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Gold in backwardation, eyes weekly gains on less hawkish Fed

By Ambar Warrick  AiVIF.com--Gold prices entered backwardation on Friday and were headed for mild gains this week as optimism over the prospect of smaller interest rate hikes...
Gold in backwardation, eyes weekly gains on less hawkish Fed © Reuters.
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By Ambar Warrick 

AiVIF.com--Gold prices entered backwardation on Friday and were headed for mild gains this week as optimism over the prospect of smaller interest rate hikes by the U.S. Federal Reserve offset worsening economic indicators. 

Spot gold prices traded at higher levels than futures- a phenomenon known as backwardation- which indicates that near-term demand for the yellow metal may be increasing.

Spot gold fell 0.1% to $1,753.20 an ounce, while gold futures expiring in December fell 0.1% to $1,752.75 an ounce by 19:40 ET (00:40 GMT). Both instruments were set to add about 0.3% this week. 

A U.S. holiday on Thursday gave metal markets few cues to trade on, with volumes also remaining muted. But positive cues from the minutes of the Fed’s November meeting, released earlier this week, provided a tailwind for prices.

The minutes showed that several members of the central bank found it appropriate to slow its pace of interest rate hikes, in order to gauge the economic impact of a sharp rise in rates this year. This indicates relatively lesser pressure on metal markets in the near term. 

But U.S. interest rates are still at levels last seen during the 2008 financial crisis, and are expected to peak at much higher levels. 

Still, gold may benefit from renewed safe haven demand in the coming months, especially as the dollar retreats further, and as global economic conditions worsen. PMI prints from Japan and the U.S. released this week painted a dour picture of the world’s largest economies, as did record-high daily COVID-19 infections in China. 

The dollar was set to lose 1% this week, as dovish signals from the Fed spurred bets that U.S. inflation and the Fed’s pace of rate hikes had peaked this year. A falling greenback helped support broader metal markets.

Silver futures rose 0.3% on Friday and were set to add 2% this week, while platinum futures fell 0.2%, but were set to add 1% this week.

Among industrial metals, copper prices rose marginally on Friday, but were set to end the week largely flat on negative signals from major importer China. 

Copper futures rose 0.2% to $3.6360 a pound, and were set to end the week 0.1% higher. 

China reintroduced movement restrictions in several major cities this week, as the country grapples with its worst COVID-19 outbreak yet amid record-high daily infections.

COVID-related disruptions ground Chinese economic growth to a halt this year, severely denting metal demand in the world’s largest copper importer. 

With growth now set to weaken further from the new outbreak, the outlook for copper appears dire despite signs of tightening supply. 

 

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26-11-2022 20:30:46 (UTC+7)

EUR/USD

1.0402

-0.0006 (-0.06%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (3)

Sell (3)

EUR/USD

1.0402

-0.0006 (-0.06%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (3)

Sell (3)

GBP/USD

1.2095

-0.0015 (-0.12%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (0)

USD/JPY

139.12

+0.51 (+0.36%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (4)

Sell (4)

AUD/USD

0.6751

-0.0013 (-0.18%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (5)

Sell (2)

USD/CAD

1.3377

+0.0040 (+0.30%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

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Buy (2)

Sell (5)

EUR/JPY

144.66

+0.40 (+0.27%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (4)

EUR/CHF

0.9835

+0.0019 (+0.19%)

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Neutral

Moving Avg:

Buy (5)

Sell (7)

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Buy (5)

Sell (2)

Gold Futures

1,755.00

+9.40 (+0.54%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (6)

Silver Futures

21.480

+0.113 (+0.53%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

Copper Futures

3.6175

-0.0005 (-0.01%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (10)

Sell (0)

Crude Oil WTI Futures

76.55

-1.39 (-1.78%)

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Buy

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Indicators:

Buy (7)

Sell (1)

Brent Oil Futures

83.91

-1.43 (-1.68%)

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↑ Sell

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Natural Gas Futures

6.802

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Sell (12)

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Buy (0)

Sell (9)

US Coffee C Futures

164.40

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↑ Sell

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Sell (10)

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Buy (0)

