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A new strain of virus in the UK has put pressure on both the gold market and the 12/22 US trading session.
As we closed the session on December 22, every ounce of global gold for immediate delivery lost more than $ 17 to $ 1,859. Prices fell as the dollar strengthened as investors bought due to concerns about the new strain of Covid-19 in the UK. This morning, the price recovered slightly to $ 1,862.
“The strength of the dollar has partly suppressed the rise in gold,” said Suki Cooper, an analyst at Standard Chartered. Yesterday, the US also released adjusted GDP figures for the third quarter, with a record increase of 33.4% (adjusted on an annual basis).
The movement of the world price of gold in the session of December 22.
The price of gold on 12/21 peaked in 6 weeks at $ 1,906, mostly driven by the United States Congress in a $ 892 billion rescue package for the economy. “For 2021, our forecasts for gold prices remain optimistic as the dollar will weaken and monetary policy will relax. However, the profit-taking selling force later this year could slow the rally to short term. term, “Cooper said.
In the US stock market, the S&P 500 Index fell for the third consecutive session, despite the US Congress voting to approve the rescue package. At the end of December 22, the S&P 500 lost 0.2% to 3,687 points. DJIA fell 0.7% to 30,015 points. The Nasdaq Composite rose 0.5 percent to a new high of 12,807 points.
Nasdaq gained as Apple shares rose 2.9% after the company was on the verge of making autonomous cars. This year, this index has increased by 42.7% thanks to the technological values favored during the pandemic.
Tourism stocks were under pressure yesterday, due to concerns about a new strain of the virus in the UK. Many European countries have few tourists in the UK.
American Airlines closed down 3.9%. United Airlines lost 2.5%. Yacht operator Carnival lost 6%, Royal Caribbean was down almost 3%. Norwegian Cruise Line closed nearly 7%.
However, many health experts believe that the Pfizer and Moderna vaccines may be effective against this new strain of virus. Additionally, Covid also had a slower stress rate than seasonal flu.
Ha Thu (Theo Kitco, Reuters)
