Gold is growing its four-day winning streak and is trading at $1,946.7, gaining $4.1.

Published: January 26 2023, 06:45 GMT+0

Gold is growing its four-day winning streak and is trading at $1,946.7, gaining $4.1.

After closing the previous trading day at $1,942.6, Gold is up to $1,946.7 per ounce, which makes for a move of 0.21%/$4.1 today.

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 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.

This rally in Gold's price coincides with other Metals as Palladium added 0.75% to its value, now trading at $1,700.5. Copper is up 0.42%.

Moreover, macro data could boost sentiment further as 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.

Also worthy of note, United States Core PCE Price Index (MoM) (Dec) is scheduled for tomorrow at 13:30 UTC.

The commodity has been trending positively for about a month. CME Gold has managed to gain 6.25% so far this year despite trading at lows around $1,623.3 previously.

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