Sell (9)

Euro Stoxx 50

3,962.41

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↑ Buy

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Sell (2)

S&P 500

4,026.12

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Neutral

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DAX

14,541.38

+1.82 (+0.01%)

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Buy (3)

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FTSE 100

7,486.67

+20.07 (+0.27%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (6)

Sell (1)

Hang Seng

17,573.58

-87.32 (-0.49%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (0)

Sell (5)

US Small Cap 2000

1,869.19

+6.37 (+0.34%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

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Buy (5)

Sell (2)

IBEX 35

8,416.60

+37.20 (+0.00%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

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Buy (1)

Sell (6)

BASF SE NA O.N.

49.605

-0.280 (-0.56%)

Summary

Neutral

Moving Avg:

Buy (9)

Sell (3)

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Buy (4)

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Bayer AG NA

55.45

-0.06 (-0.11%)

Summary

Sell

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Buy (6)

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Buy (0)

Sell (6)

Allianz SE VNA O.N.

205.35

+0.40 (+0.20%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

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Buy (8)

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Adidas AG

123.98

-2.68 (-2.12%)

Summary

Neutral

Moving Avg:

Buy (6)

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Buy (1)

Sell (5)

Deutsche Lufthansa AG

7.567

+0.036 (+0.48%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

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Sell (9)

Siemens AG Class N

132.06

+1.10 (+0.84%)

Summary

↑ Buy

Moving Avg:

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Indicators:

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Deutsche Bank AG

10.390

+0.020 (+0.19%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

Indicators:

Buy (6)

Sell (0)

    EUR/USD 1.0402 Neutral  
    GBP/USD 1.2095 ↑ Buy  
    USD/JPY 139.12 Neutral  
    AUD/USD 0.6751 Neutral  
    USD/CAD 1.3377 Sell  
    EUR/JPY 144.66 ↑ Sell  
    EUR/CHF 0.9835 Neutral  
    Gold 1,755.00 Sell  
    Silver 21.480 ↑ Buy  
    Copper 3.6175 ↑ Buy  
    Crude Oil WTI 76.55 Buy  
    Brent Oil 83.91 ↑ Sell  
    Natural Gas 6.802 ↑ Sell  
    US Coffee C 164.40 ↑ Sell  
    Euro Stoxx 50 3,962.41 ↑ Buy  
    S&P 500 4,026.12 Neutral  
    DAX 14,541.38 ↑ Buy  
    FTSE 100 7,486.67 ↑ Buy  
    Hang Seng 17,573.58 Neutral  
    Small Cap 2000 1,869.19 ↑ Buy  
    IBEX 35 8,416.60 Sell  
    BASF 49.605 Neutral  
    Bayer 55.45 Sell  
    Allianz 205.35 ↑ Buy  
    Adidas 123.98 Neutral  
    Lufthansa 7.567 ↑ Sell  
    Siemens AG 132.06 ↑ Buy  
    Deutsche Bank AG 10.390 ↑ Buy  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,660/ 6,730
(0/ 0) # 1,488
SJC HCM6,660/ 6,760
(-10/ -10) # 1,510
SJC Hanoi6,660/ 6,762
(-10/ -10) # 1,512
SJC Danang6,660/ 6,762
(-10/ -10) # 1,512
SJC Nhatrang6,660/ 6,762
(-10/ -10) # 1,512
SJC Cantho6,660/ 6,762
(-10/ -10) # 1,512
Cập nhật 26-11-2022 20:30:48
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$1,754.60 -0.88 -0.05%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩm Vùng 1 Vùng 2
RON 95-V24.91025.400
RON 95-III23.78024.250
E5 RON 92-II22.67023.120
DO 0.05S24.80025.290
DO 0,001S-V26.78027.310
Dầu hỏa 2-K24.64025.130
ↂ Giá dầu thô thế giới
WTI $76.34 0 0%
Brent $83.73 0 0%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.570,0024.840,00
EUR25.158,7926.565,16
GBP29.229,5930.473,22
JPY173,58183,74
KRW16,1719,70
Cập nhật lúc 18:00:47 26/11/2022
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