by SignalFactory · January 15, 2020 | 07:41:12 UTC
Gold
slipped to more than one-week low on Tuesday as strength in equities markets
and hopes for a smooth the signing of the U.S.-China Phase 1 trade deal
tarnished bullion’s a safe-haven appeal, while palladium hit a record high.
“As long as stocks continue to make these record highs,
there is no real need for the insurance policies you’ll find in gold,”
Saxo Bank analyst Ole Hansen said.
“We
have the signing of the trade deal … we are probably not going to see anyone
rocking the boat at this stage, but nevertheless, it will give the market an
opportunity to read the text and see what’s in the deal.”
Only
a day before the Phase 1 trade deal signing, the U.S. Treasury on Monday
dropped China’s designation as a currency manipulator, fueling market
optimism.
Global
equities are at record highs, but the tide turned at the opening of European
markets as traders took profits ahead of the trade deal.
Bullion
rose to its highest in nearly seven years last week on worries over the potential
military conflict between the United States and Iran, but the rally faded in
the absence of any further escalation in tensions. Analysts said investors are
still taking some profits after
the
massive spike in prices.
“That has also been noted in the exchange-traded funds
market, where there have been some quite sizeable reductions since we reached
that high,” Saxo Bank’s Hansen said. Also, on investors’ radar was the
Fed’s Beige Book, a summary of commentary on economic conditions, due on
Wednesday.
Palladium hit a record
high of $2,155.01 an ounce and was on track for a ninth straight session of
gains, supported by a sustained supply deficit.
The metal widely used in catalytic converters in automobile exhaust
systems was up 0.9% at $2,151.71.
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