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123.10 SL 125.10

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Fiscal cliff issue steals the QE4 show in Gold and Silver

 Investors sold heavily on the Comex as markets drew to a close taking gold and silver prices down by a significant margin as the community fretted and fumed about the possibility of US going off the fiscal cliff.

Dollar, the ultimate safe-haven bounced back from a three-day decline against a basket of six major currencies. Gold and silver prices, as a result, tumbled.

Gold for February delivery on the Comex was seen trading at 1702.55 an ounce, a drop of 0.89% as of 10.08 AM IST, Thursday. Silver on the Comex was at $33.11 registering a loss of 0.664 dollars, a drop of 1.97%.

“Investors are now focused on the fiscal cliff negotiations, which are looking protracted and threatening to weigh on all markets,” said Xiang Nan, an analyst at CITICS Futures Co., a unit ofChina’s biggest listed brokerage to Bloomberg News.

“ We view a drop below $1,700 as a good buying opportunity. The Fed sent a strong signal about supporting the economy and keeping the easy monetary policy stance unchanged, which should support higher gold prices in the longer term.” Nan added.

On the Comex, silver prices climbed the most after the QE boost by US Federal Open Market Committee. As of 11.30 PM IST Wednesday, silver climbed by 2.33% to reach $33.787 an ounce even as gold jumped 0.79% to touch $1723.05 an ounce. WTI crude oil for January delivery was seen climbing by 1.82% to reach $87.35 a barrel at 11.33 PM IST.

Subsequent to QE4 announcement yesterday night, on India's MCX, silver for March delivery climbed by 1.34% and was seen trading at Rs.63162 as of 11.37 PM IST, Gold for February delivery was seen trading at Rs.31408/10 grams, a gain of 0.1%. Crude oil for December delivery was seen trading at Rs.4727 a barrel, a gain of 1.18%.

The US Federal Reserve has boosted Quantitative Easing with $45 billion in monthly treasury purchases.

The Federal Reserve noted that the “economic activity and employment have continued to expand at a moderate pace in recent months..although the unemployment rate has declined somewhat since the summer, it remains elevated." the FOMC said in a press release.

"To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee will continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month.” the release added.

“The Committee also will purchase longer-term Treasury securities after its program to extend the average maturity of its holdings of Treasury securities is completed at the end of the year, initially at a pace of $45 billion per month." the release continued to say.

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RBA told intervention necessary to dampen AUD

The Reserve Bank of Australia (RBA) is being told by central bankers elsewhere that if the RBA truly wants to dampen the value of the Australian dollar then it should consider heavy intervention measures, according to The Australian Financial Review.

Officials from Asia's central banks, and possibly officials from the Reserve Bank of England, European Central Bank and US Federal Reserve are meeting in Sydney this week, hosted by RBA assistant governor Guy Debelle.

Some foreign central bank officials are reportedly encouraging the RBA to consider large-scale intervention to drive down the value of the dollar, rather than follow the trend of cutting interest rates to near-zero.

That view is not foreign to the RBA. The central bank's deputy governor, Philip Lowe, recently said that “very low interest rates in many other economies should not be seen as a good thing or something to aspire to”, according to the

AFR.

The Australian dollar broke through $US1.05 for the first time since September earlier this week, despite a

अंतर्राष्ट्रीय बाजार में सोना 1%, चांदी 2.5% लुढ़की

अंतर्राष्ट्रीय बाजार में सोने-चांदी में जोरदार गिरावट देखी जा रही है। कॉमैक्स पर सोना 1 फीसदी से ज्यादा की गिरावट के साथ फिलहाल 1,700 डॉलर के भी नीचे आ गया है। वहीं चांदी 2.5 फीसदी टूट चुकी है और 33 डॉलर प्रति औंस से लुढ़ककर 32 डॉलर प्रति औंस के आसपास आ गई है।

अंतर्राष्ट्रीय बाजार में कच्चे तेल की कीमतों में भी गिरावट का ही रुख है। नायमैक्स पर कच्चा तेल 0.35 फीसदी की कमजोरी के साथ कारोबार कर रहा है, वहीं भाव 86 डॉलर प्रति बैरल पर हैं।

लंदन मेटल एक्सचेंज(एलएमई) पर कॉपर में करीब 1 फीसदी की गिरावट के साथ कारोबार हो रहा है।

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U.S. Import prices post biggest fall in five months

The Labor Department said on Wednesday import prices fell 0.9 percent after three straight months of gains. October's data was revised to show a 0.3 percent increase rather than the previously reported 0.5 percent gain.

Economists polled by Reuters had expected import prices to fall 0.5 percent last month. In the 12 months to November, import prices fell 1.6 percent.

Stripping out fuels and food prices, import prices dipped 0.1 percent as the cost of capital goods fell by the most since March 2010 and automobile prices were flat, indicating that broader inflation pressures remained benign.

"The global economy is restraining prices here and abroad. This indicates global demand is soft and will remain soft in the near term," said Gus Faucher, a senior economist at PNC Financial Services in Pittsburgh.

"This adds to the perception that inflation is not a concern."

The tame inflation environment should allow the Federal Reserve to stay on its ultra-easy monetary policy course as it tries to nurse the economy back to health.

Officials at the U.S. central bank resume policy deliberations on Wednesday and are expected to reaffirm the Fed's accommodative stance at the end of the two-day meeting.

Data on Thursday is expected to show that weak energy costs depressed wholesale prices in November for a second month in a row, according to a Reuters survey of economists.

Last month, imported petroleum prices fell 3.6 percent after slipping 0.2 percent in October. The price of imported natural gas surged 18.2 percent, the largest increase in three years. Imported food prices fell 1.3 percent, the biggest decline since February, after edging up 0.2 percent the prior month.

Elsewhere, imported capital goods prices fell 0.3 percent after being flat in October. Imported motor vehicle prices were unchanged after rising 0.3 percent the previous month.

The Labor Department report also showed export prices fell 0.7 percent last month, the largest drop since June. Export prices were flat in October.

Export prices were last month weighed down by declines in prices for industrial supplies and materials. Prices for nonagricultural industrial supplies and materials also fell as did prices for consumer goods excluding automobiles.