” Recovery Phase ” Famous Analyst Announces Developments Followed By Gold Price Today
Coinputin.com – Kitco analyst Rajan Dhall today assesses the course of the gold price along with current developments.
Dhall’s reviews include
After a very strong session on Tuesday, gold rose in the EU session. Silver is trading at $ 23.84 an ounce.
The Nikkei 225 (0.05 per cent), the ASX (0.03 per cent) and the Shanghai Composite (-0.07 per cent) continued their movement.
One of the main stories from China comes from the new US administration. This morning, it was reported that Joe Biden would not immediately lift Chinese tariffs. He said he wanted to review the current deal with the world’s second-largest economy before making a decision, the NY Times reported.
European Central Bank
There was also some stimulus talk from the ECB. The ECB’s Kazaks said the forecast for a €500bn rise was not much different. This was about the December meeting. Analysts are looking at several potential ECB actions, including extending Tlrtos from 3 years to 5 years and adding other assets to the TLTRO collateral. Let’s note that the TLTRO program is a targeted long-term refinancing operation.
In terms of data from the Asian session, the market was judged on the latest Australian GDP figures. The growth figure came in at 3.3%, beating expectations of 2.6% in the third quarter. Yes, the technical recession may be over, but just like many other countries, it’s too early to say that the economy is getting back on track. But countries are trying to calculate the cost of the covid-19 outbreak.
There is some positive news about the COVID-19 vaccine, as the UK has approved the Pfizer-BioNTech corona virus vaccine for use. BioNTech and Pfizer have been told the first US shipments of the coronavirus vaccine will be delivered on December 15.
At the time of writing, the price of gold is trading at $ 1826 an ounce.