Gold brushes another record high to $2,274, trading nearly $1.30 billion in one minute

Daocheng Technology Financial News - Tuesday (April 2) in the US city,Spot goldThe short-term increase expanded to over 10.dollar, set a record high to $2274.21 an ounce, rising nearly $23 in the day.

(30-Minute chart of spot gold)

COMEX most active goldfuturesContract Beijing time on April 2nd 22:03--22:04 within one minute trading disk instantly traded 5673 lots, the total value of the transaction contract 1.301 billion US dollars.

In terms of economic data,United StatesJob openings rose 8,000 to 8.756 million in February from 8.748 million in January, higher than the expected 8.73 million. Job vacancy rate was 5.3% in February, compared to 5.3% in the previous month. Hiring pace was 3.7%, compared to 3.6% in the previous month. 3.484 million people resigned in February. Downsizing and termination rate was 1.1%, compared to 1.0% in January. Another 351,000 people left the company due to retirement, transfer to other locations, death and leaving due to disability.

The JOLTS job openings data doesn't add to our knowledge of the labor market, as February's job openings were almost in line with expectations. January's data was revised slightly downward, but that doesn't matter. The resignation rate was 2.2 percent, unchanged from the upwardly revised level in January. The fact that the number wasn't strong prompted a small rally in fixed income assets, but it doesn't seem like a particularly solid foundation for a more durable rally.

Gold doesn't seem ready to give up its gains just yet, as expectations are that February's core personal consumption expenditures price index (PCE) data was the lowest in two years, which would makeFederal ReserveIt is expected to cut interest rates three times this year.

Looking ahead, gold prices could come under pressure to maintain a high level as Treasury yields extend upward, with the 10-year Treasury yield reaching 4.34 per cent. The rise comes as investors have scaled back expectations that the Federal Reserve will cut interest rates in June. Higher yields on interest-bearing assets increase the opportunity cost of holding investments in non-yielding assets such as gold.

This week, investors will focus on the U.S. March release due on Fridaynon-agriculturalEmployment data (NFP). Labor market data can provide clues as to when the Federal Reserve will start cutting interest rates.

Economists at Scotiabank analysed the outlook for gold, which held firm after hitting new highs after earlier gains.

The bank's economists say the outlook for gold remains positive as investors bet on lower global interest rates, perhaps looking for opportunities to diversify beyond rising equities, or, in the case of central banks, continued to reduce their exposure to the dollar, which has seen strong growth in net central bank gold purchases over the past two years.

Overall, history shows that rising gold prices are usually correlated with a weaker dollar, so a stronger gold price and a stronger dollar seem a bit odd; something may have to be paid for.

Beijing time 22:40, spot gold reported 2266.88 dollars/ounce, up 0.70%.