Open Live Account
BEST TRADING FOR RECIVE REBATE
Login

By Barani Krishnan

Investing.com – “Buy the rumor, sell the fact,” is an adage that investors in gold probably know as well as those who punt on stocks.

Despite that, when a $900 billion U.S. stimulus package fails to trigger a commensurate rally, any relative philosophy on the market is unlikely to assuage gold bulls.

At Tuesday’s settlement, benchmark gold futures for February delivery on New York’s Comex settled at $1,870.30, down $12.50, or 0.7%.

It was the second straight day that gold had fallen since the stimulus issued by Congress. Monday’s slide was 0.3%, taking the benchmark futures contract on Comex to a notch under $1,860 and below technical support at $1,868.

Gold’s slide came as the dollar rebounded in response to a tumble in the British pound amid the revelation of the new Covid-19 strain spreading across the U.K., and continued woes over Brexit. The dollar, an alternative play to gold, hit 2-½ year lows last week.

While the drop in gold over the past two days was just about 1%, it was still the sharpest decline in two weeks — a reflection of how anemic the gold market was despite this week’s passage of the $900 billion relief, along with $1.4 trillion in funding to keep the government open.

The total passage of almost $2.3 trillion through Congress and the anticipated impact on inflation seemed lost on gold, a supposed safe-haven.

“Gold will have to wait until next year for another strong catalyst,” said Ed Moya, analyst at New York’s OANDA. “The development of a new variant of the virus will likely trigger harsher restrictive measures across the globe, but additional support won’t be seen until next year.”

Source: https://.investing.com/

Legal: This website is operated by TRBHInternational Limited
Trading Rebate Broker is the TRBHInternational Limited , Room 2204,299QRC, 287-299 Queen’s Rond,Central
TRBHInternational Limited was incorporated on 05-JUN-2020 as a Private company limited by shares registered in Hong Kong. It’s company registration number is: 2949329.

Hong Kong Companies Directory – About TRBHInternational Limited’s information may come from different sources and aggregate fill. All information published on our website are for reference only. If you want to update any information on this page, please use your company’s official email account to contact us. When you give us your information, you do not need to spend any cost. Our goal is to help every business growth. This information may have been updated since the last change,please visit the official website of hong kong companies registry to check the latest results.

Risk Warning: Forex and CFD trading involves a significant risk to your invested capital. Please read and ensure you fully understand our Risk Disclosure.