Commodity Weekly Report Ways2Capital 08 July 2015

INDORE, India - July 8, 2015 - PRLog -- MCX  - WEEKLY NEWS LETTERS
INTERNATIONAL NEWS

✍ BULLION
Spot silver prices in the international markets declined by 0.57 percent and closed at $15.67/oz.Last week, spot silver prices in the international markets traded lower in line with weakness in gold prices ,Strengthening dollar also acted as a negative factor for oil prices
In the international markets, spot gold prices declined by 0.6 percent last week and closed at $1167.44/oz. On the MCX, gold prices declined by 0.65 percent last week and closed at Rs.26352/10 gms. Spot gold prices traded negative last week although data showed the U.S. labor market was weaker in June than expected, indicating that the Federal Reserve may hold off from raising interest rates in September. The market was also following developments in the Greek debt crisis, which has so far failed to trigger strong retail demand for the metal, which is often perceived as a safe-haven asset. The dollar strengthened and hopes for progress in the Greek crisis revived after the country told international creditors Athens could accept their bailout offer if some conditions were changed. Good ADP data from the US also resulted in optimism about labor market in turn exerting downside pressure on the yellow metal.  The chairman of the Euro-group said it was too late to extend Greece's existing bailout and that the country's stance toward its creditors and euro zone partners would have to change before a new program could be agreed.
The referendum on Sunday said no to the austerity measures proposed by the creditors which would result in stronger dollar and weak euro. A decade after China kicked off a series of gold market reforms, plans to establish a yuan price fix mark one of Beijing's biggest step so far to capitalism on the country's position as the world's top producer and a leading consumer. While no immediate threat to the gold pricing dominance of London and New York, the benchmark could ultimately give Asia more power over bullion trade, particularly if the yuan becomes fully convertible, industry sources say. In other news from the gold industry, the Reserve Bank of India and the finance ministry are in talks to scrap bulk import license for a gold-silver alloy used by domestic refiners, months after relaxing curbs on gold imports.


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