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Gold rises over 1% as dollar, yields retreat

·         Gold rose over 1% on Thursday buoyed by a retreat in the dollar and U.S. bond yields, while grim U.S. jobless data clouded the outlook for an economic recovery, adding to the metal’s safe-haven appeal.

·         Spot gold rose 1.2% to $1,727.86 per ounce. Most markets will be closed for Good Friday on April 2. U.S. gold futures settled up 0.7% at $1,728.30.

·         The number of Americans filing new claims for unemployment benefits unexpectedly rose last week, the Labor Department said.

·         “The higher initial claims than were expected could lead to more stimulus and a slower recovery,” said Phillip Streible, chief market strategist at Blue Line Futures in Chicago, adding a weakening dollar and softer yields are helping prices.

·         The dollar index marched back from a five-month high hit in the previous session, making gold less expensive for other currency holders. Benchmark U.S. Treasury yields also eased.

·         On Wednesday, Biden announced his long-awaited $2 trillion-plus job plan, that called for a sweeping use of government power to reshape the American economy.

·         With gold being oversold and the Federal Reserve keeping rates low, gold investors see an opportunity knocking, said Michael Matousek, head trader at U.S. Global Investors.

·         While gold is considered a hedge against inflation from widespread stimulus, higher bond yields this year have threatened that status as they translate into a higher opportunity cost of holding bullion.

·         “A retreat in yields, especially in the key U.S. 10-year Treasury, as inflation pressures recede holds out the possibility of a recovery in gold prices,” James Steel, chief precious metals analyst at HSBC wrote in a note.

·         Silver rose 0.9% to $24.61 per ounce, while platinum edged up 1% to $1,199.34 and palladium was up 1.1% at $2,647.69.

·         Dollar steadies before U.S. payrolls as sentiment improves

 

·         Biden aides to host meeting on supply chain issues: White House

 

·         No new gas taxes: White House rejects corporate ask on infrastructure funding

 

·         “แมคคอนเนล” ผู้นำเสียงข้างน้อยในวุฒิสภา ระบุว่า จะทำการต่อสู้กับแผนโครงสร้างของนายไบเดน “ทุกขั้นตอน”

 

·         Manufacturing boom brings more signs that inflation is building rapidly

March brought the strongest manufacturing growth in more than 37 years, and with it increasing indications about inflation pressures in the months ahead.

The Institute for Supply Management’s monthly manufacturing survey registered a 64.7% reading, representing the level of companies reporting expansion against contraction. That translated to a 3.9 percentage point increase from February, and the highest level since December 1983.

 

·         Coronavirus Update:

COVID-19 infections are still rising in 74 countries.

 

Global Cases: 130.14M (+684,751)

Global Deaths: 2.83M (+11,469)

 

No 1.

U.S. Cases: 31.244M (+76,650)

U.S. Deaths: 566,602 (+943)

์No. 116

Thailand Cases: 28,889 (+26)

Thailand Deaths: 94

 

Top 3 of Global New Cases:

1) Brazil Cases: 12.84M (+89,459)

2) India Cases:  12.30M (+81,441)

3) U.S. Cases: 31.24M (+76,650)

 

Top 3 of Global News Deaths:

1) Brazil Deaths: 325,559 (+3,673)

2) U.S. Deaths: 566,602 (+943)

3) Poland Deaths: 53,665 (+621)

Europe Cases: 39.85M (+242,994)

Europe Deaths: 917,038 (+3,742)

Asia Cases: 28.68M (+198,502)

Asia Deaths: 429,548 (+1,489)

 

 

·         Global Vaccination

So far, at least 150 countries have begun vaccinating people for the coronavirus and have administered at least 595,886,000 doses of the vaccine.

·         Fauci says U.S. may not need AstraZeneca Covid vaccine

 

·         UK regulator found total of 30 cases of blood clot events after AstraZeneca vaccine use

 

·         Pfizer Covid vaccine is 91% effective in updated data, protective against South African variant

 

·         U.S. working with IMF to provide $650 billion in currency aid to countries hit by pandemic

 

·         Merkel appeals to Germans to stay home for Easter to stem pandemic third wave

 

·         Treasury No. 2 Adeyemo sees sanctions as strong policy tool for years to come

 

U.S. Deputy Treasury Secretary Wally Adeyemo on Thursday kicked off a review of U.S. economic and financial sanctions, underscoring the need to use them as a strong, viable policy tool, the Treasury Department said in a statement.

 

·         U.S. and China’s next economic battle will be over climate change, experts say

 

·         China’s central bank warns of financial risks, including potential defaults

 

China’s central bank warned on Thursday of financial risks in the country that have accumulated over the years, as well as shocks from overseas uncertainties.

Reference: CNBC, Reuters, Worldometers