CME Gold gains positive traction for a 4th successive day

Published: January 25 2023, 22:51 GMT+0

CME Gold gains positive traction for a 4th successive day

After dipping down to $1,920.6, Gold regains earlier losses and reaches $1,947.3 per ounce.

This move comes while some more positive signs for CME Gold are out as highly important Crude Oil Inventories data from United States beat analyst expectations of 971,000 with a reading of 533,000.

At the same time, 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 having closed the previous session at $23.75, Silver is up 1.18% today to currently trade at around $24.03.

Though CME Gold is going up, other Metals are underperforming — after ending yesterday's session at $1,066.8, Platinum lost $20.3 and is trading around $1,046.5. Palladium is down $46.5 from the beginning of the session and now trades around $1,689.

Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; tomorrow at 13:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to -0.2% from the preceding figure of 0.1%. Tomorrow at 13:30 UTC data for United States GDP will be released, with an expected decline to 2.6 from the preceding figure of 3.2. Projections for United States Initial Jobless Claims are set for a continuation of decline with 205,000 while previous data was 190,000; data will be released tomorrow at 13:30 UTC.

The commodity has been trending positively for about a month. Gold has gained 6.27% since its lowest print of $1,623.3 earlier this year.

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