Thursday, 31 August 2017

Crude Oil Prices Are Expected To Trade Lower Today

WTI oil prices declined by 0.4 percent on Wednesday to close at $46 per barrel while MCX oil prices declined by same margin at Rs.2962 per barrel.

Flooding and damage from Tropical Storm Harvey shut nearly a quarter of U.S. refinery capacity, curbing demand for crude while raising the risk of fuel shortages.

About 4.4 million barrels of U.S. refining capacity has been shut by Harvey, based on company reports and Reuters estimates. That represents nearly a quarter of U.S. refining production, and restarting plants under even the best conditions can take a week or more.

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Silver On MCX Settled Down -0.34% At 39681 Prices Lost Tracking

Silver on MCX settled down -0.34% at 39681 prices lost tracking weakness from Comex Silver which was down about 0.49% to settled at $17.36 a troy ounce lower on Wednesday, as strong U.S. economic data boosted demand for the dollar weighed although the precious metal remained within close distance of the previous session's 10-month peak. Prices came under pressure as US dollar found support after data showed that the US private sector added more jobs than expected in July. In addition, a preliminary report showed that U.S. economic growth for the second quarter was revised even higher expected.

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Gold Had Logged Gains In Each Of The Last Three Sessions

Gold on MCX settled down -0.43% at 29533 dropped in the line of expectation tracking weakness from Comex Gold which settled down by $3.50 at $1315 an ounce, easing from an 11- month high from the previous session as a stronger dollar and upbeat U.S. economic data prompted prices to snap a three-session streak of gains. Gold had logged gains in each of the last three sessions as North Korean jitters and the still unfolding record-setting impact from Hurricane Harvey drove investors into haven assets, but two upbeat economic reports Wednesday were seen as potentially giving the Federal Reserve cover to raise interest rates again this year.

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Wednesday, 30 August 2017

Nickel Prices Rose On The Back Of Supply Disruptions

Nickel trading range for the day is 729.1-765.7.

Nickel prices rose on the back of supply disruptions and higher steel prices.

U.S. President Donald Trump last month rejected a Chinese proposal to cut steel overcapacity, despite the endorsement of some of his top advisers.

U.S consumer confidence surged to a five-month high in August as households grew increasingly upbeat about the labour market.

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Crude Oil Dropped As Investor Concerns Grew Over A Fall In Demand

Crude oil trading range for the day is 2892-3048.

Crude oil dropped as investor concerns grew over a fall in demand for U.S. oil, after Hurricane Harvey tore through Texas, shutting down more than 16% of overall U.S. capacity.

U.S. crude oil stocks fell by an estimated 5.8 million barrels at the end of last week, the API said, beating an expected draw of 1.9 million barrels.

Hurricane Harvey wreaked havoc in Texas, ripping through the heart of the U.S. oil industry, knocking out several refiners in the region, weighing on refining capacity.

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Silver Prices Remained Supported Despite Easing From Highs

Silver trading range for the day is 39429-40469.

Silver prices remained supported despite easing from highs as the dollar pared some of its losses but geopolitical uncertainty limited downside momentum.

U.S. President Donald Trump warned that all options are on the table for the United States to respond to North Korea's new show of force.

U.S consumer confidence surged to a five-month high in August as households grew increasingly upbeat about the labor market while house prices rose further in June.

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Gold Prices Rose As Mounting Geopolitical Tensions Over A New North Korean

Gold trading range for the day is 29329-30103.

Gold prices rose as mounting geopolitical tensions over a new North Korean missile launch stoked demand for safe-haven assets.

The metal was also drawing support from uncertainty surrounding President Trump’s administration in the U.S. after his remarks raised fears of a government shutdown.

South Korea and Japan said the missile North Korea launched landed in Pacific waters east of Hokkaido after flying over the northern Japanese island.

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Tuesday, 29 August 2017

Natural Gas Prices Gained As Damage From Tropical Storm Harvey

Natural gas trading range for the day is 181.2-195.6.

Natural gas prices gained as damage from Tropical Storm Harvey is seen halting production and pipeline operations.

Hurricane Harvey made landfall on the Texas coast Friday evening as a Category 4 hurricane.

This week's storage data due on Thursday is for a build in a range between 26 and 36bcf in the week ended August 25.

