Home
News
- Spot gold price surged by 0.8% at $1,835.92 per ounce as of writing in today’s market session.
- Spot gold prices have shown a hike of 4.55% in a timeframe of 3 weeks
- Futures gold prices also rose by 5.62% within 3 weeks.
Prices of gold were immensely increasing on Friday, 6 January and were climbing up over for a third week straight. But all three metals were showing a sharp decline this week. Spot silver plunged -0.65% to $23.39, whereas platinum slumped by -1.70% to $1049.81 and palladium descended by -2.74% to $1740.00 as of writing in today’s trading session.
As per looking at the charts, patterns and previous performance, all technical conditions are meeting up and are in favor. Our in-house analysts at thecoinrepublic believe that Gold and Silver are all set to give a breakout as they have been consolidating for two years. We see prices of gold hitting steadily above $2,000 and silver may simply go twice above $40 and can gradually hit back to its all-time highs at $50 an ounce.
Investors have been waiting for that U.S. jobs report for a long time to evaluate the Federal Reserve’s rate hike stance. Data released on Thursday showcases majority of Americans who were submitting new requests for jobless gains declined to a three-month low previous week. However, beyond expectations, the ADP report presents that private employment rose by 235,000 jobs during past month.
After putting the official jobs report together, it is said to be due later in the session, which is predictable to present that the labor market stayed in good shape in December. To sum up 200,000 fresh jobs in total and the unemployment rate remains same at 3.7%.
“Signs of strength in the U.S. labor market are understandably being read as prolonging both the Fed’s concern with tight labor markets and its preoccupation with suppressing inflation,” said analysts at ING in a note.
If we summarize this article, Gold price is in a continuous run by three weeks among all other valuable metals. This reveals real value of gold in tough times of the market.
Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Mr, Nikhil Ingole is a Chief Editor at The Coin Republic with over five years of technical analysis & trading experience in Forex and Crypto. As a commerce graduate, he has taken a keen interest in blockchain’s future potentials in the financial industry. A keen cryptocurrency enthusiast, he is very supportive of new media projects, pioneer ideas and the Bitcoin community. He possesses strong technical, analytical skills and is well known for his financial market’s informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.
