International spot gold continued to fall on Thursday (May 4). The US market dropped to a low of 1225.20 US dollars per ounce. It once fell to a six-week low, and the gold price fell, and the gold rebounded. A number of heavyweight data released during the day were generally strong, putting further pressure on gold. From the United States to April 29, the number of jobless claims for the week was 238,000, which was better than the previous value and expectations. The US factory order monthly rate of 0.2% in March was lower than expected, but it still recorded growth for four consecutive months. It shows that the current manufacturing sector in the United States is continuing to recover; the US March trade account - $43.7 billion, better than expected.
The US dollar turned lower on Thursday. As of press time, the US dollar index fell 0.59, or 0.59%, to 98.79 points. US stocks fell on Thursday, the Dow fell 0.4% to 20,874.35 points and 45.88 US dollars per barrel; the S&P 500 fell 0.19% to 2,383.55 points; the Nasdaq fell 0.16% to 6062.82 points. Crude oil continued to fall on Thursday, the US oil index fell 4.02% to $45.92 per barrel; the oil index fell 3.82% to $48.85 per barrel.
Traders said that after the opening of New York, the sell-off of gold accelerated. NYMEX's most active June WTI crude oil futures contract Beijing time on May 4, 20:04-20:07 within four minutes of trading, the board turnover of 17202 hands, the total value of the transaction contract more than 800 million US dollars, spot gold once fell below 1230 US dollars / ounce Pass, continue to brush the low point on March 21. But after the dollar turned lower, gold also bottomed out. Gold fell 1.5% on Wednesday, the worst day since November 23, and fell below the 50- and 200-day moving averages. The next support is around $1,221 per ounce, the 100-day moving average. Goldman Sachs analysts said they will continue to bearish on the gold trade in the short term, with a three-month target of $1,200 per ounce, and some bearish catalysts have not yet fully functioned. The current market focus is turning to the US April non-farm payrolls report on Friday, which may strengthen expectations for the Fed to raise interest rates in June. The market is also concerned about the second round of French elections to be held on Sunday. From the results of the current polls, the possibility of Mark Long being elected is very high, the market will be happy with this result, and for gold, it will lose another. The driving force for the rise.
US data tide hits the dollar and falls below the 99 mark
In the US market, the financial market ushered in the test of the US data tide. The trade accounts, initial requests, productivity and durable goods order data came one after another, and the US dollar fell below the 99 mark.
The US Commerce Department announced on Thursday that the US trade deficit in March was $43.70 billion, with a deficit of $44.50 billion.
The Wall Street Journal commented that the US trade deficit in March was better than expected. On the one hand, US producers are benefiting from global demand for US manufacturing and services. In March, US export services reached record highs. This is due to the decline in imports of civilian aircraft, computers, oil and automobiles. The US imports in March have declined, which is a sign of economic health. However, the US trade deficit in the first quarter has expanded compared to last year, reflecting the potential strength of the global economy. .
At the same time, the US Department of Labor announced on Thursday that the number of jobless claims in the US at the beginning of the week was 238,000, estimated at 247,000. The number of people claiming unemployment benefits in the US for the week was 1.964 million, hitting a 17-year low, estimated at 2.0 million.
Reuters commented that the number of jobless claims in the US fell at the beginning of the week, still below the 300,000 mark, better than expected, and the number of jobless claims in the week of April 22 hit a 17-year low, indicating the US job market. Tightening to support the Fed to raise interest rates next month; but economists said that due to holiday factors such as Easter, the data is difficult to rule out the effects of seasonal fluctuations.
The US trade account and initial data were strong, while another data released unexpectedly fell.
The US Department of Labor announced on Thursday that the first quarter of the US non-agricultural productivity was down 0.6% from the initial rate, and the Reuters survey was flat. It was revised up by 1.8% in the fourth quarter of last year and the previous value was up by 1.3%. US non-agricultural productivity has declined in four of the past six quarters.
After the release of these data, the US dollar index rebounded slightly, but a subsequent data released triggered a decline in the dollar.
According to data released by the US Department of Commerce on Thursday, US factory orders increased for the fourth consecutive month in March, and factory orders data was revised in February, indicating that the manufacturing industry continued to recover.
The Ministry of Commerce announced that factory orders in March increased by 0.2% from the previous month, which is estimated to increase by 0.4%. In February, it was revised up to 1.2%, and the previous value was increased by 1.0%. Factory orders in March increased by 5.2% year-on-year.
US March durable goods orders were revised up by 0.9% from the previous month, and the previous value was increased by 0.7%.
However, core factory order data is very weak. US core factory orders excluding transportation in March fell 0.3% from the previous month, the largest decline since February 2016.
Reuters commented that the US factory order monthly rate in March was not as expected, but it still recorded growth for four consecutive months, indicating that the current US manufacturing sector is continuing to recover. Among them, mining expenditures recorded a record in the first quarter of this year. The high point indicates that manufacturing activity is relatively strong; secondly, the revival of the energy sector has also boosted the demand for machinery and equipment in related industries.
After the factory order data was released, the US dollar index fell below the 99 mark, hitting the lowest level of 98.77 since April 28, and earlier rose to a two-week high of 99.47, as the Fed ignored the recent slowdown in US economic growth in its monetary policy statement.
Outlook outlook
ING commodity strategist Warren Patterson said, “Since the first round of elections in France on April 23, we have seen gold under pressure.†After Mark Long won the election in the first round of elections on April 23, investors were relieved. Seeing his victory is the best result.
Goldman Sachs analysts said in a report that "in the short term, we continue to expect gold trading prices to be low, our three-month target is $ 1,200 / ounce, due to some bearish catalysts have not been fully utilized."
Goldman Sachs said that the short-term downside risks for gold include that US interest rates have risen above market expectations and the Fed has begun to reduce its balance sheet, as well as US tax cuts and US and global economic growth.
At 00:39 Beijing time, spot gold reported $1230.61 per ounce, down $7.20, or 0.582%.
(Editor: Fang Fengjiao HF055)
Metal Keychain,Keychain Custom,Die Cast Keychain
Shenzhen MingFengXing Art & Craft Products CO., LTD. , https://www.enamelkeychain.com