Gold took a breather around $1250 early Tuesday, after Friday's employment report sparked shortly-lived rally taking the metal to the highest in nearly five weeks.
The broad outlook of the bullion market continues to be driven by the expectation of the US economic recovery is taking hold, while gold settled higher yesterday near an earlier one-month high, with a rally triggered by last week’s US employment data running out of steam as analysts forecast the Federal Reserve will push on reducing monetary stimulus.
Spot Gold was +0.13% at $1,253.15 an ounce as of 02:33 EST, compared with the day`s open at $1,251.93, after rising as high as $1,257.00 from a session low of $1,249.88.
- Spot Silver +0.21% at $20.38 an ounce
- Spot Platinum +0.05% at $1,442.30 an ounce
- Spot Palladium +0.05% at $739.55 an ounce
The precious metals continue to take advantage out of any slight weakness in dollar amid growing concerns about US outlook and especially the Fed`s tapering of stimulus. The USDIX, which tracks the performance of the greenback against a six-currency basket, fell as low as 80.54 from a session high of 80.70.
Traders are hours away from welcoming December US retail sales data, with analysts expecting no change to November`s solid jump of 0.7%. But there might be a risk of an overreaction in the market if we see a dismal retail number.
Technically, we prefer consolidation above the $1,250-mark today, as price stability above $1,250.85 is likely to extend the bullish wave. However, breaking $1,224.70 could harm the upside move.
- English (UK)
- English (India)
- English (Canada)
- English (Australia)
- English (South Africa)
- English (Philippines)
- English (Nigeria)
- Deutsch
- Español (España)
- Español (México)
- Français
- Italiano
- Nederlands
- Português (Portugal)
- Polski
- Português (Brasil)
- Русский
- Türkçe
- العربية
- Ελληνικά
- Svenska
- Suomi
- עברית
- 日本語
- 한국어
- 简体中文
- 繁體中文
- Bahasa Indonesia
- Bahasa Melayu
- ไทย
- Tiếng Việt
- हिंदी
Gold Rally Loses Steam Around $1250 On US Outlook
Published 01/14/2014, 04:30 AM
Updated 07/09/2023, 06:31 AM
Gold Rally Loses Steam Around $1250 On US Outlook
Latest comments
Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.