Spot Price Gold

Spot Price Gold – Silver yesterday rose to a four-month high of $1,860.50 an ounce as demand for the precious metal rose as a safe haven amid rising inflation.

Inflation concerns are rising around the world as US inflation hit a 31-year high of 6.2% in October, better than analysts’ forecasts of 5.9%, while Eurozone inflation was It hit a 13-year high of 4.1% in October as the bloc grapples with rising energy prices. . .

Spot Price Gold

Fears of inflation are driving investors to gold and cryptocurrencies like Bitcoin as a hedge against inflation. However, gold is currently the best option as its price has remained stable while cryptocurrency prices have risen this year.

Lbma Colludes With The Comex

After the news of the “inflationary shock” was released, the price of gold immediately rose by more than 10% on Wednesday night, while the internal price of gold yesterday was 400 baht per byte weight. , increased to 200 bytes.

U.S. inflation has risen for five consecutive months and is expected to lead the Federal Reserve to scale back its bond-buying target to $15 billion a month and adjust interest rates faster than expected.

If analysts’ predictions of rate cuts and interest rate hikes are true, it will hit stock markets around the world and correct them sharply.

The only stocks that will benefit from the interest rate hike are commercial banks as it will mean an increase in their interest margins, according to Prakeeth Srivatanakeet, senior director of asset management at Merchant Partners.

Incredibly Precise Downside Target For Gold

He said the rise in inflation is like a ticking time bomb triggered by the long-term injection of money into the economy by the US through its quantitative easing (QE) program that adds liquidity to the system.

The QE program caused stock markets and various risky assets to soar, resulting in high inflation. Mr. Prakit said, the rate of inflation in the United States has risen rapidly since the reopening of the country.

MTS Gold Futures chief executive Nathapong Hironiasari agreed that the rise in global inflation was driven by monetary injection but noted that it was highly unusual that the US dollar did not appreciate as much as expected while Inflation has risen sharply.

But he said, if inflation is on the rise, the price of gold will reach a new high in a short period of time. The resistance price will be $1,900 an ounce compared to last year’s $2,070, and the domestic price will be around 30,200 bytes per byte weight.

On Twitter: Gold Market Updates

Six women and two men were arrested after police and health officials raided eight illegal beauty clinics in Bangkok, Chon Buri, Samut Songkhram and Pathum Thani.

The Pak Nam faction in the ruling Palang Pracharat Party (PPRP) has vowed to stick with the PPRP for the time being, although its future in politics is still up in the air, said group member Santhorn Pansaintong. – On Tuesday.

BCPG Plc, the renewable energy generation arm of Bangchak Corporation Plc, plans to build Asia’s largest wind farm in Laos in collaboration with Powerchain International Group. Gold infrastructure futures for the June 2020 Comex contract closed down $30.50 (-1.76%), and are currently set at $1705.10. The June contract traded as low as $1700 before recovering slightly. Meanwhile, the price of gold is currently down by $17.30 and is located at $1710.30.

Today’s low prices have created an inversion between gold futures (June contract) and spot prices, with the spot higher than the futures contract prices. The sell-off was created with a strong tailwind provided by a weak dollar. Spot gold on the KGX (gold index) actually traded at $32.85. However, after taking a $15.55 profit directly attributable to the dollar’s weakness, selling in gold and all other precious metals was limited by the dollar’s weakness.

Gold Is On A Tear. Is Silver About To Catch Up?

All precious metals fell on the day. A big part of today’s safe-haven unattractiveness was the strength of US stocks, which traded sharply. According to MarketWatch, “Gold futures ended lower on Tuesday as global equities rose, in response to the lifting of trade restrictions as the coronavirus pandemic eases, towards a COVID-19 vaccine With encouraging reports of progress, which has reduced public appeal. The yellow metal shelter.”

The S&P 500 traded to a high of 3021 before closing below 3000 at 2991.77, resulting in a net gain of 1.23% today. The Dow Jones Industrial Average gained more than 500 points (+529.95) to close just under 25,000 points and gained 2.17% today. This is the highest level for the US currency since the outbreak of the pandemic in the US in mid-March. This led investors to focus on positive signs and optimism as restrictions eased in the US.

Based on our technical studies, gold futures have broken below the critical level. First the 23.6% Fibonacci retracement level at $1709.40. More importantly it breaks below the support trend line based on the previous lows from mid-April to the current price.

Although it is worth noting that gold futures kept above the main psychological level of $1700, and in fact it was intraday low. However, if this level is not maintained the next support level will not occur before $1660 per ounce, the 38.2% Fibonacci retracement level. The aforementioned Fibonacci levels are based on a data set starting in mid-March when the price of gold reached $1,450 an ounce, this year’s high of $1,788.

Gold Price Target Hit: Xau/usd Rally Vulnerable Near Term

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As Bitcoin miners close up shop, one metric suggests the market’s bottom could be a good Friday, December 6, 2022 01:35, traders. Welcome to our weekly market wrap, where we take a look back at the past five trading days, focusing on market news, economic data and headlines that have had the most impact on gold prices—and may continue to do so in the future. — as well as charts for silver, the US dollar and other related major assets.

As we talked about on Monday and as we all expected about the case, it was a very wild week. Stock markets around the world have seen some strong bouts of volatility, while for precious metal prices, it’s more about momentum (up). At the time of writing on Friday afternoon, spot gold prices are at their highest for the weekend and are only consolidating gains above $1950/oz. Silver also looks strong, enjoying a new monthly high above $25.50.

The US federal election review moved the gold market so quickly this week that there doesn’t seem to be much in the way of doing our usual routine of holding back our daily action. What happened in the business book on Tuesday might as well have happened a year ago. With that in mind, today we’ll discuss the yellow metal’s Friday highs, how markets and risk appetite seem to be absorbing the anticipated election results (so far), and briefly This week in point of contact. The economic calendar, like every other month, will be the main focus of US dollar and metals traders this week.

Fire Is The Test Of Gold

Appreciating more than $70/oz since Sunday night’s opening bid (at the time of writing), it’s safe to say that spot gold prices are the biggest market reaction to election week in the US. was the beneficiary. Surprisingly, silver prices also rose by $2/oz in the spot markets. It would be good to say at the beginning of the week, before the election results are out, and even on Tuesday night/Wednesday morning first thing, the volume of buying gold will be based on net security constraints and the market. It is because of unbelief. . In the second half of the week, I think it’s clear that the rise in the yellow metal was in direct response to the fall in the US dollar as investors were motivated and encouraged to exchange dollar cash for assets; For the most part, it’s a move toward riskier assets like equities, yes, but money also flows into a speculative investment position in commodities, as well as a reliable inflation hedge. Gold, of course, fits both descriptions.

While many observers predicted that the immediate results of the election for US stocks (and indeed for stocks worldwide) would be a “blue wave” that would sweep the White House and the US Congress, Keep the Democrats in full control. Big on financial stimulus, stock markets made strong gains this week even though the wave didn’t materialize. By the close of trading on Wednesday, benchmark U.S. stocks posted their biggest intraday gains in nearly five months.

We are still awaiting confirmed results in the US presidential race at the time of writing, and the odds

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