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Crude Oil Prices Dropped As Tropical Storm Harvey Continued

Crude oil trading range for the day is 2885-3101.

Crude oil prices dropped as Tropical Storm Harvey continued to disrupt refinery activity along the U.S. Gulf coast, adding to fears of an uptick in crude oil supplies.

The U.S. National Hurricane Center said that Harvey was moving away from the coast but was expected to linger close to the shore through Tuesday.

Crude prices have been under pressure in recent weeks as concern over rising U.S. shale output canceled out production cuts by OPEC and non-OPEC members.

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Silver Gained As The U.S. Dollar Sank To Tts Lowest In More

Silver trading range for the day is 38816-40216.

Silver gained as the U.S. dollar sank to its lowest in more than a year after Fed’s Yellen speech at Jackson Hole made no reference to U.S. monetary policy.

Federal Reserve Board Member Powell says he has not factored in fiscal policy into his outlook. Says economy is strong, inflation little low

Fed's Powell says not paying the US's bills would deliver a major economic shock. I see no shock from the market.


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Gold Rose As The Dollar Weakened After The Head Of The ECB Refrained

Gold trading range for the day is 29053-29743.

Gold rose as the dollar weakened after the head of the ECB refrained from talking down the single currency at a high-profile meeting of central bankers.

ECB's Mario Draghi said the bank's ultra-loose monetary policy was working and that the euro zone's economic recovery has taken hold.

Fed’s Yellen made no reference to U.S. monetary policy but instead focused on financial regulations, leading traders to expect interest rates to be raised more slowly.


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Monday, 28 August 2017

Crude Oil August Futures Prices Up By Pts Closed At 3058

Crude Oil on 25th August 2017, Crude Oil August futures prices up by pts closed at 3058, trading range between 3041 – 3073. Crude oil for September delivery on the New York Mercantile Exchange settled at $47.87 a barrel.

Crude futures traded higher on Friday, even though doubts that Hurricane Harvey could upset refinery activity, reducing demand for crude oil.

According to BSEE – Around 112 platforms have been evacuated in the Gulf so far as a result of Harvey, about 15% of those in the region. Half of the drilling rigs in the Gulf have also been evacuated. Baker Hughes showed its weekly count of oil rigs operating in the U.S. fell for the second time in row, by four rigs to 759.

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Silver Gained Buoyed By Drop In The Dollar To A Three Week Low

Silver gained buoyed by drop in the dollar to a three-week low which came on the heels of a speech by U.S. Federal Reserve Chairwoman Janet Yellen that didn’t offer clues on the central bank’s monetary policy investors hoped for. U.S. President Donald Trump said that congressional leaders could have avoided a "mess" over raising the U.S. debt ceiling if they had taken his advice. U.S. data showed home resales unexpectedly fell in July to an 11-month low as a chronic shortage of properties boosted prices, the latest sign that the housing market recovery was slowing.

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Gold Firmed After U.S. Federal Reserve Chair Janet Yellen Made No Mention

Gold firmed after U.S. Federal Reserve Chair Janet Yellen made no mention of monetary policy in her much-anticipated speech. U.S. short-term interest rate futures rose slightly, reflecting reduced expectations that the Fed will raise interest rates further this year, after Yellen skipped mention of it when speaking in Jackson Hole, Wyoming. Dallas Fed President Robert Kaplan says he wants to be “patient” in removing accommodation. He doesn’t rule out a third rate hike in 2017, but pressed whether inflation had to rise, he didn’t definitely say.

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Thursday, 24 August 2017

Crude Oil Gained As Data Showed U.S. Supplies Of Crude Oil

Crude oil trading range for the day is 3036-3152.

Crude oil gained as data showed U.S. supplies of crude oil fell for an eighth-straight week while fears of falling demand for gasoline eased.

Prices also got support buoyed by potential output disruptions from a storm approaching the Gulf Coast.

Inventories of U.S. crude fell by roughly 3.3m barrels in the week ended Aug 18, missing expectations of a draw of about 3.5m barrels.

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Silver Gained As Sentiment On The Greenback Soured

Silver trading range for the day is 38741-39311.

