Exchange & Stocks
Holdings of gold by exchange-traded funds jumped by a “huge” amount Thursday – 2.6 million ounces, and inflows may well continue, said BMOCapital Markets.
Analysts said the increase occurred as “investment funds started to deploy cash and further central-bank rate cuts emerged. To put this in context, it is roughly equivalent to the annual production of Newcrest Mining. Given where Treasury yields now sit, macroeconomics should favor further trend inflows over the coming months.” Gold ETFs trade like a stock but track the price of gold, with metal put into vaults to back the shares.
Gold is higher on a morning when the market is again drawing safe-haven buyers, said George Gero, managing director with RBC Wealth Management. He pointed out that holdings of the metal by exchange-traded funds have been rising lately.
The U.S. International Trade Commission (ITC) has started a preliminary anti-dumping investigation in regards to the imports of common alloy aluminium sheet from 18 countries, including Germany, Oman, Bahrain, Serbia, Croatia, Romania, Turkey and Slovenia.
Imported scrap trades to India witnessed considerable improvement this week, with decent bookings being witnessed after slow activity in the previous couple of weeks. Offers from global origins continued to rise sharply, however buyer’s inquiries remained active, as mills looked to book some material in anticipation of further price hike.
Exchange-traded-fund holdings of platinum have fallen sharply this month, while holdings of gold keep rising, Commerzbank said. After big inflows last week, holdings in gold ETFs tracked by Bloomberg increased by another 16 metric tons Monday, putting them above 90 million ounces or over 2,800 tons for the first time, the bank pointed out.
Xinjiang Amer Qian Golding Cable Co., Ltd. from China, a subsidiary of Amer Group, has placed an order with SMS group for a CONTIROD®* casting and rolling plant to produce copper wire.
The value of Iran’s non-oil trade stood at $85 billion in the past Iranian calendar year of 1398 (ended on March 19, 2020), the head of Islamic Republic of Iran Customs Administration (IRICA) announced.