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Karthika Suresh Namboothiri

RPT-Asia Rice-Drought threatens Thai crop, Bangladesh braces for cold wave

Jan 09 2020

BENGALURU, Jan 9 Rice export prices in major Asian hubs held steady this week but a multi-month drought drove expectations of a rise in Thai rates, while a cold snap threatened crops in Bangladesh.

Asia Rice-Drought threatens Thai crop, Bangladesh braces for cold wave

Jan 09 2020

BENGALURU, Jan 9 Rice export prices in major Asian hubs held steady this week but a multi-month drought drove expectations of a rise in Thai rates, while a cold snap threatened crops in Bangladesh.

Gold tumbles as Trump allays Middle East worries

Jan 08 2020

Gold shed over 1% after vaulting above the $1,600 level for the first time in nearly seven years on Wednesday after remarks by U.S. President Donald Trump eased fears of a larger conflict with Iran.

PRECIOUS-Gold tumbles as Trump allays Middle East worries

Jan 08 2020

Jan 8 Gold shed over 1% after vaulting above the $1,600 level for the first time in nearly seven years on Wednesday after remarks by U.S. President Donald Trump eased fears of a larger conflict with Iran.

PRECIOUS-Gold eases off 7-year peak as Middle East worries abate

Jan 08 2020

Jan 8 Gold retreated after vaulting above the $1,600 level for the first time in nearly seven years on Wednesday as fears of a larger conflict in the Middle East abated on milder rhetoric between Iran and the United States.

Gold edges up, but trades below seven-year peak as Middle East worries ebb

Jan 07 2020

Gold prices inched higher on Tuesday, having earlier retreated from the previous session's almost seven-year high as fears of a larger Middle East conflict following the U.S. killing of a top Iranian general eased.

PRECIOUS-Gold edges up, but trades below 7-year peak as Middle East worries ebb

Jan 07 2020

(Updates prices) * Palladium hits all-time high of $2,048.55/oz * World stock markets steadied after sell-off * Strong U.S. data lifts dollar By Karthika Suresh Namboothiri Jan 7 Gold prices inched higher on Tuesday, having earlier retreated from the previous session's almost seven-year high as fears of a larger Middle East conflict following the U.S. killing of a top Iranian general eased. Palladium raced to a fresh all-time high earlier in the session, boosted by fears of a scarcity of supply. Spot gold was up 0.4% at $1,571.77 per ounce as of 01:42 p.m. ET (1842 GMT). U.S. gold futures settled 0.3% higher at $1,574.30 per ounce. "Unless there is a continuous acceleration in the aggressive rhetoric ... The risk perceived to oil is going to diminish and probably less reason to buy gold. The market thinks that at this point the conflict may not escalate too much," said Bart Melek, head of commodity strategies at TD Securities. Gold prices soared to $1,582.59 an ounce on Monday, their highest since April 2013. The killing of General Qassem Soleimani last week by the United States spurred a rush in to safety assets and dented risk appetite. Gold benefits during times of political and economic uncertainty. "There is a concern there might be new instability in the Middle East ... There is a contingent of people diversifying their positions and gold has benefited from it," Melek said. A senior Iranian official on Tuesday said Tehran was considering 13 scenarios to avenge the killing, while the U.S. defense secretary denied reports the U.S. military was preparing to withdraw from Iraq. World shares steadied and oil pulled back from multi-month highs as investors looked past the news. Meanwhile, the U.S. dollar rose against six other major currencies, helped by better-than-expected data in the U.S. non-manufacturing sector. "Monday's price action does suggest the gold and silver bulls are a bit tired and need a pause," Kitco Metals senior analyst Jim Wyckoff said in a note. "It appears risk aversion in the global marketplace has at least temporarily subsided following last week's geopolitical shockwave." Elsewhere, in a boost to market sentiment, the United States and China are expected to sign a preliminary deal on Jan. 15 to de-escalate a prolonged trade war that has roiled markets since its conception. Among other precious metals, palladium extended gains, climbing 0.8% to $2,046.37 an ounce, close to its record high of $2,048.55 notched earlier in the session. Silver rose 0.9% to $18.31 an ounce, while platinum gained 0.4% to $966.51. (Reporting by Karthika Suresh Namboothiri in Bengaluru; Editing by Sandra Maler and Steve Orlofsky)