Silver gained as sentiment on the greenback soured following remarks by U.S. President Trump and as investors remained cautious ahead of Jackson Hole summit.

New U.S. single-family home sales unexpectedly fell in July, dropping to their lowest in seven months amid a surge in prices.

Euro zone business growth maintained a solid clip in August, driven by the best manufacturing performance in 6-1/2 years despite a strong euro.

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Gold Prices Edged Up With Investors Turning To The Precious Metal

Gold trading range for the day is 29011-29291.

Gold prices edged up with investors turning to the precious metal amid political uncertainty in the US before a major central banking conference this week.

U.S. President Donald Trump raised the prospect of a government shutdown as he tries to force through his plans to build the wall along the border with Mexico.

Unconventional monetary policy is a success, but gaps in understanding the relatively new tools remain, ECB’s President Mario Draghi said.




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Wednesday, 23 August 2017

Crude Oil Gained Lifted By Indications That Supply Is Gradually Tightening

Crude oil trading range for the day is 3019-3129.

Crude oil gained lifted by indications that supply is gradually tightening, especially in the United States.

Kuwait Oil Min: OPEC still working to push oil stocks below 5-year avg. OPEC to discuss extending or ending cuts at November meeting.

U.S. commercial crude inventories have fallen by almost 13 percent from their March peaks, to 466.5 million barrels.

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Silver Prices Edged Lower As Market Players Looked Ahead

Silver trading range for the day is 38459-39465.

Silver prices edged lower as market players looked ahead to the annual meeting of top central bankers and economists in Jackson Hole, Wyoming later this week.

Markets remain skeptical the Fed will raise rates a third time this year due to worries over the subdued inflation outlook.

Their comments will be closely watched for fresh policy signals from the world’s two most powerful central banks.

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Gold Prices Slipped Pressured By A Stronger Dollar

Gold trading range for the day is 28924-29328.

Gold prices slipped pressured by a stronger dollar, while investors focused on North Korea tensions and remained cautious ahead of meeting in Jackson Hole.

Investors are likely to continue to fret over the latest headlines coming out of Washington after political developments shook the market last week.

All of Fed’s 12 regional banks wanted to hold steady the rate commercial banks are charged for emergency loans ahead of the U.S central bank's last policy meeting.

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Tuesday, 22 August 2017

Natural Gas Edged Higher, Hitting Their Strongest Level

Natural gas trading range for the day is 181.5-195.7.

Natural gas edged higher, hitting their strongest level in almost a week as near-term weather forecasts turned warmer.

Hot high pressure will dominate most of the U.S. in the week ahead, with highs of upper 80s to 100s to drive considerably stronger than normal national demand.

Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on late-summer cooling demand.

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Crude Oil Dropped As Investors Continue To Lose Faith

Crude oil trading range for the day is 2981-3187.

Crude oil dropped as investors continue to lose faith in OPEC’s ability to stem the glut supply.

OPEC will discuss at a meeting in November whether to extend or end production cuts, Kuwait's oil minister Essam al-Marzouq told.

The market was dampened by rising U.S. production, which has broken through 9.5 million barrels per day (bpd), its highest since July 2015.

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Silver Traded In Range As Market Players Looked Ahead

Silver trading range for the day is 38563-39533.

Silver traded in range as market players looked ahead to this week's annual meeting of top central bankers and economists in Jackson Hole, Wyoming.

Fed officials have indicated they intend to raise interest rates again this year, while sources told that Draghi would not deliver any fresh policy messages.

Investors are likely to continue to fret over the latest headlines coming out of Washington after political developments shook the market last week.

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Gold Rose As Tensions Over North Korea Fuelled Safe Haven Demand

Gold trading range for the day is 28990-29460.

Gold rose as tensions over North Korea fuelled safe-haven demand, while doubts about US President Donald Trump's ability to enact pro-business policies weakened the dollar.

Investors are also wary of any flare-up of tensions between North Korea and United States as U.S. troops and South Korean forces started a joint exercise.

Speculators hiked their net-long position in COMEX gold futures and options for a fifth straight week in the week to Aug. 15, U.S. CFTC data showed.

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Monday, 21 August 2017

Crude Oil Gained On The Back Of Unconfirmed Reports

Crude oil trading range for the day is 2963-3181.

