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Gold Renew's Record-High over $ 3,000, Canadian dollars awaits the inflation data

Gold Renew's Record-High over $ 3,000, Canadian dollars awaits the inflation data

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Here is what you need to know on Tuesday, March 18:

Gold benefits from escalating geopolitical tensions and trade with a new record high of over $ 3,000 in the early Tuesday. The European Economic Calendar will contain data on economic moods from Germany and Euro trade records in the region. In the second half of the day, industrial production and housing data from the USA are closely observed by the market participants together with the inflation numbers in February in February.

Israeli Prime Minister Benjamin Netanyahu stated on Tuesday that Israel will resume military operations against Hamas via the Gaza Strip to Reuters. “From now on, Israel will act against Hamas with increasing military violence,” added Netanyahu. In the meantime, US President Donald Trump said that they would blame Iran for all Houthis attacks after the group had launched an attack with 18 ballistic and cruise trees and drones that aimed at the USS Harry S Truman aircraft carrier on Sunday. In response to this, the United States carried out new air raids on Monday in the port of the Red Sea Port City from Hodeidah and Al Jawf north of the capital Sanaa. After won about 0.5% on Monday, Gold continues to drive higher and was most recently traded with a fresh all-time high near $ 3,020.

US dollar price this week

The following table shows the percentage change in the US dollar (USD) compared to the listed main currencies this week. The US dollar was weakest compared to the New Zealand dollar.

USD EUR GBP Jpy Cad Aud NZD CHF
USD -0.37% -0.33% 0.72% -0.60% -0.76% -1.33% -0.41%
EUR 0.37% -0.08% 0.69% -0.22% -0.53% -0.97% -0.06%
GBP 0.33% 0.08% 1.09% -0.36% -0.47% -0.91% -0.05%
Jpy -0.72% -0.69% -1.09% -1.30% -1.68% -1.98% -1.24%
Cad 0.60% 0.22% 0.36% 1.30% -0.37% -0.74% -0.36%
Aud 0.76% 0.53% 0.47% 1.68% 0.37% -0.42% 0.49%
NZD 1.33% 0.97% 0.91% 1.98% 0.74% 0.42% 0.92%
CHF 0.41% 0.06% 0.05% 1.24% 0.36% -0.49% -0.92%

The heat card shows percentage changes to the main currencies against each other. The basic currency is selected from the left column, while the quote currency is selected from the upper row. For example, if you select the US dollar from the left column and move along the horizontal line to the Japanese yen, the percentage change that is displayed in the box is shown USD (base)/JPY (quote).

The US dollar (USD) After a bullish opening in Wall Street, the index was lower on Monday and closed the day in a negative area. On Tuesday in the European morning, the index keeps stable at around 103.50, while the US stock index futures lose between 0.2% and 0.3%.

USD/CAD Lost by more than 0.5% on Monday and dropped below 1.4300. The couple is liable on small recovery results near 1,4300 to start the European meeting. The consumer price index (CPI) in Canada is forecast by 1.9% in February after the increase in January.

EUR/USD Capital weakens and over 1,0900 on Monday. The couple fluctuates in a narrow channel early Tuesday at around 1.0920.

GBP/USD On Monday, more than 0.4% rose and has touched its highest level near 1.3000 since the beginning of November. In the European morning, the couple remains around 1.2980 in a consolidation phase.

USD/JPY Further further after the winning of the win on Monday and deals with a two-week high-high value of over 149.70. Japan's Finance Minister Katsunobu Kato said on Tuesday in a news information that the bond markets should decide on the interest movements after the 40-year debt yield of the public debt had briefly increased to a record high.

Gold Faqs

Gold has played a key role in human history, since it was widely used as a value memory and medium of the exchange. Apart from its gloss and use for jewelry, the precious metal is currently widely regarded as a safe asset, which means that it is considered a good investment in turbulent times. Gold is also widely regarded as protection against inflation and against written currencies, since it is not dependent on a certain issuer or a certain government.

Central banks are the largest gold owners. In their goal of supporting their currencies in turbulent times, central banks tend to diversify their reserves and buy gold in order to improve the perceived strength of the economy and currency. High gold reserves can be a source of trust for the solvency of a country. According to the World Gold Council, the central banks added 1,136 tons of gold worth around 70 billion US dollars in 2022. This is the highest annual purchase since the start of the records. Central banks from emerging countries such as China, India and Turkey quickly increase their gold reserves.

Gold has a reverse correlation with the US dollar and the US state bonds, which are both the main reserve and the Safe-Haven assets. When the dollar devalues, the gold tends to rise and enables investors and central banks to diversify their assets in turbulent times. Conversely, gold correlates with the risk assets. A rally on the stock exchange tends to increase the gold price, while the sale in riskier markets favors the precious metal.

The price can move due to a variety of factors. Geopolitical instability or fears of a deep recession can quickly escalate the gold price due to its safe-have status. As a favorable capital, the gold tends to increase with lower interest rates, while higher money costs usually strain the yellow metal. Nevertheless, most of the movements depend on how the US dollar (USD) behaves as the asset evaluates in dollars (XAU/USD). A strong dollar means that the gold price is checked, while a weaker dollar is likely to increase gold prices.

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