CORRECTED (OFFICIAL)-PRECIOUS-Gold soars as Middle East tensions brew 'perfect storm' (Jan. 6)

Jan 07 2020

(Corrects spot gold's high to $1,582.59 from $1,579.72 in the second paragraph of Jan. 6 story after Refinitiv corrected the value) * Palladium hits all-time high of $2,031/oz * Gold eyes $1,600/oz- analyst * Wall Street pares losses, gold retreats from day's high By Karthika Suresh Namboothiri Jan 6 Gold surged on Monday to a near seven-year high as the U.S. killing of a top Iranian commander stirred fears of a wider conflict in the Middle East. Palladium surpassed $2,000 an ounce for the first time. Spot gold was up 1.1% at $1,568.19 per ounce as of 1:42 p.m. EST (1842 GMT), after rising to $1,582.59 earlier in the session, its highest since April 2013. U.S. gold futures settled 1.2% higher at $1,568.80 per ounce. "The markets are nervous about what comes next between the United States and Iran; there are political risks and there is safe haven buying in gold," said Bob Haberkorn, senior market strategist at RJO Futures. "The equities are lower, and this is a perfect storm for higher gold between now and until we get some clarity on the situation." Iraq's parliament called on Sunday for U.S. and other foreign troops to leave while Iran lambasted U.S. President Donald Trump after he threatened to hit 52 Iranian sites, including targets important to Iranian culture, if Tehran were to retaliate. The conflict took a hit at risk appetite, sending world stocks down 0.3%. On Wall Street, the Nasdaq turned positive, a sign investors were taking a cautious approach. "Even though the stock markets pared its losses, and gold pared some gains, we still look for a higher extended range because gold has become a necessary haven," said George Gero, managing director at RBC Wealth Management. Elsewhere, U.S. Federal Reserve policymakers agreed that interest rates were likely to stay on hold for "a time," minutes of the Fed's Dec. 10-11 policy meeting, released on Friday, showed. Gold is highly sensitive to interest rates, as higher rates lift the opportunity cost of holding non-yielding bullion. Palladium was up nearly 2% to $2,024.64 an ounce, after hitting an all-time high of $2,031. The industrial metal added 53.93% in 2019, and is expected to remain in high demand this year. "It (palladium) seems to be unstoppable. Many market players are of the opinion that the market will remain severely tight, and that's the main driving force for prices," Commerzbank analyst Daniel Briesemann said. Silver gained 0.7% to $18.17, having earlier hit its highest in more than three months at $18.50. Platinum shed 2.2% to $958.94 an ounce. (Reporting by Karthika Suresh Namboothiri in Bengaluru; Editing by Grant McCool and Tom Brown)

PRECIOUS-Gold soars as Middle East tensions brew 'perfect storm'

