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Market News 【Top1 Evening】 Gold rises and the Nasdaq's rebound is just a "phantom"

【Top1 Evening】 Gold rises and the Nasdaq's rebound is just a "phantom"

Although the Nasdaq has rebounded, its foundation is unstable; fuel inventories have fallen sharply, reflecting the improvement in demand for crude oil; the rise in government bond yields has paused, which is good for gold prices; the Asian market hit a one-week low in early Asian trading.

TOPONE Markets Analyst
2021-03-11
607

晚间新闻.jpg


Gold: Gold price settles at highest in over a week 

Spot gold rose 0.4% to US$1,733.46 per ounce, and earlier hit US$1,734.55, the highest since March 3. US gold futures GCv1 rose 0.6% to 1,732.20 US dollars.


Spot silver rose 0.5% to US$26.30, spot palladium fell 0.1% to US$2,303.11, and spot platinum rose 1.1% to US$1,216.32.


IG Market analyst Kyle Rodda said, “When the US announced that the consumer price index (CPI) rose slightly, the price of gold received some boost... The dollar’s gains faded and the yields of government bonds stopped rising, which is bullish for gold prices. theme."


Crude oil: rising oil prices

US WTI crude oil futures prices rose 52 cents, or 0.81%, to $64.96 per barrel. London Brent crude oil futures prices rose 52 cents, or 0.77%, to $68.42 per barrel.


At midday in Asia on Thursday, crude oil prices rose due to improved economic prospects and a sharp drop in US fuel inventories, but the increase in crude oil inventories suppressed the increase.


According to data released by the US Energy Information Administration (EIA) on Wednesday, US crude oil inventories increased by 13.798 million barrels in the week ended March 5, and according to the Investing.com financial calendar, the market had expected an increase of 816,000 barrels.


The data released by the American Petroleum Institute (API) the day before also showed that US crude oil inventories increased by 12.792 million barrels.


Forex: The U.S. dollar is at a one-week low

The dollar index was flat at 91.79. Earlier, it hit a one-week low of 91.75 in early Asian trading, as data showed that the growth of core consumer prices in the United States slowed down slightly in February.


The dollar/euro traded at $1.1932, finishing a 0.2% decline overnight. USD/CHF reported 0.9299.


The pound was quoted at 1.3935 against the dollar, up 0.3% on Wednesday.


The yen fell about 0.2% against the dollar to 108.55 yen, the only major currency that fell against the dollar.


Both the Australian dollar and the New Zealand dollar rose against the US dollar for the third consecutive day, and the popularity of the Australian and New Zealand currencies remained strong due to rising commodity prices and expected global trade to accelerate.


Stock market: Japanese stocks closed up

The Japanese stock market closed higher on Thursday, as investors bought deep-declining cyclical stocks, but also because investors reduced the index's heavyweight positions, which inhibited the gains.


The Nikkei index .N225 closed up 0.6% to 29,211.64 points, and the top stock index .TOPX rose 0.27% to 1,924.92 points.


 The market believes that the recent rise of the Nasdaq 100 index is a rebound after the index is oversold, and the decline in bond yields also provides impetus.


Andrew Brenner, head of the international fixed income division of NatAlliance Securities in New York, said: "We believe that Tuesday's rise is short-covering and the foundation is unstable."


According to the US Commodity Futures Trading Commission (CFTC) data, since early October, large speculators-mainly hedge funds-have been extremely bearish on the Nasdaq mini futures.


Focus

March 10th 20:45 (GMT+8) European Central Bank's interest rate decision

March 10 21:30 (GMT+8) ECB Press Conference


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