INTERNATIONAL COMMODITY NEWS
- Oil prices settled steady to higher on Friday, with U.S. crude posting its biggest weekly gain since March after surging nearly 25 percent in a little over two weeks, a rally analysts cautioned was not justified by fundamentals.Crude futures have risen almost $10 a barrel since early August on speculation that Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries will agree next month to a production freeze deal with non-OPEC producers led by Russia.
- Gold fell sharply amid a resurgent dollar, as investors await a highly-anticipated appearance from Janet Yellen at next week’s monetary policy symposium in Jackson Hole for more clarity on the Federal Reserve’s uncertain interest rate outlook.On the Comex division of the New York Mercantile Exchange, Gold for December delivery traded between $1,342.05 and $1,357.80 an ounce before settling at $1,346.25, down 10.95 or 0.81% on the session.
- Silver futures fell during noon trade in the domestic market on Wednesday as investors and speculators exited positions in the precious metal tracking weakness overseas as a stronger dollar curbed the lure for silver as an alternative asset.Stronger greenback makes silver more expensive for those holding other currencies thus dimming demand.
- The Bank of Japan will not rule out deepening a cut to negative rates it introduced in February, the Sankei newspaper quoted Governor Haruhiko Kuroda as saying, even as the controversial policy has failed to spur inflation or economic growth.In an interview with the daily, Kuroda said the BOJ’s negative rate policy has not reached its limits.
- The latest judicial probe into Monte dei Paschi di Siena (MI:BMPS) is a procedural necessity but it could still damage Italy’s third-largest bank as it seeks to solve its financial woes, the lender’s chief executive said on Friday.CEO Fabrizio Viola and former chairman Alessandro Profumo are under investigation for alleged false accounting and market manipulation in a case involving derivatives trades, Reuters reported on Thursday.
- British Prime Minister Theresa May will not begin formal divorce talks on leaving the European Union before the end of the year, a government spokeswoman said on Friday.Bloomberg cited unidentified officials as saying that May is sympathetic to the case for acting by April at the latest.”We don’t recognize this briefing,” a Downing Street spokeswoman said when asked about the report.
- BUY GOLD ABOVE 1345 TGT 1352-1360 SL BELOW 1338
- SELL GOLD BELOW 1335 TGT 1328-1322 SL ABOVE 1342
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