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Special News:-
Gold Prices Dip In Asia On Stronger Dollar And Weak China Demand
Gold prices dipped in Asia as overnight dollar gains extended into the region, making the greenback denominated commodity more expensive and with demand weak as China markets are shut for a week-long holiday.
- Gold futures for December delivery on the Comex division of the New York Mercantile Exchange fell 0.21% to $1,273.15 a troy ounce. The dollar index rose 0.22% to 93.69 in Asia.
- Overnight, gold prices fell to seven week lows amid a dip in safe-haven demand after manufacturing data topped expectations pushing yields and the dollar to session highs.
- Gold futures made a weak start to the month added to losses from the previous week as investors continued unwind their bullish bets on gold after upbeat manufacturing data pointed to underlying strength in the U.S. economy.
Commodity Buzz :-
Analyst reiterates outperform rating for Canadian Gold miner operating in Ghana
- Raymond James analyst Chris Thompson reported on Asanko Gold Inc.'s (AKG:NYSE.MKT AKG ,TSX) progress at its Asanko gold mine in Ghana."AKG is on track to meet its revised production guidance for the year (revised lower in August due to lower than expected ore volumes in the near-surface portion of the Akwasiso satellite deposit).
- Grade reconciliation at the main Nkran pit has been improving," wrote Thompson. He noted that "AKG confirmed it is on track to meet its revised 2017 production guidance of 205-225 koz Au (revised down from 230-240 koz on Aug. 3), which compares with our full-year 2017 production estimate of 214 koz."
- Thompson detailed that "reconciliation of the grade control model [Nkran pit] has been positive relative to the reserve model, showing 9% fewer tonnes and 18% higher grades (net 7% more ounces) for the last three months of mining.
Natural Gas prices aren’t going anywhere fast
- With the recent crude oil rally that brought WTI to a five-month high, it’s only fitting to have a look at what’s happening with natural gas. By the looks of it, nothing much that would make producers happy.
- U.S. natural gas is selling at historically low prices, with forecasts for the near term suggesting no significant change as production continues to grow. In its latest Short-Term Energy Outlook, the EIA forecast that natural gas output this year will average 73.7 billion cubic feet daily, up by 1.4 billion cubic feet per day from last year. The Henry Hub spot benchmark price should average $3.05 per MMBtu this year and, driven by an increase in domestic consumption, rise to $3.29 per MMBtu in 2018.
