Gold treads water as all eyes on US Jobs data for Fed clues

Gold headed for a second weekly decline ahead of a key US payrolls report that's expected to give investors direction on the Federal Reserve's tightening path.

Bullion for immediate delivery was little changed at US$1,314.40 an ounce at 9:03am in Singapore, according to Bloomberg generic pricing. The metal is down 0.5 per cent this week after touching US$1,302.56 on Thursday, the lowest level since June 24.

Gold's recent declines have eroded its 2016 rally as traders price in a higher probability of an interest rate increase in the world's largest economy, damping the appeal of bullion, which doesn't offer yield.

The US nonfarm payrolls report later Friday will be important in determining whether the Fed will raise borrowing costs as soon as this month. US employers probably added 180,000 jobs in August, according to economists' estimates.
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Gold heads for monthly decline as Fed rate fears damp its appeal

Gold is headed for the first monthly decline since May as investors price in the prospect of higher US borrowing costs by the end of the year and slowing purchases of bullion-backed exchange-traded funds.

Bullion for immediate delivery was 0.2 per cent higher at US$1,313.49 an ounce at 9:29am in Singapore, according to Bloomberg generic pricing. The metal dropped to US$1,309.34 on Tuesday, the lowest level since June 28, and is down 2.8 per cent this month.

Gold's drop this month would be the first for August since 2009, as the metal generally climbs on jewelry demand ahead of the wedding and festival season in India, the top consumer along with China. The pullback has followed hawkish comments by Federal Reserve officials, which have increased bets on monetary tightening and boosted the US dollar.

Fed Vice Chairman Stanley Fischer said Tuesday incoming economic data will determine the trajectory of interest-rate increases and expressed optimism that productivity growth will rebound.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg

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Gold treads water as investors count down to Yellen's address

Gold is treading water before a speech by Federal Reserve Chair Janet Yellen on Friday that may shed light on the U.S. central bank's tightening path, with prices closing within a US$4 range since Friday.

Bullion for immediate delivery was at US$1,337.07 an ounce at 3:13 pm in Singapore, according to Bloomberg generic pricing, from US$1,337.56 on Tuesday, the lowest close since Aug 12.

Gold's in a holding pattern after a 26 per cent rally this year as comments from Fed officials are parsed for clues on the timing of any increase. After several policy makers signaled in recent days that tighter policy may be warranted this year, investors are counting down toward Ms Yellen's speech at the annual Jackson Hole symposium. Higher borrowing costs typically damp the appeal of bullion.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg

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Hot stock: CNMC Goldmine up 4.8% on active trade

SHARES of CNMC Goldmine Holdings leapt on active trading on Monday in an otherwise listless market, likely buoyed by continued positive sentiment stemming from its second-quarter results.

At 12.30pm, the share price was up 4.8 per cent or 2.5 Singapore cents at 54.5 Singapore cents, after 10.9 million shares changed hands. The broader Singapore market was edging down, with the benchmark Straits Times Index down 2.67 points at 2,841.35.

Dealers note that investors were probably responding to CNMC's strong set of results for the second quarter ended June 30 released earlier this month and higher dividends.

Having produced and sold a record amount of gold output and achieved higher average gold prices, CNMC posted a 31 per cent growth in net profit to US$4.70 million from the year-ago period. It reported its highest quarterly gold output and sales of 9,807 ounces since it started gold production in July 2010, 24.5 per cent more than a year earlier. The average realised gold price was 8.1 per cent higher in the quarter than a year ago.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg

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US STOCKS UPDATE WITH EPIC RESEARCH

Stocks had dipped to fresh lows midday following a climb in oil rigs for a seventh week in a row, which took some steam out of energy gains. However, oil futuresCLU6, +2.76% rose 2.3% to settle at $44.49 a barrel in choppy action, as officials from Saudi Arabia sparked fresh hopes for a collective production freeze. Crude finished up 6.4% for the week.

