Asia: Gold, USD, Crude Oil, Stocks & Commodities

Asia: Gold, USD, Crude Oil, Stocks & Commodities


FLASH: Gold Steady, USD Up, Crude Oil Off, Stocks Flat (May Day Holiday)

Notes: Investors await US employment figures due later today, which is forecast to show 185,000 net new jobs were added in April and the unemployment rate steady at 3.8%

Reflecting investor sentiment in gold, holdings of SPDR Gold Trust, the world’s largest gold-backed ETF fell 0.16% to 745.52 tonnes Thursday, its lowest since 12 October 2018.

India’s gold demand is expected to rise in the June Quarter from a year ago due to a higher number of auspicious days for weddings and a fall in local prices ahead of a Key festival, the World Gold Council said Thursday.

A rise in consumption by the world’s 2nd-biggest gold consumer could help global prices, currently hovering near a 4-month low, but could widen India’s trade deficit and put pressure on the Rupee.

In Asia

Gold: Gold prices Friday hanging near its 4-month low hit in Thursday’s session, after the Fed dampened expectations of a rate near term, boosting the Buck and setting the bullion on course for a weekly decliner.

  • Spot gold was flat to little changed at $1,272.01 oz, as of 0523 GMT,
  • US gold futures were steady at $1,273.30 oz.

Energy: Crude Oil prices Friday were set to fall for the week as surging US output and an expected supply increase from the Organization of the Petroleum Exporting Countries (OPEC) weighed on markets.

  • ICE Brent Crude Oil futures were at $70.38 bbl at 0440 GMT, -37c, or 0.5%, from Thursday’s close,
  • NYMEX WTI Crude Oil futures were -20c, or 0.3%, at $61.61 bbl.

Crude Oil prices have fallen as the pressure of record US output levels continues to weigh on prices. US production reached a record 12.3-N BPD last week, up by around 2-M BPD over the past year. And exports broke through 3-M BPD for the 1st time this year, according to data from the Energy Information Administration (EIA). Oil traders are insuring against Southside risk in here.

Equities: With the major trading hubs China and Japan shuttered for holidays, Asian shares at large were subdued.

Australia’s benchmark index was last up 0.2%, New Zealand shares were off 0.5% while SKorea’s KOSPI slipped 0.3%. Trading volumes were light across Asia.

World stocks have rallied hard this year, the S&P 500 has climbed more than 16% YTD,

Currencies: The Buck has edged higher since Fed Chairman Powell played down the recent slowing in inflation and saw no reason to cut interest rates.

The USD will continue to strengthen and benchmark 10yr-US Treasury yields are still going to hang higher. We have not seen anything from US data that suggests a slowdown there.

Commodities (quote): Energy, Metals, and Agriculture Grains

NYMEX Crude Oil »63.34 USD-0.26-0.41%May 192:58AM EDT
ICE Brent Crude »71.86 USD-0.32-0.45%May 192:58AM EDT
NYMEX RBOB Gasoline »2.06 USD-0.01-0.35%May 192:55AM EDT
Dubai Crude Spot »70.96 USD-0.27-0.38%Dec 023:07AM EDT
ICE Gas Oil »642.25 USD+3.25+0.51%May 192:55AM EDT
NYMEX No2 Heating Oil »2.09 USD-0.01-0.29%May 192:59AM EDT
NYMEX Nat Gas »2.61 USD-0.01-0.34%May 192:59AM EDT
ICE NBP Nat Gas »33.25 GBP+0.66+1.98%May 192:59AM EDT
Gold Spot »1,271.71USD-4.64-0.36%Dec 023:09AM EDT
COMEX 100oz Gold »1,281.40USD+0.000.00%May 197:01PM EDT
Silver Spot »14.65USD-0.03-0.20%Dec 023:09AM EDT
Platinum Spot »865.75USD+1.75+0.20%Dec 023:09AM EDT
Palladium Spot »1,355.35USD+2.85+0.21%Dec 023:09AM EDT
COMEX Copper »2.81USD+0.00+0.07%May 192:54AM EDT
CBOT Corn »362.25USC+2.25+0.62%May 1911:42PM EDT
CBOT Wheat »425.00USC+0.000.00%May 195:27PM EDT
KCBT Wheat »389.25USC+0.000.00%May 191:00AM EDT
MGE Spring Wheat »495.00USC+0.000.00%May 192:37AM EDT
Euronext Milling Wheat »183.25EUR+0.000.00%May 1912:29PM EDT
CBOT Soybean »839.00USC-0.50-0.06%May 199:27PM EDT

Have a terrific weekend

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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