Each ounce of gold lost more than 30 USD, reaching the bottom of 4 months due to expected US economic data and expectations on Covid-19 vaccine.
Closing the session on November 23, the spot spot gold price dropped 33 USD to 1,837 USD per ounce. During the session, the time price is around 1,830 USD – the lowest since 21/7.
“Prices have broken below the key psychological level of $ 1,850, after the United States released extremely strong production data (PMI) that reduced demand for the fiscal stimulus package. No one expected that the numbers are going to be strong. ” like that, for manufacturing and services, ”said Edward Moya, senior market analyst at OANDA.
The report released yesterday showed that manufacturing activities in the United States in November increased the most in 5 years, making investors more optimistic about the health of the world’s largest economy. Earlier, British pharmaceutical company AstraZeneca also said that its Covid-19 vaccine can be 90% effective with no serious side effects.
“Investors are slowly returning to stocks, as the market is less volatile than it used to be,” explains Jeffrey Sica, founder of Circle Squared Alternative Investments. faster than expected “.
Another factor that reduces the attractiveness of precious metals is the strength of the dollar against other major currencies. This year, the price of gold has increased more than 21%, largely because investors want to curb inflation risk and currency devaluation.
“While the global economies have begun to show a sustained recovery, the challenges behind have not completely disappeared,” warned Rhona O’Connell, an analyst at StoneX.
Yesterday, silver prices also fell 2.4% to 23.56 USD per ounce. Platinum lost 2.2% to $ 925.24.
Ha Thursday (theo Kitco, Reuters)