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GOLD NEWS
Gold was seen holding gains near three week highs in yesterday’s trade at $1350/ounce, as the latest set of data releases from US, sent the expectations of any rate hike in September off the radar. Spot gold is trading near $ 1347/ounce in Asian trading hours on Thursday.
Today China reported a trade balance surplus of $52.05 billion, narrower than the $58.00 billion for August with exports down 2.8%, better than the 4.0% decline seen year-on-year and imports up 1.5%, beating an expected 4.9% decline, also bucking the trend by posting first gain in 22 months.
Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 1.52%, its biggest one-day gain since July 5, to 952.14 tonnes on Tuesday from 937.89 tonnes on Friday.
SILVER NEWS
Silver prices ended the 5 days winning streak yesterday and ended the session with losses of nearly 1.25%. On MCX prices ended lower by similar amount at Rs 47013/Kg.
On Tuesday, the U.S. Institute of Supply Management released data on August service sector activity that came in at 51.4, well below the 55.0 expected. The Institute for Supply Management’s economy-weighted manufacturing and non-manufacturing composite index plunged the most since 2008.
Asian markets are trading on a mixed note amidst a sideways overnight US equity closing and higher oil prices. The dollar fell to one week low against yen as the investors remains skeptical for another stimulas announcement by the BOJ.
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