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Gold Breaks Back Through US$1,200

By William OLoughlinMarket OverviewSep 13, 2018 09:28
au.investing.com/analysis/gold-breaks-back-through-us1200-200198855
Gold Breaks Back Through US$1,200
By William OLoughlin   |  Sep 13, 2018 09:28
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Originally published by Rivkin Securities

US stocks were mostly flat overnight although Apple (NASDAQ:AAPL) dropped just over 1% following the release of its new iPhone. Considering the strong share price gain the day before, this appeared to be a case of ‘buy the rumour, sell the fact’ although it still leaves Apple with a market capitalisation of over US$1tn. Although Amazon (NASDAQ:AMZN) stock closed slightly higher overnight, it has failed to hold onto its $1tn market cap that it reached briefly earlier in September. The Dow Jones closed 0.11% higher.

Gold prices rallied overnight, pushing back above US$1,200 per ounce which is the second attempt to break above this level since it dropped below in early August. Part of the strength in gold was due to a fall in the US dollar which dropped below 95, according to the US dollar index, which tracks the dollar against of basket of other major currencies.

Today Australia’s employment data is released with 16,500 new jobs expected to be created. The unemployment rate is forecast to remain unchanged at 5.3%. Later tonight, the Bank of England makes its interest rate decision which markets predict will remain the same at 0.75%. Shortly after that, the ECB announces its key interest rate which is currently still stuck at 0%. Finally, US CPI data for the month of August will be released and is expected to show prices rose 0.3% for the month, slightly above the prior month’s 0.2% gain.

Data Releases:

- Australia Employment Data 11:30am AEST

- UK Bank Of England Rate Decision 9:00pm AEST

- ECB Rate Decision 9:30pm AEST

- US CPI 10:30pm AEST

Gold Breaks Back Through US$1,200
 

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Gold Breaks Back Through US$1,200

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