Commodity supercycle gathers momentum – What’s next for prices [Video]
Commodity prices are booming across the board with everything from metals, energy to agriculture markets, trading near multi-year highs. Last week, Palladium, Iron Ore, and Lumber prices took center-stage skyrocketing to all-time record highs. Meanwhile, Copper and Aluminium prices hit 10-year highs. Both metals have now doubled from the lows seen a year ago. Read more...
Gold demand trend Q1 2021
According to a report from the World Gold Council (WGC), gold demand for Q1 2021 (excluding OTC) amounted to 815.7t, almost equivalent to Q4 2020, only down 23% compared to Q1 2020. Meanwhile, the average gold price in the first quarter was 13% higher y/y, but it fell 4% q/q. The low price relative to last year’s high has increased consumer demand as activity after the economic opening and the ongoing recovery lifted sentiment.
Jewellery demand was 477.4t, up 52% y/y. The value of jewellery spending – US $27.5 billion – was the highest for the first quarter since Q1 2013. Investment in bars and coins of 339.5t (+ 36% y/y) was supported by bargain-hunting, as well as expectations of building inflationary pressure. Consumer demand growth was offset by strong outflows from the gold-backed ETF (gold ETF), which lost 177.9 in Q1 as higher interest rates and the downward trend in prices weighed on investor sentiment. Read more...
Gold Price Analysis: XAU/USD climbs to fresh session tops, around $1,780 region
Gold built on its steady intraday ascent and climbed to fresh daily tops, around the $1,780 region during the early European session.
The precious metal caught some fresh bids on the first day of a new trading week and recovered further from two-week lows, around the $1,756 region touched last Thursday. This marked the first day of a positive move in the previous three trading sessions and was supported by a combination of factors. Read more...
|Today last price||1785.08|
|Today Daily Change||16.30|
|Today Daily Change %||0.92|
|Today daily open||1768.78|
|Previous Daily High||1773.72|
|Previous Daily Low||1764.3|
|Previous Weekly High||1790.03|
|Previous Weekly Low||1756.18|
|Previous Monthly High||1797.93|
|Previous Monthly Low||1705.84|
|Daily Fibonacci 38.2%||1767.9|
|Daily Fibonacci 61.8%||1770.12|
|Daily Pivot Point S1||1764.15|
|Daily Pivot Point S2||1759.51|
|Daily Pivot Point S3||1754.73|
|Daily Pivot Point R1||1773.57|
|Daily Pivot Point R2||1778.35|
|Daily Pivot Point R3||1782.99|
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