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Precious Metal Updates for 23 Sept 2016

Precious Metal Updates for 23 Sept 2016

Precious Metal : Gold trading range for the day is 31067-31513.Gold prices gained as support continues as the Fed stayed pat on interest rates in the world’s biggest economy. But it also indicated it could still tighten monetary policy by the end of the year as the labor market improved further. SPDR gold trust holdings gained by 0.69% i.e. 6.53 tonnes to 950.92 tonnes from 944.39 tonnes. Markets will be closely analyzing upcoming U.S. data such as GDP, non-farm payrolls and inflation for clues on the direction of rates.

Copper trading range for the day is 321.9-329.7. Copper gained as the dollar slipped though gains were limited by worries about slow demand growth. A report from the ICSG showed the global refined copper industry was in a production deficit of around 306,000 tonnes in the first half China boosted output to the highest level in at least six months as domestic smelters expanded capacity amid favorable margins. Warehouse stock for Copper at LME was at 346050mt that is down by -1750mt.

Silver trading range for the day is 46859-47989.Silver gained as the U.S. dollar sold off after the Federal Reserve held off on raising interest rates. The Fed left interest rates unchanged, but hinted that a hike could come in December if the job market continued to improve. The number of Americans filing for unemployment benefits unexpectedly fell last week to a two-month low. BOE policymaker Forbes said she did not see a case for a further interest rate cut to help Britain’s economy after Junes vote to leave the EU.

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