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In trading on Thursday (19), gold futures prices closed lower for the third day in a row, due to the strengthening of the US dollar that suppressed the demand for gold, and traders measured the increase in boxes of new crowns Worldwide.
The Zaner Metals Daily noted: “Despite the explosive growth in the number of confirmed cases in the United States, gold and silver have not been able to consolidate a strong recovery under the positive vaccine news, so our intuition is still skewed. towards the bear market, which should encourage investors in some way. Returning to quality interests again. “
The ICE dollar index rose 0.1%. However, this week the index fell almost 0.4%.
Edward Moya, a senior market analyst at Oanda, said that all US shopping holidays will be wrapped in an epidemic prevention lockdown, pushing the dollar up moderately.
The appreciation of the US dollar will affect US dollar-denominated commodities and reduce foreign buyers’ interest in other currencies.
However, some commodity experts said that even if the US dollar were to weaken overall, gold could not pick up momentum this week, indicating that the path to higher gold could be eroded.
Naeem Aslam, AvaTrade’s chief market analyst, said: “In terms of gold prices, we have seen more sales, but this happened in a week where the US dollar index has been quite weak. This shows that investors are beginning to withdraw from safe haven assets. ” There are more incentives to allocate capital to riskier assets. “
- The price of gold futures for December delivery fell US $ 12.40, or about 0.7%, to close at US $ 1,861.50 an ounce. Gold also closed lower in the first two days.
According to FactSet, based on the most actively traded contract, today it hit the lowest closing price since November 9.
- December silver futures prices fell 40 cents, or 1.6%, to settle at $ 24.048 an ounce. The decrease of the previous day was 0.8%.
Economic data
After the release of the economic data, gold still expanded its decline.
The Philadelphia Fed announced that the manufacturing index in November fell 6 points to 26.3; the number of weekly jobless claims increased for the first time in 5 weeks.
In the seven days ending November 14, the number of people claiming unemployment benefits for the first time increased from 31,000 to 742,000 after seasonal adjustment. According to a MarketWatch survey, economists expected only 710,000 people to file for unemployment benefits for the first time.
In addition, authorities announced Thursday that 320,237 people applied for subsidies through the temporary federal bailout program, which is expected to expire at the end of the year.
According to data provided by Johns Hopkins University, the number of confirmed new crowns worldwide rose to 56.3 million on Thursday and the death toll rose to 1.35 million. The increase in cases has prompted many states and cities to impose new restrictions. For example, New York announced that it will close again. Public school system.
Trade in other metallic raw materials
- Copper futures prices for December delivery rose 0.1% to close at $ 3.202 a pound.
- Platinum futures prices for January delivery rose 0.1% to close at $ 951.50 an ounce.
- Palladium futures for December delivery fell nearly 1.5% to close at $ 2,319.80 a pound.
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