Gold prices gained as a further retreat in the dollar drove prices above $1,310 an ounce.The precious metal had its best year since 2010 last year, boosted by a weakening dollar and political tensions around the world. Now, despite cryptocurrencies such as bitcoin becoming more mainstream and the Federal Reserve projecting three interest-rate increases this year, some expect the haven asset to continue building on last year’s 14% gain. India’s gold imports surged 67% in 2017 from the previous year to 855 tonnes as jewellers replenished inventory amid a rebound in retail demand, provisional data from precious metals consultancy GFMS showed.
Silver prices remained supported amid ongoing dollar weakness, while rising geopolitical uncertainties supported sentiment. The dollar index fell to a more than three-month low on expectations of a slower pace of interest rate hikes by the U.S. Federal Reserve. The greenback posted its biggest annual drop since 2003 in 2017, helping to lift gold to an annual increase of more than 13 percent.
With the pipeline outages resolved and the protests in Iran showing no signs of impacting its oil production, Hansen said there was potential for a price downturn in early 2018, especially due to rising U.S. output. U.S. oil production has risen by almost 16 percent since mid-2016, hitting 9.75 million bpd at the end of last year. There was also some concern that output by Russia, the world’s biggest oil producer and one of the key drivers together with the Organization of the Petroleum Exporting Countries (OPEC) in cutting supplies, was in fact not falling.
Soybean production has been estimated at 4.450 billion bushels. According to National Oilseed Processors Association (NOPA), U.S. November soybean crush rose 1.7 percent to 163.546 million bushels from 160.752 million bushels in November 2016. Crush of soybean in October 2017 was 164.242 million bushels. Soy oil stocks in U.S. at the end of November increased to 1.326 billion lbs compared to 1.224 billion lbs in end October 2017.
According to data released by the Solvent Extractors’ Association, India vegetable oil imports rose around 6% on year to 12.5 lakh tonnes in November. Soyoil imports surged by 66.7% in November to 2.74 lt compared to 1.64 lt last year. The Solvent Extractors’ Association (SEA) of India has compiled the import data of vegetable oils (edible and non-edible) for the month of November 2017. It was reported at 12,48,810 metric ton (MT) compared to 11,67,397 MT in October 2017 (a seven per cent increase) and 1,175,464 MT in November 2016.
According to South oil mills association of Malaysia Palm Oil output during Dec 1-20 dropped by 4.20% compared to previous month. Indonesia’s Crude Palm Oil (CPO) exports likely fell in November on weak demand from main markets such as India and China, while production edged lower. CPO output fell to 3.90 million tonnes in November, from 3.95 million tonnes in October, according to the median estimate in a survey of two industry groups and a state research firm. The October output was the highest monthly figure since the survey began in 2014. Indonesia is the world’s top producer of the widely used vegetable oil.
This post first appeared on After Italy Verdict Gold Trades Higher On Safe-haven Demands; Silver Down, please read the originial post: here