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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 July Sales Total $520M
Gaborone: De Beers sold $520 million of rough diamonds at its latest sales cycle as the miner reported “positive” sightholder sentiment but maintained a cautious outlook for the rest of the year. The revenue figure for the diamond miner’s sixth sales cycle of 2016 compares with $308 million estimated by Rapaport News for the equivalent period a year ago. However,
Rio’s Australian Diamonds Prog. Launched in China
Beijing: Rio Tinto has launched its Australian Diamonds™ programme in China, to lend further market support to its Argyle diamonds and in response to the growing consumer and trade interest in diamond provenance. “Increasingly the value of a diamond is tied to where and how the diamond was mined, how it was cut and polished and the process of bringing
Good First Half & More Opportunities on Horizon
Gaborone: Last week Anglo American published its financial results for the first half of 2016. De Beers’ CEO Mr. Bruce Cleaver says, “At De Beers, we’re encouraged by our performance following the challenges faced in 2015. It shows the actions we took last year have succeeded in normalizing trading conditions. First thing for me is a visit to India later
4th Trench of India’s SGB Nets INR 919 Crore
New Delhi: The fourth tranche of the Sovereign Gold Bond Scheme (SGB) received applications for a record Rs.919 crore worth of gold bonds, taking the total amount received through the scheme to about Rs.2,240 crore across the four tranches of the scheme so far. “Record amount of Rs.919 cr equivalent to 2.95 tons gold mobilized in 4th tranche. Scheme gaining
De Beers July Sales Total $520M
Gaborone: De Beers sold $520 million of rough diamonds at its latest sales cycle as the miner reported “positive” sightholder sentiment but maintained a cautious outlook for the rest of the year. The revenue figure for the diamond miner’s sixth sales cycle of 2016 compares with $308 million estimated by Rapaport News for the equivalent period a year ago. However,
Rio’s Australian Diamonds Prog. Launched in China
Beijing: Rio Tinto has launched its Australian Diamonds™ programme in China, to lend further market support to its Argyle diamonds and in response to the growing consumer and trade interest in diamond provenance. “Increasingly the value of a diamond is tied to where and how the diamond was mined, how it was cut and polished and the process of bringing
Good First Half & More Opportunities on Horizon
Gaborone: Last week Anglo American published its financial results for the first half of 2016. De Beers’ CEO Mr. Bruce Cleaver says, “At De Beers, we’re encouraged by our performance following the challenges faced in 2015. It shows the actions we took last year have succeeded in normalizing trading conditions. First thing for me is a visit to India later
4th Trench of India’s SGB Nets INR 919 Crore
New Delhi: The fourth tranche of the Sovereign Gold Bond Scheme (SGB) received applications for a record Rs.919 crore worth of gold bonds, taking the total amount received through the scheme to about Rs.2,240 crore across the four tranches of the scheme so far. “Record amount of Rs.919 cr equivalent to 2.95 tons gold mobilized in 4th tranche. Scheme gaining
