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CHEMICAL & PETRO-CHEMICALCOVERNEWSLETTER

Gold Inches Higher to $1,298.78/Ounce

Gold

Gold prices soared in early Asian trade on Monday, June 11, as the dollar softened ahead of key central bank policy meetings and the U.S.-North Korea summit this week, and as a weekend G7 summit fanned trade war fears.

Spot gold was up 0.1 percent at $1,298.78 per ounce at 0049 GMT. U.S. gold futures for August delivery were nearly unchanged at $1,302.80 per ounce, Reuters reports.

Speculators cut their net long position in COMEX gold by 3,169 contracts to 58,066 contracts in the week to June 5, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday.

Holdings of SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, fell 0.46 percent to 828.76 tonnes on Friday.

Physical gold demand was soft in major Asian hubs last week with global prices moving in a tight range, while lower retail purchases forced sellers in India to offer wider discounts during a slow period for buying the metal.

Palladium, widely used in catalytic converters in cars, looks buoyant as visible stockpiles slide to eight-year lows, but it may become a victim of its own success if concerns over availability hasten a drive among carmakers towards substitutes.

 

 

a 2.9 point bump for the broader benchmark. Nasdaq Composite futures gained 0.63 points.

TheStreet speaks with Makan Delrahim ahead of the AT&T-Time Warner decision, thestreet.com reports.

Media stocks are likely to be in focus, both today and this week, ahead of U.S. District Court for the District of Columbia Judge Richard Leon’s decision to approve or deny the proposed $85.4 billion merge between AT&T Inc. (T) and Time Warner Inc. (TWX) .

 

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