Important Data Move Gold By Investing.com

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Investing.com – Gold settled near its highest level in nearly two months amid increased demand for gold to hedge inflation, while heavy selling in the bond market stalled and US stocks continued to decline.

Gold rises after negative data at 18:00 Riyadh time

Gold rallied after disappointing unemployment data and gold turned from a slight dip in the morning to positive after the data, and gold is now trading up 0.24% at $1,845 an ounce.

Unemployment data at 16:30 Riyadh time

It was issued a few moments ago, and the US economy recorded 286,000 requests for unemployment benefits, and experts expected that the economy would receive 220,000 requests for unemployment benefits, and it is noteworthy that last week it recorded 230,000 requests for unemployment benefits, and this increase is considered negative on the US economy.

As for it, it scored 23.2 points, while experts expected it to score 20 points.

Prices are now at 16:30 Riyadh time

Yesterday, gold rose strongly and is trading near its highest levels since last November, affected by the decline in US Treasury yields and weak dollar index, as well as the risk of inflation.

Gold is now at $1842.45 an ounce with marginal movement, as are gold contracts.

As for silver, it recorded $24.293, an increase of 0.24%.

The US Dollar Index is at 95.6, up by 0.09%, while the US Treasury yields remain unchanged at 1.827%.

It is trading at 13.4063 lira / dollar, with a marginal movement, after the Turkish Central Bank decided to keep interest rates unchanged at 14%.

gold this morning

President Joe Biden has stated that the Fed’s job is to rein in the fastest pace of inflation in decades and support the central bank’s plans to scale back monetary stimulus. The 10-year yield has fallen from its highest level since January 2020, while the 500 is down 1% on Wednesday.

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Geopolitical tensions support the demand for safe haven assets. Biden said he believed Vladimir Putin would “intervene” in Ukraine after amassing more than 100,000 troops on the country’s border, though he indicated that a large-scale invasion might not be in the Russian leader’s plans. The US president also said this week that he is not ready to raise tariffs imposed by his predecessor on Chinese imports.

According to Fouad Razakzadeh, analyst at Think Markets, gold is holding above 1,800 an ounce after dropping for the first time in three years in 2021 as central banks globally began to return to pandemic-era stimulus. However, bullion’s traditional role as a hedge against inflation and a sell-off in technology stocks supports demand as investors seek refuge in safe haven assets.

Fouad stated, “Gold is finally responding to high levels of inflation around the world.” “It remains to be seen if the latest breakout attempt by gold can be halted, but there are now more compelling reasons for the bulls to conserve their gains.”

The spot settled at $1,839.66 an ounce by 8:51 am in Singapore, after hitting $1,843.35 on Wednesday, its highest intraday level since November 22. The Bloomberg Dollar Index was flat after falling 0.2% in the previous session. It also changed slightly, while platinum dipped.

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