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Posted On January 1, 2017By BlackbeardIn News

Long, bumpy ride for ringgit in 2016

KUALA LUMPUR: The ringgit endured a bumpy ride and an excruciating journey throughout 2016, no thanks to the gloomy global economy and the volatile oil prices which added to pressure in the international financial markets and back-to-back speculative foreign exchange environment. The Malaysian currency was badly punished this year, having depreciated by 4.53 per cent to end the year at 4.4845/4875 against the US dollar compared with the 4.2900/2970 registered end of last year. The ringgit kicked off the year lower at 4.3160/3250, extending 2015’s downside momentum over fears ofRead More

Posted On December 31, 2016By BlackbeardIn News

Gold Rises 8.5% in 2016

The precious metal’s gains came early in the year, with selling picking up at the year’s end Gold snapped a three-year losing streak with prices rising 8.5% in 2016, but those gains came early while the metal ended the year under a cloud of relentless selling. Whether rising or falling, gold defied conventional wisdom this year as it frequently moved in the opposite way analysts predicted. Gold prices soared 16.5% in the first quarter—their largest quarterly gain in three decades, that few saw coming. A stretch of improving U.S. economicRead More

Posted On December 30, 2016By BlackbeardIn News

Ringgit opens unchanged against greenback

KUALA LUMPUR, Dec 30 (Bernama) —  The ringgit opened unchanged against the US dollar today on a lack of impetus with traders not visible in view of the year-end holidays, dealers said. At 9am, the ringgit was quoted at 4.4830/4860 against the greenback, as was the case at yesterday’s closing. A dealer said today being the last day of trading, the market is expected to remain range bound, before traders push new boundaries of optimism in the New Year. However, an upheaval in the greenback is expected in the mediumRead More

Posted On December 29, 2016By BlackbeardIn News

Gold prices rise by most in a month as US dollar eases

Gold prices rose on Thursday, as the U.S. dollar slipped against a basket of currencies, but gains were limited on expectations of more rate hikes by the U.S. Federal Reserve next year. Spot gold was up 0.6 percent at $1,148.28 an ounce by 0350 GMT, on track for its biggest one-day rise since Nov. 28.  U.S. gold futures were up 0.7 percent at $1,149.10 per ounce. “I think it’s because of the dollar, which has weakened a little bit,” said Helen Lau, an analyst at Argonaut Securities in Hong Kong.Read More
PETALING JAYA: Bank Negara’s measure to compel exporters to convert 75% of their proceeds into ringgit is starting to bear fruit, following lower volatility in the ringgit. According to central bank statistics, the intraday ringgit movement against the US dollar has averaged around 90 points compared to 228 points in the month of November and a high of 600 points (measured through the difference between the highest and lowest exchange rate in the interbank market during the day). It said in a statement that liquidity in the domestic foreign exchangeRead More

Posted On December 29, 2016By BlackbeardIn News

Ringgit higher against US$ early Thursday

KUALA LUMPUR: The ringgit was marginally higher against the US dollar in early trade Thursday, after having closed lower last week due to the impact of an increase in the US interest rates, a dealer said. At 9 am(0100gmt), the ringgit was traded at 4.4750/4800 against the greenback from 4.4755/4795 last Friday. FXTM Research Analyst Lukman Otunuga said the prospect of another US interest rate hike next year had encouraged investors to attack global stocks, emerging markets and commodities in trading last week. “Participants also re-evaluated the likely impact ofRead More

Posted On December 29, 2016By BlackbeardIn News

Ringgit lower against US$ early Wednesday

At 9 am(0100gmt), the local unit slid to 4.4780/4820 against the US dollar from 4.4760/4810 yesterday. (KUALA LUMPUR, 23 Nov — An employee counts U.S. dollar banknotes at a currency exchange outlet. Bernama filepic) KUALA LUMPUR: The ringgit was marginally lower against the greenback Wednesday, on the back of weaker crude oil prices in early trade, said dealers. At 9 am(0100gmt), the local unit slid to 4.4780/4820 against the US dollar from 4.4760/4810 Tuesday. A dealer said the benchmark Brent Crude oil price had a slight downward trajectory at US$55.93Read More

Posted On December 28, 2016By BlackbeardIn News

Falling ringgit to drive up inflation

KUALA LUMPUR: As Malaysians usher in 2017, they are set to grapple with a weak ringgit and higher food prices. Consumer spending will be reduced as imported goods become more expensive, pushing up inflation. Indeed, economists have warned that Malaysia’s inflation level, measured by the consumer price index (CPI), could go up as much as 2.8% in 2017. Recall that the October 2016 CPI increased 1.4% mainly on costlier liquor and tobacco, besides food and non-alcoholic drinks. Nomura Research has said that it expects Malaysia’s inflation to rise by 2.8%Read More

Posted On December 23, 2016By BlackbeardIn Articles

Gold or Silver? Which one to buy for gains in 2017

by Sarbajeet K Sen If you are a commodity investor looking to bet on precious metals, you must be wondering which one of the two top-of-the-mind metals – gold and silver – would be a better investment bet for 2017. While both metals are impacted by several common factors, commodity experts believe silver could trump gold in the coming months. “I think silver is better placed due to drop in production and pick-up in demand of solar panels and electronics sector. Demand from solar panels is soaring from emerging marketsRead More
PETALING JAYA: Petroliam Nasional Bhd (Petronas) will reduce its output on a voluntary basis beginning next year in line with an initiative taken by members and non-members of the Organisation of the Petroleum Exporting Countries (Opec) to help improve prices. The production cut is part of a collective effort by major oil producers globally to ease the current supply glut of crude oil. In a statement yesterday, Petronas said that in light of the pact made in Vienna, Austria, on Dec 10 between Opec and non-Opec producers, it would makeRead More