Gold And Crude Oil Outlook – Investing.com

SourceInvesting.com
SectorOil & Gas
CountryMiddle east

Strength in the dollar along with a surge in global bond yields is likely to keep gold prices under pressure. The is trading near 90.748 which has recovered from yesterday’s low of 90.398, however still far away from the recent high of 93.470 registered on Mar. 31. The United States Bond Yield is now trading at 1.645 which recovered from the recent low of 1.531 registered on Apr.

23 still sharply lower from the recent high of 1.7760 registered on Mar. 30. prices are currently trading near $1,769 with moderate losses from yesterday’s closing.
 
Gold has underlying support from the Covid pandemic, which is dovish for central bank policies. The overall global Covid-19 caseload has topped 150.1 million, while the deaths have surged to more than 3.16 million, according to the Johns Hopkins University.  

On the economic data front, US weekly claims fell by 13,000 to a 14-month low of 553,000. Also, US Q1 personal consumption rose +10.7%, against expectations of +10.5%. In addition, Eurozone April economic rose +9.4 to a 2-1/2 year high of 110.3, stronger than expectations of 110.3. On the negative side, US Q1 rose +6.4% (q/q annualized), weaker than expectations of +6.7%.

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