Jan 06 2020

(Updates prices, analyst comments) * Palladium hits all-time high of $2,031/oz * Gold eyes $1,600/oz- analyst * World stocks slump, erase new year's gains By Karthika Suresh Namboothiri Jan 6 Gold prices surged on Monday as the U.S. killing of a top Iranian military commander triggered fears of a wider conflict in the Middle East, prompting a rush to the metal's safety, while palladium soared past $2,000 an ounce for the first time. Spot gold was up 1.1% at $1,567.80 per ounce as of 10:29 a.m. ET (1529 GMT), after rising to $1,579.72 earlier in the session, its highest since April 2013. U.S. gold futures gained 1% to $1,568.40 per ounce. "The markets are nervous about what comes next between the United States and Iran; there are political risks and there is safe haven buying in gold," said Bob Haberkorn, senior market strategist at RJO Futures. "The equities are lower, and this is a perfect storm for higher gold between now and until we get some clarity on the situation." Iraq's parliament called on Sunday for U.S. and other foreign troops to leave, while Iran lambasted U.S. President Donald Trump after he threatened to hit 52 Iranian sites, including targets important to Iranian culture, if Tehran were to retaliate. The conflict took a hit at risk appetite, sending world stocks down 0.3%, erasing all its new year's gains in its biggest two-day fall since early December. The dollar index was 0.2% lower against six other major currencies, making gold cheaper to buy. . "Gold flew through last year's highs in early trade and ... safe havens are back in vogue and the yellow metal is leading the way," said OANDA analyst Craig Erlam in a note. Elsewhere, U.S. Federal Reserve policymakers agreed that interest rates were likely to stay on hold for "a time," minutes of the Fed's Dec. 10-11 policy meeting, released on Friday, showed. Gold is highly sensitive to interest rates, as higher rates lift the opportunity cost of holding non-yielding bullion. Palladium was up nearly 2% to $2,025.22 an ounce, after hitting an all-time high of $2,031. The industrial metal added 53.93% in 2019, and is expected to remain in high demand this year. "It (palladium) seems to be unstoppable. Many market players are of the opinion that the market will remain severely tight, and that's the main driving force for prices," Commerzbank analyst Daniel Briesemann said. Silver gained 0.7% to $18.16, having earlier hit its highest in more than three months at $18.50. Platinum eased 0.9% to $971.82. (Reporting by Karthika Suresh Namboothiri in Bengaluru; Editing by Steve Orlofsky)

PRECIOUS-Gold jumps to 4-month peak as Middle East tensions spark safety buying

Jan 03 2020

(Updates prices) * Gold set for best week since early-August * U.S. manufacturing data for Dec. dips to decade lows * Silver extends gains into fourth week * Minutes of Fed's Dec. 10-11 policy meeting due at 2 p.m. EDT By Karthika Suresh Namboothiri and K. Sathya Narayanan Jan 3 Gold prices surged on Friday to a four-month peak, racing past the key $1,550 an ounce level after a U.S. air strike in Iraq killed the commander of Iran's elite Quds Force, prompting a rush into safety assets. Spot gold rose 1.3% to $1,548.94 per ounce as of 1:31 p.m. EST (1831 GMT), having risen to $1,553.20 earlier in the session, its highest since Sept. 5. U.S. gold futures settled 1.5% higher at $1,552.40. The overnight attack was a dramatic escalation in a "shadow war" in the Middle East between Iran and the United States and its allies, principally Israel and Saudi Arabia. Iran threatened to retaliate after the air strike. "With the U.S. air strikes overnight in Iraq from orders of President Trump and Iran's leader vowed revenge as a result, the equity markets are down and safe-havens are higher, causing a move higher in the precious metals," said David Meger, director of metals trading at High Ridge Futures. "The market has been trading well since we broke out above the $1,490 level, making new recent highs this morning up above $1,550." U.S. 10-year yields fell sharply, while the Japanese yen hit a two-month high against the U.S. dollar. Gold, like other safe-haven assets, benefits during times of political uncertainty. The metal was set for its best week since early-August, up more than 2.5%. "We are seeing gold and silver continue to build on the gains we saw towards the end of December and there is no doubt that the latest developments with the attack in Iraq has taken us up to this level," Saxo Bank analyst Ole Hansen said. U.S. manufacturing sector data, which contracted in December by the most in more than a decade, further supported gold. Markets were also watching out for minutes of the Federal Reserve's Dec. 10-11 policy meeting, due out at 2 p.m. EST (1900 GMT). On the trade front, The United States and China are to sign an interim deal on Jan. 15, but investors await details regarding the fine print of the agreement. Elsewhere, palladium added 1.3% to $1,985.40 an ounce, after rising to $1,988.27 earlier in the session, not far from the all-time high of $1,998.43 notched in December. Platinum gained 0.4% to $982.84 an ounce and was set for its biggest weekly gain since October. Silver was up 0.3% at $18.08, extending gains into a fourth straight week. (Reporting by Karthika Suresh Namboothiri and K. Sathya Narayanan in Bengaluru; Editing by Dan Grebler)

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