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MTECHTIPS:-Gold rises in Asia on physical buying Gold futures traded higher in the early part of Thursday’s Asian session, s upported by a strong performance during Wednesday’s U.S. and speculation that physical buying remains robust in various parts of the world. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery rose 0.23% to USD1,426.95 per troy ounce in Asian trading Thursday after setting up 1.03% at USD1,423.25 a troy ounce in U.S. trading on Wednesday. Gold futures were likely to test support USD1,403.55 a troy ounce, Monday's low, and resistance at USD1,438.35, Monday's high. A batch of concerning economic data points out Wednesday sent traders scurrying for safe-haven plays and gold fit the bill, for one day at least. In U.S. economic news, the Commerce Department said durable goods orders fell 5.7% last month following a 4.3% increase in February. Orders excluding non-defense aircraft rose 0.2% missing economists’ expectations for 0.4% increase. Shipments of core capital goods rose 0.3% in March, but the February reading was revised lower to an increase of 1.2% from an initial reading of 1.9%. MTECHTIPS:-Gold futures rally to 2-week high on surging physical demand Gold futures extended the previous session’s strong gains on Thursday to hit a two -week high, as prices remained supported amid indications of surging demand for the precious metal. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at USD1,442.05 a troy ounce during European morning hours, up 1.3% on the day. Comex gold prices rose by as much as 1.5% earlier in the session to hit a daily high of USD1,447.35 a troy ounce, the strongest level since April 15. Gold prices were likely to find support at USD1,385.70 a troy ounce, the low from April 19 and resistance at USD1,457.60, the high from April 5, 2011. The U.S. Mint has sold 196,500 troy ounces of gold coins so far in April, the highest since December 2009 and up more three-fold from the 62,000 troy ounces the Mint had sold in all of March. Earlier in the week, the Mint said it temporarily suspended sales of its one-tenth ounce gold bullion coins after demand spiked following a 13% drop in prices in the two days through April 15. The Mint sold 85,000 of the one-tenth ounce coins in April, the second-strongest monthly total after January. Buying interest also improved significantly in top consumers India and China, according to local bullion dealers. Reports of central bank buying also supported sentiment. Russia, Turkey and Kazakhstan added to their gold reserves in March, according to International Monetary Fund data. MTECHTIPS:-Oil inches up on inventories data
Oil futures inched higher in the early part of Thursday’s Asian trade, buoyed by some supportive inventories data published during Wednesday’s U.S. session. On the New York Mercantile Exchange, light, sweet crude futures for June delivery nudged higher by 0.07% to USD91.50 per barrel in Asian trading Thursday after settling up 2.07% at USD91.03 a barrel on Wednesday in the U.S. On Wednesday, the U.S. Energy Information Administration said that U.S. crude oil inventories rose by 947,000 barrels last week, well below market calls for a gain of 1.513 million barrels, which sparked a rally in energy markets. Oil inventories fell by 1.233 million barrels during the week before last. Gasoline inventories, meanwhile, fell by 3.928 million barrels compared with a decline of 633,000 barrels in the preceding week. Analysts were expecting U.S. gasoline inventories to fall 175,000. The inventories data helped traders overlook some concerning economic data. In U.S. economic news, the Commerce Department said durable goods orders fell 5.7% last month following a 4.3% increase in February. Orders excluding non-defense aircraft rose 0.2% missing economists’ expectations for 0.4% increase. Shipments of core capital goods rose 0.3% in March, but the February reading was revised lower to an increase of 1.2% from an initial reading of 1.9%. In Europe, the Ifo index of German business climate fell to a four-month low of 104.4 in April from 106.7 in March. Analysts had expected the index to tick down to 106.2. MTECHTIPS:-Crude oil futures hold near 2-week high on U.S. demand hopes Crude oil futures held near a two-week high on Thursday, as sentiment remained supported amid hopes of a recovery in oil demand from the U.S., the world’s top o il consumer. On the New York Mercantile Exchange, light sweet crude futures for delivery in June traded at USD91.44 a barrel during European morning trade, little changed on the day.New York-traded oil prices held in a range between USD91.39 a barrel, the daily low and a session high of USD91.97 a barrel, the strongest level since April 12. Oil prices rallied more than 2% on Wednesday after a U.S. government report showed oil supplies rose less-than-expected last week, while gasoline stocks fell sharply. U.S. crude oil inventories increased by 0.9 million barrels, below expectations for an increase of 1.5 million barrels. The report also showed that total motor gasoline inventories decreased by 3.9 million barrels, compared to expectations for a decline of 0.2 million barrels. The Energy Information Administration said U.S. gasoline demand rose 4.4% to 8.75 million barrels a day last week, the highest level since November. Investors now looked ahead to the weekly government report on initial jobless claims later in the trading day to further asses the strength of the country’s economy. MTECHTIPS:-Silver futures rally 2%, tracking gold prices higher Silver futures rose sharply on Thursday, tracking strong gains in gold prices as disappointing U.S. economic data weighed on the U.S. dollar, boosting dollar-denominated commodities. The dollar index, which tracks the performance of the greenback against a
basket of six other major currencies, was down 0.45% to trade at 82.69. On the Comex division of the New York Mercantile Exchange, silver futures for May delivery traded at USD23.25 a troy ounce during European morning trade, up 1.85% on the day. Comex silver prices rose by as much as 2.6% earlier in the session to hit a daily high of USD23.45 a troy ounce. Silver prices were likely to find support at USD22.47 a troy ounce, the low from April 18 and near-term resistance at USD23.69, the high from April 22. Silver’s gains came as the U.S. dollar weakened against most of its major counterparts as downbeat U.S. data on Wednesday pressured demand for the greenback. Official data on Wednesday showed that U.S. durable goods orders dropped 5.7% in March, much worse than expectations for a decline of 2.8%. Core durable goods orders, which exclude transportation items, fell 1.4%, compared to expectations for a 0.5% increase. The disappointing data fuelled expectations the Federal Reserve will keep its loose monetary policy in place for the indefinite future. Investors now looked ahead to the weekly government report on initial jobless claims later in the trading day to further asses the strength of the country’s economy. MTECHTIPS:-Copper futures rise to session high after upbeat U.K. GDP data Copper futures advanced for the second consecutive day on Thursday, rising to the highest levels of the session after official data showed that the U.K. economy returned to growth in the first quarter, avoiding a triple-dip recession. Copper prices found further support as investors continued to close out bets prices will move lower, a move known as short covering. On the Comex division of the New York Mercantile Exchange, copper futures for May delivery traded at USD3.196 a pound during European morning trade, up 1.25% on the day. New York-traded copper prices rose by as much as 1.65% earlier in the session to hit a daily high of USD3.210 a pound, the strongest level since April 17. The Office for National Statistics said U.K. gross domestic product expanded by a seasonally adjusted 0.3% in the three months to March, above expectations for a 0.1% gain. The U.K.’s economy shrank by 0.3% in the final quarter of 2012. The U.K. economy expanded 0.6% in the first quarter from a year earlier, compared to expectations for a 0.3% increase. The U.K. economy expanded at an annualized rate of 0.2% in the preceding quarter. Copper is sensitive to the economic growth outlook because of its widespread uses across industries.
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