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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
Dominion Sells 186-Ct Diamond for $2.8 Million
Toronto: Dominion Diamond Corporation reports the restart of the Ekati process plant and the sale of an exceptional diamond recovered at the Ekati diamond mine earlier this year. The Ekati process plant resumed operations at full capacity on September 21. Plant operations had been suspended since a fire that occurred at the Ekati process plant on June 23. During this
India to Shut Down Hindustan Diamond Co.
New Delhi: An official release from the government of India circulated on 21st Sept. 2016 says that the Cabinet Committee on Economic Affairs has approved shutting down of Hindustan Diamond Company Pvt Ltd (HDCPL), a joint venture between the Indian Government and De Beers Centenary Mauritius Ltd (DBCML), which supplies rough diamonds to Indian diamond industry. The release notes that
India’s Current Account Deficit Narrows
Mumbai: India’s Current Account Deficit (CAD) narrowed in the first quarter of the financial year to $300 million as compared with $6.1 billion in the year-earlier period. The deficit sharank to 0.1 per cent of GDP in the period, as compared with 1.2 per cent. “The contraction in the CAD was primarily on account of a lower trade deficit ($23.8
US Fed Keeps Key Interest Rate Unchanged
New York: The Federal Reserve is keeping its key interest rate unchanged but signalling that it will likely raise rates before year’s end. The Fed said in a statement ending its latest policy meeting Wednesday that the U.S. job market has continued to strengthen and economic activity has picked up. But it noted that business investment remains soft and inflation
Dominion Sells 186-Ct Diamond for $2.8 Million
Toronto: Dominion Diamond Corporation reports the restart of the Ekati process plant and the sale of an exceptional diamond recovered at the Ekati diamond mine earlier this year. The Ekati process plant resumed operations at full capacity on September 21. Plant operations had been suspended since a fire that occurred at the Ekati process plant on June 23. During this
India to Shut Down Hindustan Diamond Co.
New Delhi: An official release from the government of India circulated on 21st Sept. 2016 says that the Cabinet Committee on Economic Affairs has approved shutting down of Hindustan Diamond Company Pvt Ltd (HDCPL), a joint venture between the Indian Government and De Beers Centenary Mauritius Ltd (DBCML), which supplies rough diamonds to Indian diamond industry. The release notes that
India’s Current Account Deficit Narrows
Mumbai: India’s Current Account Deficit (CAD) narrowed in the first quarter of the financial year to $300 million as compared with $6.1 billion in the year-earlier period. The deficit sharank to 0.1 per cent of GDP in the period, as compared with 1.2 per cent. “The contraction in the CAD was primarily on account of a lower trade deficit ($23.8
US Fed Keeps Key Interest Rate Unchanged
New York: The Federal Reserve is keeping its key interest rate unchanged but signalling that it will likely raise rates before year’s end. The Fed said in a statement ending its latest policy meeting Wednesday that the U.S. job market has continued to strengthen and economic activity has picked up. But it noted that business investment remains soft and inflation
