Precious metals remain under heavy pressure

Tuesday, November 11, 2014

Precious metals remain under pressure this morning with Gold spot trading towards $1140/ounce (-0.25%), while Silver spot plunged to retest $15.50. Crude oil prices reversed yesterday’s gains and slid lower in early trade with Brent front month futures retreating sharply towards $81 per barrel. WTI front month futures remained under pressure heading towards $76 per barrel.

XAU- Gold Spot

XAU Curncy (Gold Spot   $_Oz )  D 2014-11-11 08-33-30

XAG- Silver Spot

XAG Curncy (Silver Spot  $_Oz )  2014-11-11 08-33-55

UK BRC retail sales were flat in October following a sharp decline of 2.1% in September, beating analysts’ estimates. European equity markets edged higher in early trade this morning, while the euro extended losses towards 1.24 against the US dollar.

Today, Italian banks Intesa Sanpaolo, UniCredit and Banca Popolare di Milano will release their earning results for Q3 2014. According to Financial times, UniCredit's head of investment banking resigned in August after the bank reported that it had recovered from large write-downs in 2013 to increase net profits by 12% y/y to reach €403m in the Q2 2014. Intesa Sanpaolo passed the latest ECB stress tests, however, Banca Popolare was still judged to have a net capital shortfall.

Japan’s consumer confidence was reported at 38.9 in October compared to 39.9 in September, missing analysts’ estimates of 40.5. However, the Nikkei index surged higher more than 340 points (+2.05) to retest 17,120. The Hang Seng index extended gains (+0.3%) to breach above 23,800.

Japan - Consumer Confidence

JCOMSHCF Index (Japan Consumer C 2014-11-11 08-32-38


Events for today:




BRC Retail Sales




Consumer Confidence Index


All times UK Local Time

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