• MTS Gold Morning News 202104020

    20 Apr 2021 | Gold News



Gold slips off 7-week peak as U.S. yields gain


Gold retreated from a more than seven-week peak on Monday as U.S. Treasury yields gained, weighing on non-yielding bullion’s appeal and countering support from a weaker dollar.

·         Spot gold was down 0.3% at $1,770.97 per ounce after touching $1,789.77, the highest since Feb. 25.

 

·         U.S. gold futures settled down 0.5% at $1,770.60.


 

·         “We’re still probably going to see a gradual rise in U.S. interest rates along with gradual steepening of the yield curve, and that should take some steam out of gold,” said TD Securities commodity strategist Daniel Ghali.


 

·         The benchmark 10-year yield rose above 1.6% after hitting a multi-week low last week.


 

·         Bullion has shed more than 6% so far this year, mostly pressured by surging U.S. yields. But capping gold’s declines was a weaker dollar, which slid to a more than six-week low against rivals.

 


 

·         “The physical market has also provided good support, cushioning prices on dips below $1,700/oz,” said Standard Chartered analyst Suki Cooper.

 

“Demand in India and China has bounced back from low levels and central banks swung to net buying in February.”


 

·         China, the world’s biggest gold consumer, has given domestic and international banks permission to import large amounts of gold into the country, five sources familiar with the matter said.


 

·         Among other precious metals, silver fell 0.6 % to $25.80 per ounce.


 

·         Platinum inched 0.1% higher to $1,204.00.

 

 

·         Palladium climbed 1.5% to $2,819.21 per ounce, after rising to $2,845.50, the highest since February 2020.


 

·         “Palladium is set to continue to move higher owing to a recovery in automotive output, the increasing probability of rhodium to palladium substitution, and ongoing supply disruptions,” Citi Research said in a note.

It raised its 0-3 month point price forecast to $3,200 per ounce from $3,000.

 

·         World shares dip after hitting record highs; U.S. yields rebound

 

·         Benchmark 10-year notes last fell 10/32 in price to yield 1.6064%, from 1.573% late on Friday.


 

·         CORONAVIRUS UPDATES:

COVID-19 infections are still rising in 58 countries.


 

Global Cases: 142.68M (+654,483)
Global Deaths: 3.04M (+9,766)

 


No.1-3

U.S. Cases: 32.47M (+50,350)
U.S. Deaths: 581,552 (+472)

 

India Cases: 15.31M (256,947)
India Deaths: 180,550 (+1,757)

 

Brazil Cases: 13.97M (+34,642)
Brazil Deaths: 375,049 (+1,607)

 

No.109

Thailand Cases: 43,742 (+1,390)
Thailand Deahts: 104 (+3)

 

GLOBAL TOP 3 OF DAILY NEW CASES:

1. India +256,947  Total 15.31M

2. Turkey +55,149 Total 4.32M

3. U.S. +50,350  Total 32.47M

 

Global TOP 3 OF DAILY NEW DEATHS:

1. India +1,757 Total 180,550

2. Brazil +1,607 Total 357,049

3. U.S. +472 Total 581,552

 

·         Global Vaccination

So far, at least 167 countries have begun vaccinating people for the coronavirus and have administered at least 902,598,000 doses of the vaccine.

 

·         CDC says fewer than 6,000 Americans have contracted Covid after being fully vaccinated

 

·         U.S. COVID cases march higher, hospitalizations up for second week in a row

The United States reported an 8% rise in new cases of COVID-19 to 490,000 last week, the fourth week in a row that infections have increased, according to a Reuters analysis of state and county data.

 

·         Britain to add India to COVID-19 travel red-list - health minister

 

·         BOJ to mull slashing this year's inflation forecast: Nikkei

The Bank of Japan will consider slashing this fiscal year’s inflation forecast in quarterly forecasts due out at its policy meeting on April 26-27, the Nikkei newspaper reported on Tuesday.

The downgrade will reflect the impact of cuts in cellphone charge fees, which analysts say could push down core consumer inflation by around 0.2 percentage point.

The central bank is also seen projecting inflation to hover around 1% in fiscal 2023, the paper said without citing sources.

The BOJ currently expects core consumer prices to rise 0.5% in the year that began in April.

 

·         China's Xinjiang actions could be crimes against humanity, says rights group

 

·         U.S. warns airlines on flights near Ukraine-Russian border

The U.S. Federal Aviation Administration (FAA) on Monday urged airlines to exercise “extreme caution” when flying near the Ukraine-Russian border, citing potential flight safety risks.

In a notice to U.S. carriers on Saturday, the U.S. agency noted “escalating regional tensions between Russia and Ukraine, which could potentially result in no-notice cross-border skirmishes, increased military activities and/or conflict.”

 

·         EU condemns Russian decision to evict 20 Czech diplomats

 

·         Some progress in nuclear talks, interim deal possible - Iranian officials

Iran and world powers have made some progress on how to revive the 2015 nuclear accord later abandoned by the United States, and an interim deal could be a way to gain time for a lasting settlement, Iranian officials said on Monday.


Reference: CNBC, Reuters, Worldometers

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