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The Price of Gold has been Suppressed in Many Ways / U.S. Demand for Oil Refining Increasing, Reflecting that U.S. Energy Demand has Begun to Recover

The Price of Gold has been Suppressed in Many Ways
Spot gold closed at 1731.25 US dollars per ounce on Wednesday, down 0.31 US dollars or 0.02%, the lowest intraday hit 1726.04 US dollars per ounce, and earlier hit a high of 1,741.05 US dollars per ounce. But because on Tuesday before the Fed’s first policy meeting, US Treasury yields rose. The yield on the benchmark 10-year U.S. Treasury bond rose to 1.62%, and the yield on the 30-year U.S. Treasury bond rose to 2.38%. Rising U.S. Treasury yields put pressure on dollar-denominated gold. In addition, the US dollar rose for the third consecutive trading day, rising against the euro and commodity currencies such as the Australian dollar and the New Zealand dollar. The rise in the U.S. dollar puts pressure on dollar-denominated gold. In addition, analysts at TD Securities also stated that the gold market will continue to face resistance when U.S. Treasury yields rise and the Fed does not make a statement. Therefore, in the short term, gold prices have a good chance of being suppressed again.

U.S. Demand for Oil Refining Increasing, Reflecting that U.S. Energy Demand has Begun to Recover
The American Petroleum Institute (API) announced that crude oil inventories unexpectedly decreased by 1 million barrels last week, and the market originally expected an increase of 2.715 million barrels. Gasoline inventories decreased by 926,000 barrels, which was lower than market expectations for a decrease of 3 million barrels. As for distilled oil inventories, an increase of 904,000 barrels, the market originally expected a decrease of 3.4 million barrels. The data reflects that the refining demand in the southern United States has gradually recovered from the severe cold weather in the middle of last month. It helps alleviate market concerns about the unfavourable recovery in energy demand caused by the impeded vaccination schedule in Europe.

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