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Hawkish Fed Comments on Inflation Landed Right at Both Metals’ Supply Zones, and the Correction Wrote Itself
Macro Snapshot: The correction in gold and silver during the week ending August 28 was a confluence event. Both metals had rallied into well-defined supply zones (gold at ₹162,000-164,000, silver at ₹244,000-248,000) and were showing early signs of exhaustion. Into that setup, the July PCE release on August 26 came in hot on the headline (3.7% year over year against 3.6% consensus), and Federal Reserve Chair Kevin Warsh’s August 28 Jackson Hole address leaned decisively hawkish on inflation. The trigger
Hawkish Fed Comments on Inflation Landed Right at Both Metals’ Supply Zones, and the Correction Wrote Itself
Macro Snapshot: The correction in gold and silver during the week ending August 28 was a confluence event. Both metals had rallied into well-defined supply zones (gold at ₹162,000-164,000, silver at ₹244,000-248,000) and were showing early signs of exhaustion. Into that setup, the July PCE release on August 26 came in hot on the headline (3.7% year over year against 3.6% consensus), and Federal Reserve Chair Kevin Warsh’s August 28 Jackson Hole address leaned decisively hawkish on inflation. The trigger
Top News
De Beers May Abandon London Flagship Store
London: De Beers Diamond Jewelers on Old Bond Street is considering leaving its flagship London store after almost 15 years, citing an increase in rent and business rates as motivating its decision to relocate, writes The Telegraph. A spokesperson for the company told The Telegraph increased costs related to its lease had led it to “explore alternative options on Bond
RBI Expected to Hold Interest Rates
Mumbai: The Reserve Bank of India (RBI) is expected to hold key interest rates at its monetary policy review, its second after November’s note ban, in the wake of banks being flush with funds post-demonetisation and a firming up of global oil prices. As a result of the surge in bank deposits following the recent demonetisation of high-value currency, lending
Karelian Makes Diamond Recovery in Finland
Helsinki: Karelian Diamond Resources, an Irish diamond exploration company focused on Finland, announced they had received results from sampling undertaken by the Geological Survey of Finland (GTK) which had been requested by the company. In one of the seven samples that had been analyzed, a diamond had been discovered from the Kuhmo region of Eastern Finland. Chairman of Karelian Diamond
India’s Gold Demand Fell by 21%: WGC
Mumbai: Global gold demand rose 2% in 2016 to reach 4,309 tonnes (t), the highest level since 2013, according to the World Gold Council’s (WGC) latest Gold Demand Trends report. This was largely driven by inflows into gold-backed Exchange Traded Funds (ETFs) of 532t, the second-highest year on record, as investors responded to concerns over future monetary policy, geopolitical uncertainty
De Beers May Abandon London Flagship Store
London: De Beers Diamond Jewelers on Old Bond Street is considering leaving its flagship London store after almost 15 years, citing an increase in rent and business rates as motivating its decision to relocate, writes The Telegraph. A spokesperson for the company told The Telegraph increased costs related to its lease had led it to “explore alternative options on Bond
RBI Expected to Hold Interest Rates
Mumbai: The Reserve Bank of India (RBI) is expected to hold key interest rates at its monetary policy review, its second after November’s note ban, in the wake of banks being flush with funds post-demonetisation and a firming up of global oil prices. As a result of the surge in bank deposits following the recent demonetisation of high-value currency, lending
Karelian Makes Diamond Recovery in Finland
Helsinki: Karelian Diamond Resources, an Irish diamond exploration company focused on Finland, announced they had received results from sampling undertaken by the Geological Survey of Finland (GTK) which had been requested by the company. In one of the seven samples that had been analyzed, a diamond had been discovered from the Kuhmo region of Eastern Finland. Chairman of Karelian Diamond
India’s Gold Demand Fell by 21%: WGC
Mumbai: Global gold demand rose 2% in 2016 to reach 4,309 tonnes (t), the highest level since 2013, according to the World Gold Council’s (WGC) latest Gold Demand Trends report. This was largely driven by inflows into gold-backed Exchange Traded Funds (ETFs) of 532t, the second-highest year on record, as investors responded to concerns over future monetary policy, geopolitical uncertainty
