Risk-on mood helps IAU post 0.52% gain yesterday

Published: January 26 2023, 01:11 GMT+0

Risk-on mood helps IAU post 0.52% gain yesterday

A quick look at yesterday: after ending Tuesday at $36.75, iShares Gold Trust went up to $36.95 only to drop back, yet still traded well overall and closed at $36.94 yesterday.

On the flip side, 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.

IShares Gold Trust shows positive signs, other assets are also on par: AT&T is trading around $20.42 after ending yesterday's session at $19.16 (up 6.58% today).

Meanwhile, NextEra Energy is down to $76.59, losing $7.31, after ending the previous session around $83.9. After ending yesterday's session at $71.44, HDFC Bank Limited lost $4.51 and is trading around $66.93.

Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as 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, 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%.

The market is looking forward to the release of new data: United States Core PCE Price Index (MoM) (Dec) is scheduled for tomorrow at 13:30 UTC.

The fund has been trending positively for about 3 months. This year has been a bright one for iShares Gold Trust after trading as low as $30.82 and going on to appreciate by 5.36% year to date.

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