Gold heads for best quarter in six on Russia-Ukraine war

Gold was on course to post its biggest quarterly gain since September 2020 as the safe-haven metal's appeal was lifted by the Russia-Ukraine conflict and concerns over sky-high inflation.

However, by 0938 GMT, spot gold XAU= slipped 0.5% to $1,93.40 per ounce and U.S. gold futures GCv1 fell 0.6% to $1,927.80 as oil prices fell.

Oil plunged on news that the United States was considering releasing a large quantity of its Strategic Petroleum Reserve to tackle high fuel prices.

"This (lower oil prices) has somewhat allayed the inflation concerns of market participants, meaning that gold as a store of value appears to be in less demand initially today," Commerzbank (DE:CBKG) said in a note.

Bullion has gained about 5.2% this quarter as a Russia's invasion of Ukraine in late February drove gold to a near record high earlier this month. (Full Story)

Along with the Ukraine crisis, worries over high inflation and whether efforts by major central banks are enough to rein it in are weighing on the economy and helping gold do well, said Brian Lan, managing director at dealer GoldSilver Central.

Meanwhile, European stocks were set for the biggest quarterly drop since the start of 2020. MKTS/GLOB

Non-yielding bullion is considered a safe store of value during uncertain times and a hedge against inflation.

Gold also remains en route to post a monthly rise, despite falling earlier in the month ahead of the U.S. Federal Reserve's decision to hike borrowing costs for the first time in three years to tame inflation. (Full Story)

Silver XAG= dipped 0.6% to $24.69 per ounce. Platinum XPT= slipped 0.7% to $983.27. Still, they were set to record quarterly gains.

Auto-catalyst metal palladium XPD= slipped 1.3% to $2,235.77, but is set for its sharpest quarterly jump since September 2020, having hit record highs earlier this month after the West heaped sanctions on top-producer Russia.

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Check out the news that happened in the last 24 hours

 1️⃣ Yesterday's main news

 - "Small Non-Farming" is upset again, suggesting that the US jobs recovery is slowing

 On Wednesday, the Fed's use of overnight reverse repurchases dropped significantly.

 - Crude oil inventories at the US EIA fell more than expected last week.

 - OPEC+ maintains a schedule of 400,000 barrels per day.

 - Iran: Once sanctions are lifted, oil production will be maximized.

 - The hawkish voices of senior ECB officials are growing louder.

 - Chile seeks 150 billion investment to achieve expansion target

 2️⃣ Today's Financial Facts and Data

 - the monthly rate of the Eurozone PPI for July will be published, the expected value is 1.1% and the previous value is 1.4%.  Recently, senior European Central Bank officials have frequently expressed concern about inflation risks in the euro area, if the data exceeds expectations it could accelerate the pace of key tightening.  policy of the European Central Bank.

 - today will release the number of initial jobless claims from the United States through August 28, the expected value is 345,000, and the previous value is 353,000.

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Comment on Gold on September 1, 2021

 In yesterday's trading session, precious metal Gold fluctuated in the range of 1801-1819, after matching buy limit order at 1802 Gold price bounced up to 1816, closing the day session with a rising green candle at 1802.  around 1813. With precious metal Gold appeared to gain strength after a day of slight decline, confirming my buy signal.  We will continue to maintain the buy signal with precious metal Gold like yesterday.

 In a shorter time frame, H4 price zone around 1807 will be a good buy point if any has not yet matched buy orders at 1802. Safe target around 1820 and expect 1830 in today's session.

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Comment on Gold on August 31, 2021

 After surging to the price range of 1822 precious metals Gold fell slightly to 1807, closing the day session with a bearish candle around 1809. However, in my personal opinion, this drop is what  necessary for the precious metal Gold to bounce back.  This correction is a good price area for us to establish a buy position.

Switching to the shorter-term timeframe H4 we can see the support of the precious metal Gold in today's session around 1802-1808.  Here, in my opinion, we can establish a buy position with the safe target around 1820 and the expectation of the "old peak" area of ​​1830.

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Check out the news that happened in the last 24 hours

  1️⃣ Yesterday's main news

 - Powell: Fed policy has limitations

 - The Federal Reserve FOMC will release the minutes of its monetary policy meeting

 - US retail sales fell more than expected in July

 - The SEC has temporarily suspended Chinese companies from using shell companies to come to the US for IPOs

 - Taliban conference in Afghanistan: do not want to repeat any war

 - RBNZ rate hike is expected to cool down

 - Japan approves plan to extend and extend the state of emergency restrictions

 2️⃣ Financial facts and data today

 - the Reserve Bank of New Zealand announced its decision on interest rates.  Previously, the market expected the Reserve Bank of New Zealand to raise interest rates by 25 basis points, but after the emergence of community transmission cases, the market was concerned that the epidemic would increase and bet  The interest in the Reserve Bank of New Zealand raising interest rates has been much cooled.

 - In the afternoon, the July CPI monthly rate will be announced in the UK and the Eurozone.  Be wary of fluctuations in the pound and the euro.

 - EIA of crude oil inventories from the United States until the 13th week of August 13.  API data released early this morning showed crude oil inventories continued to decline, and WTI crude futures fell slightly afterward.

 - The new crown anti-epidemic group will hold a press conference on the new crown vaccine booster on Wednesday, local time, and Biden will also give a speech.

 - the next morning, the Federal Reserve FOMC releases the minutes of its monetary policy meeting, you can focus on clues about QE.

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Comment on Gold on August 13, 2021

 In yesterday's trading session, precious metal Gold didn't change much when it fell from 1758 to 1741 then bounced back.  Closed with a bullish candle but this uptrend was only a sideways span during the day.  So in today's trading session, my personal opinion has not changed compared to yesterday's session.

 - The resistance zone of 1760-1765 is still the area where we wait to establish a short position in precious metal Gold with a safe target around 1740. And if 1740 is broken today then 1725  will be the next level this metal is heading towards.

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