elsewhere, platinum eased 0.5% to $898.66 per ounce, but looked to post its biggest monthly gain since January 2017. Palladium rose 0.4% to $2,090.60 and was set for a more than 8% monthly rise, its first in five. (Reporting by Shreyansi Singh and Swati Verma in Bengaluru; Editing by David Gregorio and Tom Brown)

Gold set for best month in four years; silver eyes record monthly gain

31 Jul 2020

Gold rose on Friday, trading near its all time peak, as a sliding dollar and dire economic numbers from far and wide sparked a rush to safety in bullion, which is on course for its biggest monthly gain in over four years.

RPT-Asia Rice-Thai rates rise; virus outbreak raises concerns for Indian exporters

24 Jul 2020

* Thai rice exporters cut 2020 forecast to lowest in 20 years

PRECIOUS-Gold nears $1,900/oz on weaker dollar, stimulus hopes

23 Jul 2020

* Spot gold hits $1,897.91 per ounce * U.S. weekly jobless claims rise to 1.416 million * Palladium prices could reach $2,500/oz by mid-2021 -UBS * GRAPHIC-2020 asset returns: http://tmsnrt.rs/2jvdmXl (Recasts, adds comments, updates prices) By Shreyansi Singh and Diptendu Lahiri July 23 Gold prices jumped more than 1%, just shy of the $1,900 level on Thursday, boosted by an easing dollar and hopes for more stimulus to revive virus-hit economies, while a rise in U.S. jobless claims raised concerns of a slower economic recovery. Spot gold rose 0.8% to $1,886.09 per ounce by 2:06 p.m. EDT (1806 GMT), having hit its highest since September 2011 at $1,897.91. U.S. gold futures settled up 1.3% at $1,890. "The macro environment continues to evolve favourably for gold with the dollar index weakening to two-year lows and negative real yields falling further," said Standard Chartered analyst Suki Cooper. The dollar dipped 0.3%, having hit a near two-year low earlier, making gold less expensive for holders of other currencies. "Expectations of further stimulus and heightening geopolitical tensions continue to bolster safe-haven demand," Cooper added. Non-yielding gold has surged 24% this year, underpinned by lower interest rates and widespread stimulus measures from major central banks. U.S. Senate Republicans plan to propose another round of direct payments to Americans in the next coronavirus relief bill, a senior aide said on Thursday. The number of Americans filing for unemployment benefits unexpectedly rose last week for the first time in nearly four months, suggesting the labour market was stalling amid a resurgence in new infections. "It (jobless claims data) tells you that at least here in the States, we still have a long way to go before we recover," said Edward Meir, analyst at ED&F Man Capital Markets. Elsewhere, silver was 2.2% lower at $22.52 per ounce, having hit a nearly seven-year high earlier in the session. Palladium edged down 0.2% to $2,142.79 per ounce, and platinum fell 1.1% to $911.53. Market tightness in the second half of 2020, supported by monetary and fiscal stimulus measures, should support palladium prices over the next 12 months, UBS said in a note. It added that it expected the auto catalyst metal to reach $2,500/oz by mid-2021. (Reporting by Shreyansi Singh and Diptendu Lahiri in Bengaluru; Editing by Lisa Shumaker and Dan Grebler)

Gold jumps 1% fuelled by easing dollar, stimulus hopes

23 Jul 2020

Gold prices climbed over 1% to a nine-year high on Thursday, buoyed by weaker dollar and unprecedented stimulus measures to revive coronavirus-hit economies, while rise in U.S. jobless claims underpinned fears of a slow recovery.

Asia Rice-Thai rates rise; virus outbreak raises concerns for Indian exporters

23 Jul 2020

* Thai rice exporters cut 2020 forecast to lowest in 20 years

RPT-Asia Rice-Thai rates hit 4-month low on weak demand, baht

17 Jul 2020

BENGALURU, July 16 Thai rice export prices dipped to an over four-month low this week due to lack of buyers and weakening of the baht, while strong demand from Cuba and Malaysia pushed Vietnamese rates to a near one-month high.

PRECIOUS-Gold falls below $1,800/oz on firm dollar, ECB policy pause

16 Jul 2020

* Investors firmly holding gold positions medium/long term-analyst

Gold eases as ECB keeps policy on pause, virus woes limit fall

16 Jul 2020

Gold eased on Thursday after the European Central Bank kept its policy on hold, prompting some investors to lock in profits, but worries over mounting cases of the coronavirus and their impact on economic recovery limited bullion's decline.

Asia Rice-Thai rates hit 4-month low on weak demand, baht

16 Jul 2020

BENGALURU, July 16 Thai rice export prices dipped to an over four-month low this week due to lack of buyers and weakening of the baht, while strong demand from Cuba and Malaysia pushed Vietnamese rates to a near one-month high.

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