Crude oil gained on the back of unconfirmed reports of a shutdown of one of the largest oil refineries in the U.S., easing investor concerns about the glut in supply.

Drillers cut five oil rigs in the week to Aug. 18, bringing the total count down to 763, Baker Hughes said.

However, crude oil inventories fell by 8.9 million barrels, according to the EIA figures, the seventh weekly decline in a row.

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Silver Settled Flat As Prices Struggled To Take Advantage

Silver trading range for the day is 38463-39977.

Silver settled flat as prices struggled to take advantage of a slump in the dollar on political uncertainty in the United States and a suspected Islamist attack in Spain.

Policymakers in Europe and the U.S. expressed concerns about unwinding monetary stimulus too soon.

Prices were also supported by a weaker U.S. dollar amid concerns U.S. President Donald Trump will not be able to implement his agenda.

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Gold Settled Flat After Prices Breached A 1300$ Mark As The Dollar Retreated

Gold trading range for the day is 28859-29595.

Gold settled flat after prices breached a 1300$ mark as the dollar retreated on political uncertainty in the United States.

The precious metal was also supported by a weaker U.S. dollar amid concerns U.S. President Donald Trump will not be able to implement his agenda.

Gold prices in India were at their widest discount to international prices in 11 months due to sluggish demand and an influx of the precious metal sourced from South Korea.

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Friday, 18 August 2017

MCX Silver Price Has Given Breakout Of A Inverted Head

On the daily chart, MCX Silver price has given breakout of a inverted Head and Shoulder pattern, which is very bullish pattern.

Moreover, on the daily chart, COMEX Silver price has moved above its previous peak of $16.96.

Furthermore, price has been trading above its 21 EMA on the daily chart. In addition, momentum indicator RSI is in positive crossover and rising on the daily chart.

Therefore, we keep our bullish view on Gold with an expectation of 40900 levels.

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Crude Oil Selling Pressure Is More Likely At The Resistance Place

Crude Oil on 17th August 2017, Crude Oil August futures prices up by pts closed at 3021, trading range between 2981 – 3029. Crude oil for September delivery on the New York Mercantile Exchange settled at $47.09 a barrel.

Crude futures edged higher on Thursday, as investors pondered over data showing U.S. crude supplies fell the most in eleven-months while U.S. production rose to a more than two-year high.

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Gold Prices Traded On A Firm Note, Underpinnted By Legislative

Gold prices traded on a firm note,underpinnted by legislative paralysis in US,where more Republicans are turning to be dissidents of President Trump.Earlier,speculation was rife regarding the resignation of National Economic Council director Gary Cohn.This can prove to be major upset for Trump administration given that Cohn plays a crucial role in formulating important politics,including tax reforms.Meanwhile,geopolitical issue continue to provide an element of support to the yellow metal.In the latest,a terrorist attack is reported in Barcelona,while US-South Korean military exercise are scheduled to begin next week in the Korean Peninsula,which could potentilly annoy Pyongyang.

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Thursday, 17 August 2017

Natural Gas Dropped As Investors Looked Ahead To Weekly Data

Natural gas trading range for the day is 183.5-189.9.

Natural gas dropped as investors looked ahead to weekly data from the U.S. on supplies in storage to gauge demand for the fuel.

A weak weather system will sweep across the Great Lakes to Northeast US Fri-Sat with minor cooling.

Traders largely ignored forecasts for hotter weather over the next two weeks that is expected to boost cooling demand.

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Crude Oil Dropped As Data Showing U.S. Crude Production Rose

Crude oil trading range for the day is 2950-3114.

Crude oil dropped as data showing U.S. crude production rose to its highest in over two years offset a decline in supplies of U.S. crude for a seventh-straight week.

U.S. crude inventories dropped for a seventh consecutive week, falling 8.95 million barrels last week to 466.5 million barrels to their lowest since January 2016.

The OPEC together with non-OPEC producers like Russia has pledged to restrict output by 1.8 mbpd between January this year and March 2018.

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Silver Ended With Losses But Prices Trimmed Some Of Its Losses

Silver trading range for the day is 38036-39402.

Silver ended with losses but prices trimmed some of its losses after the release of downbeat U.S. housing sector data dampened demand for the greenback.

