Commodities and Futures News

Gold prices dip, dollar recovers ahead of data-heavy week

2023.04.02 23:36


© Reuters.

By Ambar Warrick

Investing.com– Gold prices pulled back on Monday as markets locked in some profits after a strong first quarter, with focus now turning to a slew of U.S. economic readings this week for more cues on monetary policy.

Bullion prices surged over 7% in the first three months of the year, although a bulk of gains came in March amid growing fears of a U.S. banking crisis. While government intervention calmed market concerns over an imminent collapse, the yellow metal has still remained relatively underpinned by safe haven demand. 

This spurred some profit taking on Monday, although gold still remained less than $100 from a 2020 record high.

fell 0.5% to $1,959.03 an ounce, while fell 0.5% to $1,975.60 an ounce by 22:20 ET (02:20 GMT). 

Focus is now on a slew of U.S. economic readings this week, starting with for March, due later on Monday. The reading is expected to show that the U.S. manufacturing sector remained in contraction territory for a fifth straight month. 

But the main point of focus will be data for March, due on Thursday. Traders will be watching for any more signs of weakness in the labor market, which could open the path for a less hawkish Federal Reserve this year. 

Such a scenario bodes well for gold, which largely overtook the dollar as a preferred safe haven over the past month. This was also driven in part by expectations that the Fed will taper its hawkish stance to avoid further pressure on the banking system.

The rose on Monday as it recovered from steep losses in March. This, coupled with some strength in Treasury yields, weighed on metal markets. 

sank 0.5%, while fell nearly 1%.

Among industrial metals, copper prices fell on more signs of weakening manufacturing activity in major importer China.

fell 0.4% to $4.0663 a pound.

A private survey showed on Monday that in China slowed sharply in March, as a post-COVID economic boom runs out of steam. This points to an uneven economic recovery in the country, which could dent its appetite for commodities.

 

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 96,985.99 1.93%
ethereum
Ethereum (ETH) $ 3,321.36 4.68%
tether
Tether (USDT) $ 1.00 0.09%
solana
Solana (SOL) $ 246.55 6.10%
bnb
BNB (BNB) $ 649.24 4.19%
xrp
XRP (XRP) $ 1.35 13.60%
dogecoin
Dogecoin (DOGE) $ 0.411363 11.74%
usd-coin
USDC (USDC) $ 1.00 0.02%
cardano
Cardano (ADA) $ 0.976731 11.85%
staked-ether
Lido Staked Ether (STETH) $ 3,321.71 4.67%
tron
TRON (TRX) $ 0.203542 7.99%
avalanche-2
Avalanche (AVAX) $ 39.64 7.53%
the-open-network
Toncoin (TON) $ 5.96 5.19%
shiba-inu
Shiba Inu (SHIB) $ 0.000025 9.73%
stellar
Stellar (XLM) $ 0.476454 4.77%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,932.39 4.70%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 96,678.90 1.72%
polkadot
Polkadot (DOT) $ 8.56 4.00%
chainlink
Chainlink (LINK) $ 16.62 5.71%
bitcoin-cash
Bitcoin Cash (BCH) $ 488.42 9.16%
weth
WETH (WETH) $ 3,322.92 4.44%
sui
Sui (SUI) $ 3.25 10.77%
pepe
Pepe (PEPE) $ 0.00002 11.32%
leo-token
LEO Token (LEO) $ 8.74 1.31%
near
NEAR Protocol (NEAR) $ 6.32 1.69%
litecoin
Litecoin (LTC) $ 93.89 8.75%
aptos
Aptos (APT) $ 11.91 8.48%
uniswap
Uniswap (UNI) $ 10.39 4.14%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,498.99 4.75%
hedera-hashgraph
Hedera (HBAR) $ 0.140977 6.82%
usds
USDS (USDS) $ 0.999437 0.07%
internet-computer
Internet Computer (ICP) $ 10.70 6.67%
crypto-com-chain
Cronos (CRO) $ 0.185137 8.26%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.539313 8.75%
ethereum-classic
Ethereum Classic (ETC) $ 27.77 10.55%
render-token
Render (RENDER) $ 7.45 7.38%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.05%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.45 1.72%
kaspa
Kaspa (KAS) $ 0.148881 8.50%
bittensor
Bittensor (TAO) $ 499.20 8.15%
whitebit
WhiteBIT Coin (WBT) $ 24.37 1.26%
dai
Dai (DAI) $ 0.999574 0.08%
celestia
Celestia (TIA) $ 8.10 25.09%
arbitrum
Arbitrum (ARB) $ 0.817542 6.36%
mantra-dao
MANTRA (OM) $ 3.68 2.43%
bonk
Bonk (BONK) $ 0.000044 13.70%
cosmos
Cosmos Hub (ATOM) $ 8.30 0.41%
vechain
VeChain (VET) $ 0.04018 8.81%
filecoin
Filecoin (FIL) $ 5.37 1.20%
okb
OKB (OKB) $ 52.35 1.21%