Too crazy! The price of gold has reached an all-time high again! It turns out that there are three major bullish supports

Daocheng Technology Financial News - Friday (April 12) Asian morning trading,Spot goldSlightly higher, once refreshed the historical high to 2379.36dollarGold prices rose nearly $40 on Thursday, hitting an intraday high of $2377.60 an ounce and closing at $2372.26 an ounce. EarlierUnited StatesLower-than-expected producer price data lifted jobless claims to their highest level since January, boosting the yearUS interest rate cutWhile U.S. officials say they expect Iran to attack Israel, continued geopolitical concerns have added to gold's appeal.

Forex PlatformThe head of precious metals trading said: "The PPI data was slightly lower than expected, which perpetuated hopes of a possible rate cut before the end of the year - so gold rallied. Central bank buying and geopolitical uncertainty remain the pillars supporting the gold market."

(Spot gold four-hour chart)

U.S. producer prices rose less than expected in March, easing concerns about a pickup in inflation

U.S. producer prices rose only modestly in March, with the impact of higher service prices partially offset by lower commodity prices, easing concerns about a pick-up in inflation.

The Labor Department report released Thursday led economists to expect that, relative to March's strong consumer price data,Federal ReserveThe personal consumption expenditure (PCE) price index, which is favoured when setting monetary policy, will rise only modestly.

High inflation and continued strength in the labor market prompted financial marekts and most economists to postpone expectations for the timing of the Fed's first rate cut from June to September. Minutes of the Fed's March 19-20 policy meeting, released on Wednesday, also showed policymakers worried that inflation progress may have stalled.

The Labor Department's Bureau of Labor Statistics said the producer price index (PPI) for final demand rose 0.2% month-on-month in March, and economists surveyed predicted it would rise 0.3%. The reading for February was confirmed to be up 0.6%. The PPI rose 2.1% year-on-year in March after rising 1.6% in February.

Prices for services rose 0.3% in March, the same as in February, according to the PPI report. This was mainly due to a 3.1% jump in prices for brokerage, trading, investment advice and related services. Portfolio management fees, which are used to calculate the PCE price index, healthcare, hotel and motel accommodation, and airfare prices, rose 0.5%.

According to PPI and Consumer Price Index (CPI) data, economists expect the core PCE price index to rise only modestly, with unrounded month-on-month estimates ranging from 0.21% to 0.28%. The core PCE price index rose 0.3% month-on-month in February. The year-on-year increase in the indicator is expected to slow to 2.7% from 2.8% in February, which would be the smallest in three years.

The overall PCE price index is expected to rise 0.28% month-on-month in March, rising to 2.6% year-on-year. February PCE price index rose 0.3% month-on-month and 2.5% year-on-year

After the PPI data was released, traders bet that the Federal Reserve could start cutting interest rates as early as its meeting in late July.

Jobless claims rise to highest level since January

In a separate report on Thursday, the Labor Department said initial jobless claims fell by 11,000 to a seasonally adjusted 211,000 in the week ending April 6. Economists had forecast 215,000.

The number of unadjusted applications rose by 17,037 to 214,386 last week.

Even though the timing of the Easter and Passover holidays, which change from year to year, tends to cause volatility in unemployment data, last week's data suggested that the labor market remained healthy early in the second quarter. Job growth picked up in March and the unemployment rate fell to 3.8 percent from 3.9 percent in February.

The jobless claims report showed renewals rose by 28,000 to 1.817 million in the week to March 30, the highest level since January. The uninsured unemployment rate remained unchanged at 1.2 percent.

Michael Pearce, deputy chief US economist at Oxford Economics, said: "Although hiring is slowing, net job growth remains strong because there are fewer job cuts in the economy and there is no sign from the unemployment data that things are changing."

US officials predict that Iran will attack Israel

A source familiar with American intelligence was not aware of the message sent through Oman, but said Iran was "well aware" that its response to the attack on its embassy in Syria would be "controlled" and "non-escalating" and planned "a series of attacks on Israel using regional proxies."

The diplomatic messages suggest that Iran has taken a cautious approach in weighing how to respond to the April 1 attack, both to deter further such Israeli actions and to avoid military escalation that would provoke the United States.

Iran's supreme leader, Ayatollah Ali Khamenei, said on Wednesday that Israel "must be punished and will be punished," adding that it amounted to an attack on Iranian territory. Israel has not confirmed responsibility for the attack, but the Pentagon said Israel was responsible.

One of the Iranian sources did not rule out the possibility that members of the Iranian-backed Axis of Resistance could attack Israel at any time. Analysts see this as a possible means of retaliation.

At the meeting in Oman, Mr. Abdullahiyan said Tehran was willing to de-escalate on the condition that demands, including a permanent cease-fire in Gaza, were met, the sources said, a possibility that Israel, which aims to eliminate Hamas, has ruled out.

Tehran also demanded assurances from the United States that it would not intervene if Iran carried out a "controlled attack" on Israel, the sources said, a demand the United States rejected in a response relayed through Oman.

A retaliatory strike by Iran would be "non-escalatory" to the United States "because they don't want U.S. involvement," said sources familiar with U.S. intelligence, suggesting that Iran would not instruct its proxy militias in Syria and Iraq to attack U.S. troops in those countries.

Chief of HSBC BankcommodityAnalyst James Steel pointed out that the latest rise in the gold market was driven by geopolitical risks affecting the broader market.

"It's the default game," Steel said. "Specifically, there are areas where the real estate market is very weak and the stock market is very weak, which narrows down what investors big and small might look for. Gold is a good safe haven."

Steel stressed that he believes geopolitical factors have had a very strong impact on the gold market, "We have seen a significant influx of geopolitical-led safe haven buying, and there is academic research showing that gold can be a good hedge against geopolitical risk as well as financial marekt risk."

Outlook

This trading day needs to pay attention to China's March trade data, China's M2 money supply annual rate in March, pay attention to the monthly rate of the US import price index in March and the preliminary value of the US University of Michigan consumer confidence index in April, pay attention to the speech of the Federal Reserve officials and the geopolitical situation related news. Beijing time 07:52, spot gold spot 2376.70 dollars/ounce.