India to Scrap Gold Import Rule: Morning Market Update Nov 28 - Gainesville Coins News
No Minimum order! We accept Pay with Credit Card
Call Us: (813) 482-9300 Mon-Fri 9:00AM-6:00PM EST
Login or Register
Log into your account
About Gainesville Coins ®
Billions Of Dollars Bought And Sold A+ BBB Rating 10+ Years No Hidden Fees Or Commissions All Inventory Ships Directly From Our Vault

India to Scrap Gold Import Rule: Morning Market Update Nov 28

blog | Published On by
India to Scrap Gold Import Rule: Morning Market Update Nov 28

BREAKING: Reuters India is reporting that the Indian government is set to scrap the controversial "80:20" gold import rule, according to television stations are are citing government sources.

Saudi Arabia blocked motions by smaller producers at yesterday's OPEC meeting to reduce production levels for the oil cartel.

Crude oil futures took a nosedive, with West Texas Intermediate hitting an intraday low of $67.75, and Brent crude dropping to $71.12. Currencies of oil-producing nations such as Canada and Russia plummeted, as did precious metals. This led the dollar solidly higher. The yield on the 10-year Treasury note hit 2.20% this morning, as foreign money runs to U.S. bonds due to the increased deflationary pressures in the EU and Japan due to the OPEC decision. Consumer prices in the EU rose only 0.3% in October, matching a five-year low. Inflation fell for the third month in Japan, due to falling oil prices.

Yesterday in the Markets

U.S. markets were closed Thursday for Thanksgiving holidays.

Gold is retesting the $1180 level after the OPEC decision trashed crude oil prices, and increased deflation fears in Japan and the European Union. Petroleum-related stocks are down, world-wide.

Wednesday's closing numbers:

Dow: 17,827.75 +12.81 +0.07%
S&P 500: 2,072.83 +5.80 +0.28%
Nasdaq: 4,787.32 +29.07 +0.61%
DXY: 87.6610 -0.2590  -0.29%
Gold: $1,198.00 -$3.20 -0.27%
Silver: $16.54 -$0.13  -0.75%
Platinum: $1,226.00 +$4.00 +0.33%
Palladium: $800.00 +10.000 +1.27%

Economic News Affecting Gold

The big economic news is of course the OPEC decision. Smaller OPEC members such as Venezuela, Iran, and Algeria wanted Saudi Arabia and the Gulf states to cut production to raise prices, but didn't want to cut production themselves. This idea was nixxed by Saudi Arabia.

The Gulf States have enough billions socked away to let the market work through the current supply glut. They also see the present conditions as a weapon to hamper expansion of oil drilling and production in rivals such as Russia and the U.S. fracking companies.

Geopolitical News Affecting Gold

There is little on the immediate horizon affecting gold, except Sunday's Swiss gold repatriation referendum. Even though market watchers say a "no" vote is already priced in, gold is vulnerable to pressure if the vote actually does fail.

Looking Ahead

looking-aheadThis weekend brings PMI numbers from Japan and China, while Monday rings in December with PMI numbers from Europe, the UK and the U.S.




Gainesville Coins Portfolio Tracker and Financial News

This site uses cookies for analytics and to deliver personalized content. By continuing to browse our site, you agree that you have read and understand our Privacy Policy.