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Precious Metals Extend Lower Amid Buoyant Dollar

COMMODITIES
  • Gold prices slipped beneath the $1,700 an ounce threshold for the first time since early March. The firmer dollar, rising on expectations that President Biden will launch efforts to secure a $4 trillion infrastructure package, has continued to weigh on precious metals.
  • The latest decline in gold prices stands to bring the metal's loss to more than 11% so far this year. Spot fell to lows of $1,678.30 an ounce on Tuesday before paring some of that loss and residing down 1.6% as we approach the close. Technically, clearance of short-term supports has exposed $1676.9, Mar 8 low and the bear trigger.
  • Silver continued to make fresh recent trend lows and has slumped 2.5% on Tuesday. Similarly, spot prices are approaching a key support at $24.057 – the Jan 18 low.
  • Oil fell alongside the appreciating dollar as near-term risks to the demand recovery emerged ahead of an OPEC+ meeting this week to decide on output policy. WTI crude futures unwound yesterday's gains and briefly slipped under $60 a barrel before consolidating back above but posting losses of 1.8% on Tuesday.
  • A panel of OPEC+ technical experts agreed to revise down oil-demand estimates for 2021 after Saudi Arabia suggested that the figure looked too high, delegates said. The move, which was also supported by Algeria, comes just days before the group meets to discuss production levels for May.
Energy BulletsCommodities
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