Commodity supercycle gathers momentum – What’s next for prices [Video]
Commodity prices are booming across the board with everything from metals, energy to agriculture markets, trading near multi-year highs. Last week, Palladium, Iron Ore, and Lumber prices took center-stage skyrocketing to all-time record highs. Meanwhile, Copper and Aluminium prices hit 10-year highs. Both metals have now doubled from the lows seen a year ago. Read more...
Gold demand trend Q1 2021
According to a report from the World Gold Council (WGC), gold demand for Q1 2021 (excluding OTC) amounted to 815.7t, almost equivalent to Q4 2020, only down 23% compared to Q1 2020. Meanwhile, the average gold price in the first quarter was 13% higher y/y, but it fell 4% q/q. The low price relative to last year’s high has increased consumer demand as activity after the economic opening and the ongoing recovery lifted sentiment.
Jewellery demand was 477.4t, up 52% y/y. The value of jewellery spending – US $27.5 billion – was the highest for the first quarter since Q1 2013. Investment in bars and coins of 339.5t (+ 36% y/y) was supported by bargain-hunting, as well as expectations of building inflationary pressure. Consumer demand growth was offset by strong outflows from the gold-backed ETF (gold ETF), which lost 177.9 in Q1 as higher interest rates and the downward trend in prices weighed on investor sentiment. Read more...
Gold Price Analysis: XAU/USD climbs to fresh session tops, around $1,780 region
Gold built on its steady intraday ascent and climbed to fresh daily tops, around the $1,780 region during the early European session.
The precious metal caught some fresh bids on the first day of a new trading week and recovered further from two-week lows, around the $1,756 region touched last Thursday. This marked the first day of a positive move in the previous three trading sessions and was supported by a combination of factors. Read more...
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AUD/USD quickly left behind Wednesday’s strong pullback and rose markedly past the 0.6900 barrier on Thursday, boosted by news of fresh stimulus in China as well as renewed weakness in the US Dollar.
EUR/USD refocuses its attention to 1.1200 and above
Rising appetite for the risk-associated assets, the offered stance in the Greenback and Chinese stimulus all contributed to the resurgence of the upside momentum in EUR/USD, which managed to retest the 1.1190 zone on Thursday.
Gold holding at higher ground at around $2,670
Gold breaks to new high of $2,673 on Thursday. Falling interest rates globally, intensifying geopolitical conflicts and heightened Fed easing bets are the main factors.
Bitcoin displays bullish signals amid supportive macroeconomic developments and growing institutional demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
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