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Major commodities down on dollar surge |
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All major commodities including oil, gold and major base metals were all fell to a surging greenback as growing perception among investors that growth in Europe is slowing just as a U.S. recovery begins.
That drove the dollar higher and pushed oil prices to three-month lows on Friday, lifting both U.S. and European shares.
The US dollar climbed to a six-month high against the euro, knocking gold and other metals prices down, along with oil, and bolstering the outlook for economic growth and profits among U.S. equity investors.
Oil hit a more than three-month low at $111.34 on the stronger dollar and a view that demand in industrialized nations is waning. Gold tumbled below $800 an ounce, hitting its lowest price since last November, while silver sank nearly 10% and other precious metals also plummeted.
The drop in commodities prices raised hopes on Wall Street of a consumer spending recovery, although the slide in crude prices pushed down shares of materials and energy-related companies.
European shares also gained, as aerospace and defense companies rallied on the stronger dollar, withstanding a heavy drag from falling mining stocks on the lower commodities prices.
The dollar was on track for a fifth week of gains against the euro, amid signs the U.S. economic slowdown may be bottoming while growth in the euro zone stalls.
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| FOREX Reports |
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SA rand remains steady |
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South Africa’s currency, the rand was little changed from its morning levels by midday Tuesday, tracking the euro as markets looked to consolidate. |
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Yen extends losses against majors |
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Japanese currency, the yen extended its early Asian session's slide against its major opponents in late trading and slumped to multi-day lows against most of them. |
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Kuwait again cuts key rates |
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Kuwait’s central bank, the Central Bank of Kuwait on Monday cut its one-week and one-month repurchase rates by 25 basis points each in a bid to expand money supply, a day after reducing the benchmark discount rate.
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| Technical Calls |
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Physical gold demand, ETF holdings plunge |
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The Citi analysts go on to point out that: “The strength of investment demand over the last few years has been reflected in physical bullion and ETF demand although both are showing signs of dissipating. Investment in physical bullion has slowed shar |
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Falling price keeps Gold out of limelight |
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The U.S. gold market, whether it be COMEX of gold Exchange Traded Funds have, to date, dominated the gold price itself. These markets place an overriding emphasis on the Technical picture. Major buyers, follow these short-term moves and players caref |
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Experts are wrong on gold: Howard Katz |
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This concept that the “experts” are repeatedly wrong is so common in economics that it has a special name: the theory of contrary opinion. A good example of this is the bottom in gold in 1999-2001. |
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Mentha oil futures gained marginal momentum at the MCX counter Tuesday on short covering. Mentha oil futures have been trading under selling pressure after UP Government imposed mandi tax on mentha. |
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Copper prices extended the previous gains on Tuesday in the domestic futures market backed by the strong global sentiments. |
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Silver futures tumbled in the domestic market on Tuesday in line with weak global sentiments despite weak US dollar.
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