Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Commodities

Gold prices drop, U.S Tech Stocks tick up

Olumide AdesinabyOlumide Adesina
2 years ago
in Commodities
ETF, stocks, shares, investment, equity,Gold loses some shine on hopes for COVID-19 vaccines
Share on FacebookShare on TwitterShare on Linkedin

Gold prices dropped lower as the U.S dollar regained momentum on Tuesday morning at London’s trading session.

A rapid rise in U.S tech stocks also saw gold losing its shine, as investors increase their buying pressures on riskier assets.

At the time of writing, Gold futures were down by 0.40% to trade at $1,921.15.

READ: Oil prices drop, storm departs Gulf of Mexico

What you should know

The reason gold prices are dropping is hereby explained;

Tech stocks, particularly Apple and Amazon, got the attention of global investors as their impressive fundamentals kept safe-haven assets like gold at bay.

READ: Days of crypto criminals numbered

In addition, gold traders are factoring a likely win by Democrat Joe Biden in the November’s U.S. presidential elections, which might lead to a much larger stimulus package than currently obtainable by President Trump.

Stephen Innes, Chief Global Market Strategist at Axi, in a note to Nairametrics, spoke on key macros weighing down on the precious metal

READ: Apple’s market value cross $ 2 trillion

“After gold broke $1,920 last week, the market is likely priced higher this week, with the $1,960-1,980 range in focus. The path of least resistance is to the upside.

“News flow of late has been stimulus-on/stimulus-off and current optimism over more fiscal aid has pushed stock markets and the precious metals complex higher.

READ: Facebook, Microsoft, Amazon shares drop, top U.S official orders lockdown

“Gold’s longer-term outlook remains bullish given the rising COVID-19 pandemic, ongoing US-China tensions, and an eventual large-scale fiscal deal expected.”

Gold’s uptrend has stalled as the US dollar (outside of the British Pound) struggled for direction, after the People’s Bank of China (PBoC) interventions.

Related

Tags: Business NewsChief Global Market StrategistGold pricesPresident TrumpStephen InnesUS DollarUS-China tensions

Leave a Reply Cancel reply

HFM
Mega Millions
Mega Millions
Patricia





NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Nigeria currently has 10, 000 data protection experts but needs 500, 000 of them  —NDPB
  • IPMAN says fuel will become affordable at affordable prices in two weeks
  • Fobally Art World Africa Foundation Launches Art Competition for Lagos State Secondary Schools and National Undergraduates from 1st of February 2023

Follow us on social media:

Recent News

Nigeria needs 500,000 data protection experts, currently has 10,000—NDPB

Nigeria currently has 10, 000 data protection experts but needs 500, 000 of them  —NDPB

February 1, 2023
In two weeks, fuel will become available at affordable prices – IPMAN

IPMAN says fuel will become affordable at affordable prices in two weeks

February 1, 2023
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Lifestyle
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds

© 2023 Nairametrics