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Important Commodity Notifications 22 March 2016

Important Commodity Notifications 22 March 2016

Important Commodity Notifications Gold trading range for the day is 28664-29252.Gold fell with demand for bullion hurt as the dollar arrested three weeks of declines after hawkish comments from US Federal Reserve officials. Market will be paying attention to FOMC member speeches to judge the balance of opinion among policymakers on the prospect of further rate hikes. SPDR gold trust holdings gained by 0.33% i.e. 2.68 tonnes to 821.66 tonnes from 818.98 tonnes. The focus now shifts to US existing home sales numbers in the afternoon, Wednesday’s new home sales and Friday’s third estimate of Q4 GDP growth. Silver trading range for the day is 37309-38217.Silver gained marginally while Gold dropped as traders booked profits after gains from last week’s dovish interest rate announcement by the Fed. Silver significantly lowered the gold-to-silver ratio. The gold-to-silver ratio was trading at 79, substantially lower the level of 83 at the start of the month. Holdings at ishares silver trust gained by 0.55% i.e. 56.25 tonnes to 10274.80 tonnes from 10218.55 tonnes. Investors will be paying close attention to a number of speeches from key Fed officials this week. Crudeoil trading range for the day is 2668-2840.Crude oil prices recovered erasing early losses amid signs that US stockpiles are beginning to decrease. Data showed crude inventories at the Cushing, Oklahoma delivery hub for US futures fell for the first time since January. Crude stockpiles in Cushing fell 570,574 barrels to 69.05 million in the week to March 18, citing data from market intelligence firm Genscape. U.S. energy firms last week added one oil rig after 12 weeks of cuts, according to data...
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