Gold gains positive traction for a 4th successive day

Published: January 26 2023, 03:30 GMT+0

Gold gains positive traction for a 4th successive day

Small gain for Gold at $1,946.2 per ounce after ranging between $1,943 and $1,949.8 today.

This move comes while some more positive signs for 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.

At the same time, United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. Fresh Cushing Crude Oil Inventories data from United States came out at 4.27 million.

Rallies can also be seen in other Metals, Palladium rises 0.75% to trade around $1,700.5.

Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; today 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%.

Furthermore, the market is looking at United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released tomorrow at 15:00 UTC.

Elsewhere, United States Core PCE Price Index (MoM) (Dec) will be released tomorrow at 13:30 UTC.

The commodity has been trending positively for about a month. Gold has gained 6.25% since its lowest print of $1,623.3 earlier this year.