COMMODITY HEADLINES

 Silver dips on feeble global cues
 Crude oil rises as US crude supplies fall
 Gold dips on US rate hike expectation
 Nickel futures drop 1.28% on overseas cues
 Zinc futures in reverse gear on global cues

TODAY’S Recommendations

BUY GOLD ABOVE 28970 TGT 29070 29270 SL BELOW 29870
SELL GOLD BELOW 28800 TGT 28700 28500 SL ABOVE 28900
BUY SILVER ABOVE 39880 TGT 41080 41580 SL BELOW 39680
SELL SILVER BELOW 39500 TGT 39300 38800 SL ABOVE 39700

SPECIAL NEWS

The Bank of Japan hit a new milestone as its balance sheet topped 500 trillion yen ($4.48 trillion), roughly the same size as that of the Federal Reserve, having more than tripled since it started aggressive stimulus in 2013.But while the central bank reached a major milestone in money printing, it is nowhere near achieving the ultimate goal of its policy, to lift inflation to 2 percent, highlighting the difficulty the BOJ is facing as the pace of its bond buying appears unsustainable.

Data from the BOJ showed its total assets rose to 500.8 trillion yen at the end of May, compared to 425.7 trillion yen a year earlier. It was 164.8 trillion yen when Governor Haruhiko Kuroda took the helm in March 2013.The BOJ’s balance sheet almost matches the $4.51 trillion held by the U.S. Federal Reserve and amounts to more than 90 percent of Japan’s gross domestic product (GDP), by far the highest ratio among the world’s top four central banks.

U.S. cruise operators and airlines stand to lose around $712 million in annual revenues if the Trump administration fully reinstates restrictions on travel to Cuba, Washington lobby group Engage Cuba said in a report released on Thursday.U.S.-operated cruises and scheduled flights to the Caribbean island were relaunched last year after a half-century hiatus, as part of the detente with Cuba pursued by former President Barack Obama.

That may be under threat as U.S. President Donald Trump’s administration nears completion of a policy review to determine how far it would reverse that engagement. [nL1N1IW02S]”Rolling back expanded travel will cost airlines $512 million annually … based on the average ticket fare,” Engage Cuba wrote in the report to which a host of Cuba experts contributed.U.S. airlines flying to Cuba include Jetblue, American, Delta and Alaska

COMMODITY BUZZ

Crude fell in Asia on Friday after President Donald Trump abandoned a 2015 pact between 195 nations to tackle climate change, creating potential turmoil in global energy policies and investors awaited further supply cues.On the New York Mercantile Exchange crude futures for June delivery slipped 0.54% to $48.10 a barrel, while on London’s Intercontinental Exchange, global benchmark Brent fell 0.51 to $50.37 a barrel.

The latest weekly figures on the U.S. rig count are expected later on Friday.Data from energy services company Baker Hughes showed last week that U.S. drillers added rigs for the 19th week in a row, the second-longest such streak on record, implying that further gains in domestic production are ahead. The U.S. rig count rose by 2 to 722, extending an 11-month drilling recovery to the highest level since April 2015.

Gold drifted weaker in Asia on Friday as investors kept a close eye on the yuan after it surged to a near seven-month high on Thursday for signs the stronger currency may lead to some bullion buying.

Gold futures for June delivery on the Comex division of the New York Mercantile Exchange fell 0.13%, to $1,265.35 a troy ounce. On Friday, USD/CNY was quoted at 6.8082.The nonfarm payrolls report on Friday, is expected to show that the U.S. economy created 185,000 jobs last month, and will be closely watched as it is the final jobs report before the Federal Reserve Open Market Committee (FOMC) meets in June.According to investing.com’s Fed rate monitor tool nearly 90% of traders expect the Fed to hike its benchmark rate in June from 0.75-1% to 1-1.25%.

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