The minutes from Fed’s last policy meeting showed policymakers were increasingly wary of recent softness in inflation and could delay a rate hike.

U.S. central bank is roughly at the mid-point on its current path to normalize interest rates as the economy has shown further improvement even without fiscal stimulus.

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Gold Dropped As Investors Looked Ahead To Minutes

Gold trading range for the day is 28737-29077.

Gold dropped as investors looked ahead to minutes of the Federal Reserve’s latest policy meeting for further hints on the timing of the next U.S. rate hike.

Fed policymakers appeared increasingly wary about recent weak inflation data and some called for a halt to further rate hikes until it was clear the trend was transitory.

Easing geopolitical tensions between North Korea and the U.S. also undercut haven demand for the precious metal.

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Wednesday, 16 August 2017

Crude Oil Dropped As Data Showed Chinese Demand For Oil Eased

Crude oil trading range for the day is 3009-3179.

Crude oil dropped as data showed Chinese demand for oil eased in July while concerns over a rise in OPEC output continued to weigh on sentiment.

U.S. crude inventories fell by 9.2 million barrels in the week to Aug. 11 to 469.2 million, industry group the American Petroleum Institute said.

Chinese refineries processed 0.4 percent more crude oil in July than a year earlier at 45.5 million tonnes, or about 10.71 mbpd, data showed.

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Silver Prices Dropped As Dollar Strength And The Easing Of Tensions

Silver trading range for the day is 38674-39580.

Silver prices dropped as dollar strength and the easing of tensions between the United States and North Korea pushed prices lower.

The U.S. economy is on track to expand at a 3.7 percent annualised pace in the third quarter based on the release of the government's July retail sales data.

U.S. retail sales recorded their biggest increase in seven months in July as consumers boosted purchases of motor vehicles and raised discretionary spending.

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Gold Prices Edged Lower, Pulling Back From Their Highest Level

Gold trading range for the day is 28949-29229.

Gold prices edged lower, pulling back from their highest level in around two months as concerns about tensions between the U.S. and North Korea eased.

Speculators boosted their net long position in COMEX gold for the fourth straight week to a near two-month high in the week to Aug. 8, U.S. CFTC data showed.

India's gold imports are likely to jump by a third in 2017 to 750 tonnes on restocking by jewellers and as good monsoon rainfall is expected to boost demand in rural areas.

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Monday, 14 August 2017

Crude Oil Traded In Range Following Data Showing OPEC Output

Crude oil trading range for the day is 3064-3164.

Crude oil traded in range following data showing OPEC output increased in July as its members failed to adhere to output limits set out in the global deal to curb production.

World oil demand will grow more than expected this year, helping to ease a global glut despite rising production from North America.

The agency raised its 2017 demand growth forecast to 1.5 million barrels per day from 1.4 million bpd in its previous monthly report.

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Silver Settled Flat But Prices Remained Supported

Silver trading range for the day is 38535-39725.

Silver settled flat but prices remained supported as geopolitical tensions between the U.S. and North Korea kept safe-haven demand elevated.

Also underpinning a move higher in the precious metal, was data showing a continued slowdown in the pace of inflation as consumer prices rose less than expected in July.

The Labor Department said the Consumer Price Index edged up 0.1% last month after being unchanged in June.

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Gold Prices Held Steady As Rising Tensions

Gold trading range for the day is 28966-29414.

Gold prices held steady as rising tensions between the United States and North Korea triggered safe-haven buying.

Data showed that U.S. consumer prices remained soft for a fifth straight month in July, to a seasonally adjusted 0.1%.

Meanwhile, gold demand in India remained sluggish in the week as local prices jumped to their highest level in nearly three months.

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Friday, 11 August 2017

Crude Oil Gained As Data Showing A Sixth Consecutive Week

Crude oil trading range for the day is 3054-3260.

Crude oil gained as data showing a sixth consecutive week of declines in U.S. crude inventories added to optimism that the market was rebalancing.

OPEC said its oil output rose by 173,000 barrels-per-day in July to 32.87 million bpd.

This OPEC report stoked fears that OPEC and its allies’ may not be able to stem the glut in supplies by only curbing production.

