Sudden spikes? Yes, please! Gold is above $1,800, finally!
Yellow metal breaks 3-day losing streak
On Friday, gold recovered following a three-day losing marathon, passing back above the psychologically crucial $1,300 mark.
Notwithstanding the rebound, the precious commodity was still on track for its worst monthly outcome since last August because a firmer evergreen buck as well as a preference for stocks put pressure.
On the Comex exchange, June delivery gold futures rallied by 0.5% hitting $1,301.85 a troy ounce.
Gold pared a weekly 1% dive, although stayed on course for a 2% tumble in March. On the contrary, the evergreen buck was braced for its best monthly performance for the last five months, thus making the dollar-denominated yellow metal more expensive for investors who hold foreign currencies.
Notwithstanding turbulence in equity markets for the last 10 days, the S&P 500 has leapt over 1% during March, and its quarterly jump of more than 12% is braced for its best first-quarter performance since 2009.
Some experts pointed out that if they have an upbeat result from the US-China) trade negotiations, the yellow commodity will be pressured as market participants will rotate out into riskier assets. On the contrary, in case of a negative result, shares will slump and investors will opt for safe-haven stuff, including gold. In general, financial markets are currently in the wait-and-see mode.
As for other metals, silver futures managed to head north by up to 0.9% concluding the trading session at $15.072 a troy ounce.
In addition to this, palladium futures tacked on by about 2.2% coming up with $1,338.50 an ounce. Additionally, platinum futures surged by approximately 1.8% being worth $858.60.
Besides this, copper futures inched up by about 2.3% hitting $2.938 a pound.
This week Apple, Microsoft, Google, Facebook, Pfizer, and other large US companies will deliver earnings reports…
The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…