Earlier, investors grappled with weaker-than-expected retail sales data and an unexpected drop in wholesale prices.

U.S. retail sales stalled in July after three straight monthly ga

ins, according togovernment data released Friday. Retail sales, which have increased 2.3% over the past 12 months, are an important part of consumer spending, which is the backbone of the U.S. economy.

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GASOLINE UPDATE OF 10TH AUG'2016 BY EPIC RESEARCH

U.S. gasoline prices are set to fall below $2 a gallon on average in October and stay there through the winter, government forecasters said Tuesday.

The Energy Information Administration cut its price forecast for national average retail gasoline prices to $1.95 a gallon in the fourth quarter, down from last month’s forecast of $2.07 a gallon, according to the agency’s short-term energy outlook released Tuesday. The EIA expects gasoline prices to hold below $2 a gallon on average from October through February.

Gasoline prices have slid in recent weeks on concerns refiners have produced a glut of the fuel that is set to persist despite strong driving demand this summer. Gasoline futures  have fallen about 20% from a year ago, and U.S. oil futures are down about 5%.

“High gasoline production is leading to motor fuel inventories that are the highest on record for this time of year, which is helping to keep prices down at the pump,” EIA Administrator Adam Sieminski said in a statement.

The EIA also lowered its oil-price forecasts. The agency sees U.S. oil prices averaging $41.16 a barrel this year and $51.58 a barrel next year, down from its prior expectations of $43.57 a barrel in 2016 and $52.15 a barrel in 2017.

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Epic Research Singapore : Comex Market Update

Gold futures inched higher in electronic trade Friday, halting a string of losses, though silver extended its move lower. April gold futures tacked on $1.20, or 0.1%, to $1,318.10 an ounce, paring its $3.50 loss Thursday on the New York Mercantile Exchange’s Comex.
 
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Epic Research Singapore : Hang Seng Update

Hong Kong stocks fell on Thursday, as weaker-than-expected preliminary China manufacturing data from HSBC spooked investors. The Hang Seng Index HK:HSI -1.11% slid 0.7% to 22,510.82. Market heavyweight Tencent Holdings Ltd. HK:700 -2.32% TCTZF -0.09% declined 3.1%, after having gained in the previous session on news that it has acquired a 20% stake in Dianping.com, a Yelp-like local reviews site. Top refiner China Petroleum & Chemical Corporation HK:386 +9.59% SNP +8.65% surged 7.3%, after the company said it plans to sell as much as 30% of its oil retail unit to private investors. Other oil shares also outperformed the market, as Sinopec Shanghai Petrochemical Co. HK:857 +2.39% jumped 5.3%, and China's largest oil and gas producer PetroChina Co. Ltd HK:857 +2.39% PCCYF +2.04% advanced 2.4%. MGM China Holdings Ltd. HK:2282 +4.48% MCHVF +5.40% , the Macau unit of MGM Resorts International MGM +0.74% , jumped 4.2%, after it reported record earnings (EBITDA) of $238 million in 2013, up 35% from a year earlier. On the mainland, the Shanghai Composite Index CN:SHCOMP +0.67% gained 0.7%. Shares of China Petroleum & Chemical Corporation CN:600028 +10.00% were suspended from trading in Shanghai after shooting up by 10%, as the price exceeded limits set by the exchange.
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Epic Research Singapore : Comex Market Update

Gold-mining company AngloGold Ashanti Ltd. (ANG.JO) swung to a net loss for 2013, hit by a fall in gold prices.

Net loss attributable to equity shareholders for the year ended Dec. 31 totaled $2.23 billion, compared with a profit $897 million in 2012, the Johannesburg-based company said.

The company, which is the world's third-largest gold producer, said the loss was due to a post-tax impairment of assets and investment and inventory write-downs of $2.5 billion.

The loss came despite an increase in annual production, the first time in nine years. AngloGold production for the year was 4.105 million troy ounces, compared with 3.94 million ounces in 2012. While production improved, the price received for its gold on average was down 16% from a year ago.

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