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Gold Back in Mid-$1,700 Trenches, Albeit With Weekly Gain

By Barani Krishnan AiVIF.com - The gold bull seems doomed with any early celebration these days. After brief euphoria at having reclaimed its $1,800 perch, those long the...
Gold Back in Mid-$1,700 Trenches, Albeit With Weekly Gain © Reuters.

By Barani Krishnan

AiVIF.com - The gold bull seems doomed with any early celebration these days.

After brief euphoria at having reclaimed its $1,800 perch, those long the yellow metal were hurtled back into the mid-$1,700 territory on Friday as strong U.S. retail sales for September led to a renewed spike in bond yields on speculation that the Federal Reserve might be forced to raise rates faster than it intends.

U.S. gold futures’ most active contract, December, settled at $1,768.30 per ounce on New York’s Comex, down $29.60, or 1.7%. The session low itself was $1,765.10. The only consolation was the weekly gain of 0.6%.

On Thursday, gold reached almost $1,802, crossing $1,800 the first time since Sept. 15, as it appeared to finally live up to its label as an “inflation hedge” and “safe-haven” days after oil prices hit seven-year highs above $80 per barrel.

But any illusion that the yellow metal would extend its two-day run-up to reach north of $1,900 and — eventually — the $2,000-plus record highs of August 2020 seemed put paid for now.

“Gold was unable to hold onto the $1800 level after a better-than-expected retail sales report and strong round of earnings sent U.S. Treasury yields higher, denting appeal to non-interest-bearing assets,” said Ed Moy, analyst at online trading platform OANDA.

While gold was ripe for profit-taking after its surge to $1,800 levels, “the downward move could extend if Wall Street continues to pump up equities”, Moya noted.

U.S. retail sales numbers for September released by the Commerce Department on Friday showed a growth of nearly 14% on the year and a steady monthly expansion of 0.7% since August.

Economists tracked by AiVIF.com had expected a monthly decline of 0.2% for September retail sales due to challenges from the pandemic, especially inflation from surging commodity prices led by oil. But almost every key sector of the economy saw positive sales instead, showing promise ahead of the holiday shopping season between October and December when festivities from Halloween to Thanksgiving and Christmas run.

The higher retail sales extended gains on the S&P 500, which already had its best day in seven months in the previous session.

“Gold bulls still need to be patient,” added Moya. “Gold appears poised to consolidate here, but the start of a new bullish trend is around the corner once the global economic recovery gets on track and the dollar loses its dominance.”

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29-03-2024 19:26:06 (UTC+7)

EUR/USD

1.0786

-0.0001 (-0.01%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (1)

Sell (7)

EUR/USD

1.0786

-0.0001 (-0.01%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (1)

Sell (7)

GBP/USD

1.2619

-0.0003 (-0.02%)

Summary

Neutral

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (1)

Sell (6)

USD/JPY

151.35

-0.03 (-0.02%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (7)

AUD/USD

0.6511

-0.0003 (-0.05%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (3)

USD/CAD

1.3547

+0.0008 (+0.06%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

EUR/JPY

163.20

-0.05 (-0.03%)

Summary

Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (5)

EUR/CHF

0.9725

-0.0002 (-0.02%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (7)

Gold Futures

2,254.80

42.10 (1.90%)

Summary

Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (0)

Silver Futures

25.100

+0.002 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Copper Futures

4.0115

-0.0003 (-0.01%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (0)

Crude Oil WTI Futures

83.11

+1.76 (+2.16%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Brent Oil Futures

86.99

+0.04 (+0.05%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (3)

Natural Gas Futures

1.752

+0.034 (+1.98%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (0)

Sell (6)

US Coffee C Futures

188.53

-2.12 (-1.11%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Euro Stoxx 50

5,082.85

+1.11 (+0.02%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (6)

S&P 500

5,254.35

+5.86 (+0.11%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (3)

Sell (8)

DAX

18,504.51

+27.42 (+0.15%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

FTSE 100

7,952.62

+20.64 (+0.26%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

Hang Seng

16,541.42

0.00 (0.00%)

Summary

Neutral

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (1)

US Small Cap 2000

2,120.15

+5.80 (+0.27%)

Summary

Neutral

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (5)

Sell (4)

IBEX 35

11,074.60

-36.70 (-0.33%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (5)

BASF SE NA O.N.

52.930

-0.320 (-0.60%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (1)

Bayer AG NA

28.43

+0.01 (+0.04%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (7)

Sell (1)

Allianz SE VNA O.N.

277.80

+0.35 (+0.13%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Adidas AG

207.00

+2.30 (+1.12%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

Deutsche Lufthansa AG

7.281

+0.104 (+1.45%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (6)

Siemens AG Class N

176.96

+0.04 (+0.02%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

Deutsche Bank AG

14.582

-0.030 (-0.21%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

 EUR/USD1.0786Neutral
 GBP/USD1.2619Neutral
 USD/JPY151.35↑ Sell
 AUD/USD0.6511↑ Sell
 USD/CAD1.3547↑ Sell
 EUR/JPY163.20Sell
 EUR/CHF0.9725↑ Sell
 Gold2,254.80Buy
 Silver25.100↑ Buy
 Copper4.0115↑ Buy
 Crude Oil WTI83.11↑ Buy
 Brent Oil86.99Neutral
 Natural Gas1.752↑ Sell
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,254.35↑ Sell
 DAX18,504.51↑ Buy
 FTSE 1007,952.62↑ Sell
 Hang Seng16,541.42Neutral
 Small Cap 20002,120.15Neutral
 IBEX 3511,074.60↑ Sell
 BASF52.930↑ Buy
 Bayer28.43Buy
 Allianz277.80↑ Buy
 Adidas207.00↑ Buy
 Lufthansa7.281↑ Sell
 Siemens AG176.96↑ Buy
 Deutsche Bank AG14.582↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank7,910/ 8,080
(30/ 30) # 1,364
SJC HCM7,900/ 8,100
(0/ 0) # 1,384
SJC Hanoi7,900/ 8,102
(0/ 0) # 1,386
SJC Danang7,900/ 8,102
(0/ 0) # 1,386
SJC Nhatrang7,900/ 8,102
(0/ 0) # 1,386
SJC Cantho7,900/ 8,102
(0/ 0) # 1,386
Cập nhật 29-03-2024 19:26:08
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$2,232.75-1.61-0.07%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V24.69025.180
RON 95-III24.28024.760
E5 RON 92-II23.21023.670
DO 0.05S21.01021.430
DO 0,001S-V21.64022.070
Dầu hỏa 2-K21.26021.680
ↂ Giá dầu thô thế giới
WTI$82.82+5.390.07%
Brent$86.82+5.180.06%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.600,0024.970,00
EUR26.020,0327.447,78
GBP30.490,4131.787,64
JPY158,93168,22
KRW15,9119,28
Cập nhật lúc 18:53:13 29/03/2024
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