Chatters surrounding the incoming Treasury Secretary Janet Yellen’s likely favor to the market-determined US dollar value and position to be the only official to speak on the greenback recently probed gold sellers. It should be noted that doubts over US President-elect Joe Biden’s covid aid package’s acceptance and ability to propel the markets earlier weighed on risks.
Also favoring the bullion could be the latest improvement in the coronavirus (COVID-19) cases from the UK as well as hopes that the vaccines can also cure the virus variants found in Britain and South Africa. It’s worth mentioning that London is tightening the lockdown restrictions starting from Today as virus conditions worsened in the nation.
Elsewhere, doubts over China’s ability to overcome the pandemic and virus woes in Japan are extra catalysts that try to entertain market players during a dull session. The market moves are also confined due to the US holiday.Amid these plays, S&P 500 Futures bounce off the lowest in two weeks while snapping a two-day losing streak, currently up 0.30% to 3,757.12.
Although risk headlines remain as the key driver for gold, China’s headline Q4 GDP, Retail Sales and Industrial Production figures can also direct short-term moves of the commodity. While the GDP figures are likely to jump from 4.9% to 6.1% YoY, the quarterly numbers could also improve to 3.2% versus 2.7% prior. Further, Retail Sales is also likely to rise from 5.0% previous readouts to 5.5% whereas Industrial Production may ease to 6.9% from 7.0% marked in November.
Reference : FXStreet
Thai
Eng