MNI BRIEF: Trump Likely To Let Powell Serve Full Term-Moore

MNI BRIEF: Canada Household Debt Tops $3 Trillion In 3Q

MNI BRIEF: Trump Likely To Allow Powell To Serve Term - Moore

MNI BRIEF: China To Keep Stabilising Housing Market - CEWC

MNI BRIEF: China Focus On Boosting Consumption In 2025

MNI BRIEF: China To Cut Rates, Boost Borrowing-Work Conference

MNI: US JOBLESS CLAIMS +17K TO 242K IN DEC 07 WK

MNI: US NOV FINAL DEMAND PPI +0.4%, EX FOOD, ENERGY +0.2%

MNI: CANADIAN OCT BUILDING PERMITS -3.1% MOM

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

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
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.