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GOLD: Early Rally Fails as Gold Falls. 

GOLD
Metals bulletBulletMarketsFixed Income BulletsForeign Exchange BulletsCommodities
  • Having hit new highs of US$2,956.19 overnight gold opened at $2,914.76 in Asia trading and rallied.
  • The rally quickly ran out of steam as gold was unable to reach last night’s highs and peaked at $2,930.09.
  • It subsequently fell back below where it opened to $2,913.76.
  • In the US overnight, risk off sentiment prevailed as equities trended lower as data showed the US consumer confidence was weaker and the Dallas Fed Services lower giving a bid to US Treasuries with futures back at mid -December highs.
  • Weak data suggesting rate cuts usually drives gold higher but as bullion continues to hit new highs (up over 10% year to date) it is not surprising that some profits are being booked.
  • The key drivers for gold remain positive with a deteriorating geopolitical environment due to the threat of tariffs, potential rate cuts and Central Banks resuming gold purchases.
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  • Having hit new highs of US$2,956.19 overnight gold opened at $2,914.76 in Asia trading and rallied.
  • The rally quickly ran out of steam as gold was unable to reach last night’s highs and peaked at $2,930.09.
  • It subsequently fell back below where it opened to $2,913.76.
  • In the US overnight, risk off sentiment prevailed as equities trended lower as data showed the US consumer confidence was weaker and the Dallas Fed Services lower giving a bid to US Treasuries with futures back at mid -December highs.
  • Weak data suggesting rate cuts usually drives gold higher but as bullion continues to hit new highs (up over 10% year to date) it is not surprising that some profits are being booked.
  • The key drivers for gold remain positive with a deteriorating geopolitical environment due to the threat of tariffs, potential rate cuts and Central Banks resuming gold purchases.