Gold Hits 5-Mo. High on Safe-Haven Demand amid Geopolitical Jitters - 12 Apr 2017
Gold Hits 5-Mo. High on Safe-Haven Demand amid Geopolitical Jitters.
Gold prices were ending the U.S. day session solidly up and hit a five-month high Tuesday. Buy stop orders were triggered in the futures market in early U.S. trading when prices pushed above last week's high and also moved above the key 200-day moving average. Increasing risk aversion in the marketplace early this week has also propelled the safe-haven metal. June Comex gold was last up $17.60 an ounce at $1,271.60. May Comex silver was last up $0.32 at $18.235 an ounce. U.S.-North Korea tensions are on the rise as U.S. warships steam toward waters off the Korean peninsula. U.S. and Russian government officials are also meeting early this week, after the U.S. sent 59 Tomahawk missiles into Syria last week. World stock markets have become a bit more wobbly in recent sessions, including selling pressure in the U.S. equities market Tuesday, and that's also benefitting the safe-haven gold market.
Nickel Asia Reports 47% Rise in Estimated Value of Shipments in Q1 2017, with Optimistic Outlook.
Nickel Asia Corporation said the company's estimated value of shipments during the first quarter of 2017 jumped by 47 percent to P2.19 billion from P1.49 billion during the same period last year in a statement released on its website. The company contributed the increase mainly to much higher prices for its nickel ore sales coupled with a weaker peso exchange rate. The company sold an aggregate 3.05 million wet metric tons (WMT) of nickel ore from its Taganito and Rio Tuba mines during the first three months of 2017, down from 3.49 million WMT a year ago, as operations at the Taganaan and Cagdianao mines, both located in northeastern Mindanao, do not commence until the second quarter, the onset of the dry season.
Oil prices rise on prospect that Saudi Arabia seeking output cut extension.
Crude Oil prices rose on Wednesday, putting crude futures on track for their longest streak of gains since August 2016, as Saudi Arabia was reported to be lobbying OPEC and other producers to extend a production cut beyond the first half of 2017. If Wednesday's price rises hold, they would mark the seventh straight daily increase. That would beat a six-day bull-run from August 2016, although the price jump then was 17.5 percent versus a 6 percent rise in the current rally of consecutive rises. Traders said that the price rises were a result of reports that Saudi Arabia, the de-facto leader of the Organization of the Petroleum Exporting Countries (OPEC), had told other producers that it wanted to extend a coordinated production cut beyond the first half of the year. and other producers, including Russia, have pledged to cut output by around 1.8 million barrels per day (bpd) during the first half of the year in an effort to rein in global oversupply and prop up prices.
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