This week it became known that retail sales in the United States accelerated more than expected last month, giving a boost to the economy at the beginning of the fourth quarter and taking the dollar to a 16-month high.
“The report shows that consumption can support the high prices and is still quite strong, which is positive for risk appetite,” said Edward Moya, senior market analyst at OANDA brokerage, adding: “The sales data Retail was quite strong so there are growing risks to the outlook. It will be a slower rally (for gold), but we should still get the go-ahead to move towards $ 1,900. “
Gold rose more than 2% from last week, after consumer prices in the United States rose sharply in October.
“The notion that US inflation has not yet peaked should keep bullion in good stead, as long as the Fed does not deviate from its patient approach to any rate hike,” said Han Tan, analyst. Exinity Market Manager.
Richmond Federal Reserve Chairman Thomas Barkin said Monday that the Fed will not hesitate to raise interest rates, but that the central bank should wait to gauge whether inflation and labor shortages turn out to be more durable. .
Rate hikes tend to weigh on gold as they push bond yields higher, raising the opportunity cost of investing in the metal.
Silver fell 0.4% to $ 24.93 per ounce and platinum was down 1.7% to $ 1,068.76, while palladium was up 0.1% to $ 2,155.80.
How to take advantage of and buy gold in Argentina?
To get ingots or coins you can go to Banco Ciudad and Banco Piano. It is also possible to purchase gold from trading companies and some vending machines. The important thing is that a certificate of purity is issued, along with the gold, confirming its quality.
In addition to the physical gold variants available, there are other ways to invest in the precious metal that do not necessarily mean acquiring bullion or coins. This has the advantage of saving costs for storage and surveillance.
As only the above-mentioned banking firms offer physical gold, if you wanted buy gold in a bank some of the following options would have to be used:
- Future gold in ROFEX. What is acquired is a future commitment contract, in which gold will be bought or sold at a price and on a pre-established date. The buyer takes a document for which he will charge more money if the price of the metal rises or he will add the difference if the value is higher.
- GLD ETF: This indicator replicates the price of gold abroad. To invest in it it is necessary to have an account with an online broker that can operate on the US Stock Exchange.
- Shares in mining companies: Investing in companies such as Barrick Gold, dedicated to mining extraction, or Newmont Mining – one of the largest gold miners in the world – is another way to include funds earmarked for precious metals in the investment plan. For example, you can buy gold by accessing the CEDEARs of these firms.
Source From: Ambito
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