Gold rebounds after largest loss in month and half

Economies.com
2022-01-04 11:37AM UTC

Gold prices rose on Tuesday, trying to rebound after posting the largest daily loss in a month and a half, with support above the $1800 barrier, but gold is still under pressure as the US dollar rose against its peers, and due to weak safe haven demand.

 

Gold prices rose 0.4% to $1,808.60, after opening at $1,801.31, and hit a day high at $1,798.31.

 

Gold closed lower by 1.5% yesterday, the first daily loss in 3 days, and the largest daily loss since last November 22.

 

This daily loss came due to profit-taking from a 6-week high at 1,831.65 points hit earlier, and rising US dollar.

 

The dollar index rose 0.1% today, which lowers demand for gold and dollar-denominated metal prices.

 

This US dollar is rebounding as odds receded for a full nationwide lockdown to limit the spread of the Omicron variant in the US, especially after several scientific studies showed lower health risks from the new variant compared to other variants such as Delta.

 

The US dollar is being lifted by growing odds that the Federal Reserve will raise US interest rates by 25 basis points next May, with two more hikes during the second half of this year.

 

Gold stocks at the SPDR ETF remained unchanged yesterday, with the total at 975.66 metric tonnes.

Commodities News

Gold News

Commodities

Gold hits fresh record highs, marking a 6% quarterly profit
2024-03-28 20:28PM UTC
Gold Prices Gold prices rose on Thursday to fresh record highs while the dollar eked out gains ...
Copper News

Commodities

Copper edges up while facing pressures from Chinese demand concerns
2024-03-28 16:45PM UTC
Copper prices rose modestly on Thursday while the dollar gained ground, with ongoing concerns about ...
Oil News

Commodities

Oil prices extend gains after strong US growth data
2024-03-28 13:03PM UTC
Global Oil Prices Global oil prices extended their gains in American trade on Thursday and hit ...

Commodities Technical Analysis

Natural gas Analysis

Commodities

Natural gas price still confined – Forecast today – 29-3-2024
2024-03-29 06:16AM UTC
Natural Gas Price Forecast for Today - 29-3-2024 No news for natural gas price until this ...
Platinum Analysis

Commodities

Platinum price renews the positive action – Forecast today – 29-3-2024
2024-03-29 06:10AM UTC
Platinum Price Forecast for Today - 29-3-2024 Platinum price confirmed keeping the bullish ...
Copper Analysis

Commodities

Copper price gets the positive momentum – Forecast today – 29-3-2024
2024-03-29 06:09AM UTC
Copper Price Forecast for Today - 29-3-2024 Copper price repeated the positive stability ...