CME Gold gains positive traction for a 4th successive day

Published: January 25 2023, 21:30 GMT+0

CME Gold gains positive traction for a 4th successive day

After dipping down to $1,920.6, Gold regains earlier losses and goes up to $1,947 per ounce.

This move comes while some more positive signs for CME Gold are out as Crude Oil Inventories in United States fell short of market expectations (971,000) with a reading of 533,000, continuing the decline from the previous figure of 8.41 million.

Meanwhile, United States 5-Year Note Auction released today at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. United States Cushing Crude Oil Inventories released today at 15:30 UTC with a figure of 4.27 million, while the previous figure was 3.65 million.

A look at other Metals also shows upside as Silver is up 1.2%.

At the same time, Platinum is down to $1,047, losing $19.8, after closing at $1,066.8 in the preceding trading session. Palladium is down $42.5 from the beginning of the session and now trades around $1,693.

Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; as things stand, upcoming United States Core Durable Goods Orders data is projected to fall short of market expectations with newly published data of -0.2%, following on from the preceding figure of 0.1%. New data is set to be published tomorrow at 13:30 UTC. United States GDP expected to decline to 2.6 while its preceding data was 3.2, data will be available tomorrow at 13:30 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 205,000 from the preceding figure of 190,000.

The commodity has been trending positively for about a month. This year has been a bright one for Gold after trading as low as $1,623.3 and going on to appreciate by 6.27% year to date.

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