Last night's data showed that the US economic recovery was strong, and the need for Mr Biden's infrastructure plan will face more questions from Republicans. According to media reports, moderate Senate Republicans are drafting a proposal to reduce the size of the infrastructure plan to 650 billion.
Spot gold opened at US $1764.79 / oz this trading day, reaching as high as US $1766.15 / oz and as low as US $1761.48 / oz. As of press release, spot gold was tentatively reported at US $1761.87 / oz, down 0.11%.
Spot gold trend
Spot gold rose yesterday, at one point close to $1770. At the beginning of the Asian session, gold prices pulled back slightly, trading around $1761 for the time being. From the one-hour trend chart, the red kinetic energy column gradually shortens to disappear, and the green kinetic energy column appears, but the kinetic energy is not strong. Analysts point out that as the dollar weakens, gold prices may still have a chance to rise.
A quick overview of the market
[foreign exchange] the dollar index closed slightly higher on Thursday, up 0.05% to 91.68, after earlier falling to 91.49, the lowest since March 18. Investors recorded the biggest increase in retail sales in the United States in March, but the dollar came under pressure as bond yields continued to fall. The euro fell 0.11% against the dollar to 1.167.
[precious Metals] prices of precious metals were boosted by a decline in US bond yields, despite a rally in the dollar yesterday and good US economic data. Spot gold rose nearly 2% at one point, hitting its highest level since Feb. 26 to $1769.66 an ounce. COMEX June gold futures closed up $30.50, the biggest one-day dollar gain since March 9, up 1.8% to $1766.80 an ounce, the highest close for major contracts since Feb. 25.
[stock market] all three major indexes of US stocks closed higher, with the Dow Jones index up 305.16 points, or 0.90%, at 34036.05; the S & P 500 index closed up 44.64 points, or 1.08%, at 4169.30; and the Nasdaq composite index closed up 180.92 points, or 1.31%, at 14038.76.
Oil prices rose as U.S. economic data improved and the International Energy Agency ((IEA)) and the Organization of Petroleum Exporting countries (OPEC) (OPEC) raised their oil demand forecasts as major economies began to recover from the epidemic. WTI May crude oil futures closed up 31 cents, or 0.49 percent, at 63.46 U.S. dollars per barrel, while Brent June crude oil futures closed up 36 cents, or 0.54 percent, at 66.94 U.S. dollars per barrel.
Fundamental concern
[the Republican Party of the United States is prepared to "cut" the infrastructure plan to 650 billion.)
Retail sales rose 9.8 per cent in March, according to data released by the Commerce Department on Thursday, and economists surveyed had expected retail sales to rise 5.9 per cent in March. A separate report showed that in the week of April 10, the number of first-time claims for unemployment benefits fell by a seasonally adjusted 193000 to 576000, the lowest level since mid-March 2020.
Recent economic data show that the US economy is recovering strongly, as massive US stimulus measures are driving the recovery. Biden also proposed a $2.25 trillion infrastructure plan, but Republicans are expected to oppose it.
Moderate US Senate Republicans are drafting a proposal for a scaled-down infrastructure plan, the Fox Business reported, citing people familiar with the matter. This is the beginning of their search for an agreement with Mr Biden on a narrower package. According to people familiar with the matter, the size of the proposal is about $650 billion, close to 1/3 of the size of the u.s. jobs plan proposed by Biden. Republican senators are expected to unveil the proposal during the May recess.
[5800 people have been found to have been infected with novel coronavirus after vaccination in the United States]
The latest data released by the World Health Organization on April 15 show that there are a total of 137866311 confirmed cases of novel coronavirus worldwide. According to the latest data from World Health Organization (WHO) 's website, as of 15:32 central European time on the 15th (21:32 domestic time), the number of global confirmed cases increased by 805444 from the previous day to 137866311, and the number of deaths increased by 13036 to 2965707.
As of 7: 39 on April 16, domestic time, the cumulative number of confirmed cases of COVID-19 in the United States was 32219399, with a total of 578951 deaths. Despite the high vaccination rate in the United States, the virus still spreads rapidly.
According to data released by the US Centers for Disease Control and Prevention on April 15, about 77 million people in the United States have received two doses of novel coronavirus vaccine, of which 5800 were found to be infected with novel coronavirus after being vaccinated. There were "breakthrough cases", 396 "breakthrough cases" requiring hospitalization, and 74 deaths from novel coronavirus. The CDC reported that there was a delay in tracking statistics on "breakthrough cases", so the actual data should be higher than the number of cases found. The CDC pointed out that in all "breakthrough cases", more than 40% of patients are over the age of 60. Of the "breakthrough cases", 65% were women and 29% were asymptomatic infections.
Spot gold in the future
Although the dollar remained strong, the price of gold rose sharply. The analysis pointed out that a series of economic data show that the US economy is healthy, but it also implies the threat of inflation, which also supports the price of gold. In addition, analyst Michael Armbruster said tensions between the United States and Russia "may have contributed to some safe-haven buying."
Naeem Aslam, chief market analyst at AvaTrade, wrote in a report: "US retail data add to traders' optimism. As far as gold prices are concerned, we have seen more upward momentum as the dollar index loses strength further, as the Fed chairman has informed the market that interest rates will not rise in the short term. "
