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Gold in backwardation, eyes weekly gains on less hawkish Fed

By Ambar Warrick  AiVIF.com--Gold prices entered backwardation on Friday and were headed for mild gains this week as optimism over the prospect of smaller interest rate hikes...
Gold in backwardation, eyes weekly gains on less hawkish Fed © Reuters.
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By Ambar Warrick 

AiVIF.com--Gold prices entered backwardation on Friday and were headed for mild gains this week as optimism over the prospect of smaller interest rate hikes by the U.S. Federal Reserve offset worsening economic indicators. 

Spot gold prices traded at higher levels than futures- a phenomenon known as backwardation- which indicates that near-term demand for the yellow metal may be increasing.

Spot gold fell 0.1% to $1,753.20 an ounce, while gold futures expiring in December fell 0.1% to $1,752.75 an ounce by 19:40 ET (00:40 GMT). Both instruments were set to add about 0.3% this week. 

A U.S. holiday on Thursday gave metal markets few cues to trade on, with volumes also remaining muted. But positive cues from the minutes of the Fed’s November meeting, released earlier this week, provided a tailwind for prices.

The minutes showed that several members of the central bank found it appropriate to slow its pace of interest rate hikes, in order to gauge the economic impact of a sharp rise in rates this year. This indicates relatively lesser pressure on metal markets in the near term. 

But U.S. interest rates are still at levels last seen during the 2008 financial crisis, and are expected to peak at much higher levels. 

Still, gold may benefit from renewed safe haven demand in the coming months, especially as the dollar retreats further, and as global economic conditions worsen. PMI prints from Japan and the U.S. released this week painted a dour picture of the world’s largest economies, as did record-high daily COVID-19 infections in China. 

The dollar was set to lose 1% this week, as dovish signals from the Fed spurred bets that U.S. inflation and the Fed’s pace of rate hikes had peaked this year. A falling greenback helped support broader metal markets.

Silver futures rose 0.3% on Friday and were set to add 2% this week, while platinum futures fell 0.2%, but were set to add 1% this week.

Among industrial metals, copper prices rose marginally on Friday, but were set to end the week largely flat on negative signals from major importer China. 

Copper futures rose 0.2% to $3.6360 a pound, and were set to end the week 0.1% higher. 

China reintroduced movement restrictions in several major cities this week, as the country grapples with its worst COVID-19 outbreak yet amid record-high daily infections.

COVID-related disruptions ground Chinese economic growth to a halt this year, severely denting metal demand in the world’s largest copper importer. 

With growth now set to weaken further from the new outbreak, the outlook for copper appears dire despite signs of tightening supply. 

 

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02-12-2022 19:25:05 (UTC+7)

EUR/USD

1.0528

0.0006 (0.06%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (2)

Sell (7)

EUR/USD

1.0528

0.0006 (0.06%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (2)

Sell (7)

GBP/USD

1.2272

+0.0019 (+0.16%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (3)

USD/JPY

134.10

-1.17 (-0.87%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (0)

Sell (8)

AUD/USD

0.6815

+0.0006 (+0.09%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (7)

USD/CAD

1.3433

+0.0001 (+0.01%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (7)

EUR/JPY

141.17

-1.19 (-0.84%)

Summary

↑ Sell

Moving Avg:

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Sell (11)

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Sell (7)

EUR/CHF

0.9832

-0.0027 (-0.28%)

Summary

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Indicators:

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Sell (8)

Gold Futures

1,811.70

-3.50 (-0.19%)

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Buy (7)

Sell (1)

Silver Futures

22.895

+0.054 (+0.24%)

Summary

↑ Buy

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Sell (0)

Copper Futures

3.8015

-0.0160 (-0.42%)

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↑ Buy

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Crude Oil WTI Futures

81.67

+0.45 (+0.55%)

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Brent Oil Futures

87.23

+0.35 (+0.40%)

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Neutral

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Natural Gas Futures

6.732

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US Coffee C Futures

163.58

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Euro Stoxx 50

3,987.65

+3.15 (+0.08%)

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S&P 500

4,076.57

-3.54 (-0.09%)

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DAX

14,552.25

61.95 (0.43%)

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FTSE 100

7,543.40

-15.09 (-0.20%)

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Hang Seng

18,675.35

-61.09 (-0.33%)

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Moving Avg:

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US Small Cap 2000

1,884.57

-2.01 (-0.11%)

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IBEX 35

8,407.26

-0.64 (-0.01%)

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BASF SE NA O.N.

48.472

+0.612 (+1.28%)

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Bayer AG NA

54.8

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Allianz SE VNA O.N.

202.95

-0.80 (-0.39%)

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Adidas AG

126.13

1.21 (0.97%)

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Deutsche Lufthansa AG

7.723

0.147 (1.94%)

Summary

Neutral

Moving Avg:

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Siemens AG Class N

134.51

+0.85 (+0.64%)

Summary

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Deutsche Bank AG

9.965

0.060 (0.61%)

Summary

↑ Buy

Moving Avg:

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Indicators:

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Sell (0)

    EUR/USD 1.0528 ↑ Sell  
    GBP/USD 1.2272 Sell  
    USD/JPY 134.10 Sell  
    AUD/USD 0.6815 ↑ Sell  
    USD/CAD 1.3433 ↑ Sell  
    EUR/JPY 141.17 ↑ Sell  
    EUR/CHF 0.9832 ↑ Sell  
    Gold 1,811.70 ↑ Buy  
    Silver 22.895 ↑ Buy  
    Copper 3.8015 ↑ Buy  
    Crude Oil WTI 81.67 ↑ Buy  
    Brent Oil 87.23 Neutral  
    Natural Gas 6.732 Buy  
    US Coffee C 163.58 Sell  
    Euro Stoxx 50 3,987.65 ↑ Buy  
    S&P 500 4,076.57 ↑ Sell  
    DAX 14,552.25 ↑ Buy  
    FTSE 100 7,543.40 ↑ Buy  
    Hang Seng 18,675.35 ↑ Sell  
    Small Cap 2000 1,884.57 ↑ Buy  
    IBEX 35 8,407.26 ↑ Buy  
    BASF 48.472 ↑ Buy  
    Bayer 54.8 ↑ Buy  
    Allianz 202.95 ↑ Buy  
    Adidas 126.13 ↑ Buy  
    Lufthansa 7.723 Neutral  
    Siemens AG 134.51 ↑ Buy  
    Deutsche Bank AG 9.965 ↑ Buy  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,600/ 6,670
(-40/ -40) # 1,414
SJC HCM6,620/ 6,700
(-15/ -15) # 1,444
SJC Hanoi6,620/ 6,702
(-15/ -15) # 1,446
SJC Danang6,620/ 6,702
(-15/ -15) # 1,446
SJC Nhatrang6,620/ 6,702
(-15/ -15) # 1,446
SJC Cantho6,620/ 6,702
(-15/ -15) # 1,446
Cập nhật 02-12-2022 19:25:08
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$1,798.00 -4.44 -0.25%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩm Vùng 1 Vùng 2
RON 95-V23.83024.300
RON 95-III22.70023.150
E5 RON 92-II21.67022.100
DO 0.05S23.21023.670
DO 0,001S-V25.19025.690
Dầu hỏa 2-K23.56024.030
ↂ Giá dầu thô thế giới
WTI $81.67 +0.49 0.60%
Brent $87.23 +1.16 1.32%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.930,0024.240,00
EUR24.695,6126.077,28
GBP28.769,6729.995,10
JPY174,05184,25
KRW16,0519,55
Cập nhật lúc 18:54:05 02/12/2022
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