Prices of Gold advances further and manage to reclaim the key $2,700 mark per ounce troy on Thursday in response to the absence of traction in the US Dollar and diminishing US yields across the board.
Spot Gold keeps advancing on Thursday, posting fresh highs above the $2,720.00 level in the mid-American session. The market mood soured ahead of the United States (US) opening, as macroeconomic data was tepid while Federal Reserve (Fed) Governor Christopher Waller said that interest rate cuts could come sooner and faster than expected if the disinflation trend holds up. As a result, investors lifted bets for an interest rate cut in May.
Earlier in the day, the United States (US) reported that Retail Sales rose a modest 0.4% in December, below the 0.6% expected and the previously revised 0.8%. At the same time, Initial Jobless Claims for the week ended January 10 increased by 217K, worse than the 210K expected. The US Dollar (USD) lost ground with the news, as Wall Street struggles to post gains.
Market players will now shift the focus to China, as the country will publish early in Asia Q4 Gross Domestic Product (GDP) figures. Additionally, China will release December Industrial Production and Retail Sales.
Fundamental Overview
Spot Gold keeps advancing on Thursday, posting fresh highs above the $2,720.00 level in the mid-American session. The market mood soured ahead of the United States (US) opening, as macroeconomic data was tepid while Federal Reserve (Fed) Governor Christopher Waller said that interest rate cuts could come sooner and faster than expected if the disinflation trend holds up. As a result, investors lifted bets for an interest rate cut in May.
Earlier in the day, the United States (US) reported that Retail Sales rose a modest 0.4% in December, below the 0.6% expected and the previously revised 0.8%. At the same time, Initial Jobless Claims for the week ended January 10 increased by 217K, worse than the 210K expected. The US Dollar (USD) lost ground with the news, as Wall Street struggles to post gains.
Market players will now shift the focus to China, as the country will publish early in Asia Q4 Gross Domestic Product (GDP) figures. Additionally, China will release December Industrial Production and Retail Sales.
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