[MARKET UPDATE] Precious metals sell off continues, with spot gold lower by c. 10.5% and spot silver c. 26.5%, while Dollar continues to edges higher
The significant sell-off in precious metals, with gold down approximately 10.5% and silver down about 26.5%, suggests investor reallocation amid a strengthening US Dollar.
US Baker Hughes Oil Rig Count (Jan/30) 411 vs. Exp. 412 (Prev. 411)
US Baker Hughes Total Rigs Count (Jan/30) 546 (Prev. 544)
[MARKET UPDATE] Precious metals sell off continues, with spot gold lower by c. 10.5% and spot silver c. 26.5%, while Dollar continues to edges higher
US NY Fed GDP Nowcast Q4: 2.74% (prev 2.74%),Q1: 2.73% (prev 2.73%)
Citi expects that both economic and geopolitical risks will decline by H2 26, from current extremely elevated levels, taking some of the heat out of gold market
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This shift in sentiment likely reflects broader market dynamics, indicating a preference for cash or dollar-denominated assets, which can weigh on demand for commodities, particularly in the context of inflation and interest rate expectations.
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