The Price of Gold Hits a New Record - XAUUSD $XAUUSD goldprice
In general, global financial markets are torn between different topics, as traders switch back and forth between inflation and recession risks depending on the latest round of economic data releases. The week began with the specter of inflation returning to haunt investors after OPEC + boosted oil prices, but the session closed with recessionary nerves in the driving seat after a disappointing reading on US manufacturing.
The manufacturing sector is a "canary in the coal mine" for the broader economy, mounting signs of an imminent recession have encouraged bets that thewill cut interest rates later this year. In the market’s activity, the US dollar was the main victim. Meanwhile, Gold managed to make its way back above the $1980/oz resistance area, taking full advantage of the renewed weakness in the dollar price and real yields. Pullback buyers have been in force since the banking episode, which changed the landscape for gold by cementing expectations of lower interest rates and crashing yields lower.
The impressive part is that Wall Street indexes led higher even though Tesla shares fell 6%. Investors were disappointed when the electric car maker disclosed its deliveries for the fourth quarter, which didn't improve much even after Tesla slashed its prices to boost demand. The Australian dollar was leading the euphoria in stock markets and higher commodity prices, as it rose nearly 2% from yesterday's lows against its US counterpart.
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