On tuesday, 6 december, the news of the network, on tuesday (5 december), when the united states dollar was rising, gold fell sharply for two days in a row, contrary to its traditional position of risk avoidance。
On tuesday, 5 december, at a time when the united states dollar was increasingly attractive, gold fell sharply for two days in a row, contrary to its traditional position of risk avoidance. While risk-averse impulses are the main driving force and usually stimulate interest in gold, traders are moving towards dollars. So, cashGold tradingPrices fell after touching a high of $2041/ounce。
Cash gold reached a low of $0. 80 per ounce on tuesday and fell by $2019. 22 per ounce, or 0. 49 per cent. Comex lost 0. 29 per cent on gold futures in february, reporting $2036. 30 per ounce. Comex lost 1. 45 per cent on silver futures in march, reporting $24. 546/ounces。
(post gold trends)
Market news analysis
On wednesday, the price of gold (xau/us$) for the early roll-out in asia lost momentum. The recovery of demand in the united states dollar has slowed down the gold. At the same time, the united states dollar index, which measures the value of a basket of weighted currencies used by united states trading partners, rebounded to 104. 00. The rate of return on united states treasury debt rose slightly, falling to 4. 16 per cent over a 10-year period. The price is currently in the vicinity of us$ 2020, rising by 0. 01 per cent that day。
Despite the low rate of return on united states treasury debt, the dollar index rebounded from a low monthly point. Data released on tuesday show that ism service pmi exceeded expectations in november, up 52. 7 per cent from the previous value of 51. 8. At the same time, according to the united states bureau of labor statistics, the number of jolts vacancies decreased by 61. 77 million to 8. 73 million in october, the lowest level since march 2021. This figure is at its lowest level since march 2021。
The bleak outlook for the economies of the major asian countries has weakened the optimism of commodity markets and created resistance to gold prices. As large asian countries are the world's leading consumers of gold, this may limit the scope for rising gold prices。
The price of gold is driving the heat of gold consumptionAsset allocationThe role is further highlighted. In recent days, domestic consumption of gold has risen in heat as international gold futures and spot prices have reached record highs. At the china (shanghai) international gold investment forum, 2023, held on 5 december, several industry actors pointed out that the security, liquidity and profitability of gold had made its role in asset allocation even more important in the face of major global changes. At the forum, anke, director of global studies of the world gold association, stated that global central banks and official institutions had doubled their demand for money over their long-term average, and that strong central bank demand for money was an important structural change in the global gold market. It is noteworthy that industry has pointed out that there are risks to investment, that no one can ensure the future of assets and that investors should assess investment strategies in the light of their own risk preferences and investment capabilities。
According to diego colman, a dailyfx strategist, “despite a 180-degree reversal in the market, gold maintains a constructive bias and the least resistance path remains upwards. With this in mind, if prices resume to rise, the first obstacle of concern will appear at us$ 2050 per ounce, followed by us$ 2070/2075 per ounce. If we move further, attention will turn to $2150 per ounce.”
After the price exceeded $2,100 per ounce, the large-scale sale of gold prompted the bulk commodity analysts of the domin securities (tds) to make tactical empty positions on gold and silver in the near future. According to analysts, precious metals are seriously oversold. “the sharp increase in overnight gold prices has led to a massive loss of position, which is linked to a long-term view of the world. While recent data provide little surprise, while radical interest-rate market pricing, which is one half likely to decline by march, confirms this view, the macroeconomic slowdown that we expect may be far less intense than the price trends suggest. Tds analysts say。
More employment data will be published this week and traders are looking for further data to clear the way for gold prices. Adp employment change data will be published on wednesday, the number of people who start unemployment benefits will be published on thursday, and the report on non-farm employment will be published on friday。
Wednesday, focus on financial data and events
118:00 eurozone monthly retail sales rate in october
218:30 british central bank release december financial stability report
321. 15 number of adps employed in the united states in november
421:30 october united states trade account
523. The central bank of canada published interest rate resolutions, the november united states federal reserve global supply chain pressure index in new york
623:30 u. S. Crude oil stocks until 1 december, u. S. Crude oil stocks until 1 december