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Silver Prices Gained Amid Simmering Geopolitical Tensions

Silver trading range for the day is 38271-39991.

Silver prices gained amid simmering geopolitical tensions between the U.S. and North Korea.

Investors piled into safe haven assets amid intensifying tensions between the U.S. and North Korea, with Pyongyang saying it is considering plans to attack Guam.

Gold’s premium over silver has plummeted this week to 73.78. Gold’s premium rose to a multi-year high of 76.63 last month.

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Gold Rose As Another Exchange Of Threats By The United States

Gold trading range for the day is 28777-29423.

Gold rose as another exchange of threats by the United States and North Korea prompted investors to buy bullion as a safe-haven asset.

North Korea dismissed warnings by U.S. President Donald Trump that it would face "fire and fury" if it threatened the United States as a "load of nonsense".

The Fed expects "very weak" U.S. inflation to rebound thanks to a slide in the dollar and to a labour market that keeps getting hotter.

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Thursday, 10 August 2017

Natural Gas Rallied Despite Cooler Than Normal Weather

Natural gas trading range for the day is 177.5-189.7.

Natural gas rallied despite cooler than normal weather and ahead of Thursday inventory report from the Department of Energy.

Overall demand will be near normal due to much of the northern ½ of the US being comfortable and lacking summer heat.

Tropical Storm Franklin is circling in the Gulf of Mexico, but it is unlikely to hit U.S. installations in Texas or Louisiana.

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Crude Oil Gained After Data From The U.S. Energy Information

Crude oil trading range for the day is 3099-3205.

Crude oil gained after data from the U.S. Energy Information Administration showed domestic crude supplies fell more than expected last week.

The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 6.5 million barrels in the week ended August 4.

The OPEC, Russia and other producers are cutting output by about 1.8 million barrels per day from Jan. 1, 2017 until March 2018.

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Silver Gained Amid Rising Tensions Between US And North Korea

Silver trading range for the day is 37310-39330.

Silver gained amid rising tensions between US and North Korea after the North responded to warnings from U.S. President Donald Trump.

The productivity of U.S. workers accelerated a bit in the second quarter as economic growth accelerated but remains well below historical averages.

U.S. jobs data came in better than expected, while investors awaited U.S. inflation figures later this week for further clues about the pace of interest rate rises.

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Gold Prices Rose As Investors Piled Into Safe Haven Assets

Gold trading range for the day is 28398-29088.

Gold prices rose as investors piled into safe haven assets amid intensifying tensions between U.S. and North Korea, with Pyongyang saying it is considering plans to attack Guam.

Comments came on the back of a report that the hermit state had created a miniaturized nuclear weapon that could fit in its missiles.

With no major economic reports, market players looked ahead to monthly inflation indicators due later in the week for fresh clues on the timing of the next Fed rate hike.

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Wednesday, 9 August 2017

Natural Gas Recovered From The Day's Low As Prices Struggled

Natural gas trading range for the day is 176.4-183.

Natural gas recovered from the day's low as prices struggled for direction in subdued trade, remaining within sight of their lowest level

Natural gas output from US fields will rise more than expected in 2018, the Energy Information Administration reported on Tuesday.

EIA sees gas output at 77.34 billion cubic feet a day in 2018, up 1.2 percent from its prior estimate.

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Silver Gained Tracking Firmness In Base Metals Prices Despite

Silver trading range for the day is 36984-37882.

Silver gained tracking firmness in base metals prices despite of a rebound in the dollar, after U.S. job openings topped forecasts.

U.S. job openings, increased 461,000 to a seasonally adjusted 6.2 million, the highest level since the series started in December 2000, the Labor Department said.

Holdings at ishares silver trust dropped by 0.31% i.e.32.34 tonnes to 10530.59 tonnes from 10562.93 tonnes.

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Gold Prices Dropped After U.S. Jobs Data Came In Better

Gold trading range for the day is 28174-28632.

Gold prices dropped after U.S. jobs data came in better than expected and the dollar turned positive

U.S. job openings jumped to a record high in June, outpacing hiring, the latest indication that companies are having trouble finding qualified workers.

SPDR Gold Trust saw its holdings drop more than 7 percent in July, as investors dumped bullion for other assets and led it to its biggest monthly decline since April 2013.

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