The yellow metal regained its gains in the middle of the trading session today, Tuesday, the 16th of November, and before the opening of the American markets, after the declines of the opening session yesterday, Monday, to trade at a rise of about 0.60%, and trading at levels of $ 1873 per ounce, at its highest level since last June, while silver rises by about 0.64% and is trading at levels $25.19 an ounce amid anticipation in the markets for US retail sales after less than four hours.
Expectations indicate an increase in sales to 1.2% in October, compared to 0.7% in the September reading, and a rise in the core index, excluding car prices, by about 1%, as analysts’ expectations indicate that the increase in car and gas prices will push consumer spending to its highest levels.
The yellow metal is benefiting from the rising market fears of inflation continuing for a longer period than expected and the continuation of its rises to record levels, thus using the yellow metal as a hedge against inflation supports its rises, ignoring the rises of the general index of the US dollar by more than 0.10% today and trading at 95.55 levels.
After the longest series of gains for gold since May, represented by seven consecutive sessions, gold broke this chain in the opening session of the week yesterday, Monday, and closed the session on a decline in the process of taking clear profits that put pressure on the yellow metal before regaining its vitality today, Tuesday.
The report of the Commodity and Futures Trading Commission (CFTC), known as the COT report, showed an increase in the buying concentrations of gold from speculators and hedge funds, about 250,181 thousand contracts last week, compared to 215.129 in the previous week, at the highest level since the beginning of the year.
Platinum, in turn, is trading at an increase of about 0.96% at levels of 1.097 thousand dollars, while palladium is trading at levels of 2.170 thousand dollars, an increase of about 0.75%.
06/11/2024
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