· Gold prices bounced off a more than one-week low on Tuesday after data showing a sharp rise in U.S.
· inflation bolstered bullion’s appeal as an inflation hedge and weighed on the dollar.
· Spot gold climbed 0.8% to $1,745.94 per ounce, after earlier dipping to $1,722.67, its lowest mark since April 5. U.S. gold futures settled up 0.9% at $1,747.6.
· “We needed to see some inflation to get gold moving and we saw it this morning with that CPI number,” said Bob Haberkorn, senior market strategist at RJO Futures, adding that a weaker dollar and retreating yields supported prices further.
· U.S. consumer prices rose by the most in more than 8-1/2 years in March, kicking off what most economists expect will be a brief period of higher inflation.
· The U.S. dollar slipped to three-week lows after the data, making gold cheaper for holders of other currencies, while benchmark 10-year Treasury yields also eased.
· Further supporting safe-haven gold were concerns raised by U.S. health officials’ decision to recommend a pause in the use of Johnson & Johnson’s COVID-19 vaccine, analysts said.
· “At the moment, we need to see a decisive breakout above $1,765 in order to spark another wave of buying up to $1,800,” said Phillip Streible, chief market strategist at Blue Line Futures in Chicago.
“The $1,750 level has been a strong resistance, so we’re getting up near that level,” he said, adding that geopolitical risk tied to news of Iran stepping up its nuclear enrichment had also sparked a lot of buying of gold and silver.
· Among other precious metals, silver rose 2% to $25.34 per ounce.
· Palladium gained 0.7% to $2,695.58 after climbing to its highest level since March 18 at $2,710.
· Platinum fell 0.9% to $1,158.98 per ounce, having earlier dipped to its lowest price in two weeks at $1,151.86.
· Coinbase reference price set at $250 per share ahead of Nasdaq debut
· CORONAVIRUS UPDATES:
COVID-19 infections are still rising in 61 countries.
Global Cases: 138M (+733,986)
Global Deaths: 2.97M (+12,822)
No.1 - 3
U.S. Cases: 32.07M (+77,720)
U.S. Deaths: 577,179 (+819)
India Cases: 13.87M (+185,248)
India Deaths: 172,115 (+1,026)
Brazil Cases: 13.60M (+80,157)
Brazil Deaths: 358,718 (+3,687)
No.112
Thailand Cases: 34,575 (+965)
Thailand Deaths: 97
So far, at least 160 countries have begun vaccinating people for the coronavirus and have administered at least 804,524,000 doses of the vaccine.
Gibraltar leads the world and has administered enough vaccine doses for 95% of its population, assuming every person needs two doses.
· CDC and FDA recommend US pause use of Johnson& Johnson's Covid-19 vaccine over blood clot concerns
· States rush to replace J&J vaccine appointments after FDA recommends pause
· Moderna says new data shows its Covid vaccine is more than 90% effective against virus six months after second shot
· Pfizer CEO says company can deliver 10% more doses to the U.S. by the end of May than previously agreed
Pfizer CEO Albert Bourla said Tuesday that his company has ramped up production of its two-shot coronavirus vaccine and will be able to deliver a total of 300 million doses to the U.S. ahead of schedule.
Bourla said on Twitter that Pfizer can deliver 10% more doses to the U.S. by the end of May than it had previously agreed to produce — up to 220 million from 200 million.
The company will be able to supply the full 300 million, which it had agreed to deliver to the U.S. by the end of July, two weeks early, Bourla said.
· Australia returns to "war footing" amid COVID-19 vaccine turmoil
· Exports shielded China’s economy in 2020, but they won’t drive as much growth this year
China’s economy was buoyed by strong exports last year, but that boost is waning.
The country’s customs agency said Tuesday that in dollar terms, exports rose 30.6% in March from a year ago, missing expectations for growth of 35.5%.
China’s early emergence from the pandemic and stimulus overseas have driven purchases of products made by Chinese factories, noted Larry Hu, chief China economist at Macquarie.
· IMF says Japan's economy can weather change of plan in Olympics
Cancelling or postponing the Tokyo Olympics Games probably will not hurt Japan’s economy much, but may require the government to offer targeted support for hard-hit small firms, a senior International Monetary Fund official said.
· New York lawmakers threaten Biden's infrastructure tax hikes without local tax break
· Biden proposes summit in phone call with Putin as Russian military builds presence on Ukraine border
· White House hopes U.S. and Russia can work on arms, Iran
· Biden plans to withdraw U.S. forces from Afghanistan by Sept. 11, missing May deadline
· Iran to defy uranium enrichment limits of 2015 nuclear deal after attack on Natanz facility
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