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Market Drivers – European Session 1-2-2022

Adel 1 February, 2022 5:57 pm Market Update

There were no strong market drivers during the European session.

Gold prices rose on Tuesday above the key $1800 level, with increased investment demand, further supported by a weak dollar and falling Treasury yields.

By 1323 GMT, the price of gold in spot transactions rose 0.5% to $1,805.43 an ounce. US gold futures jumped 0.6 percent to $1,806.50.

Canada’s Real Gross Domestic Product (GDP) expanded at a monthly rate of 0.6% in November, data published by Statistics Canada showed on Tuesday. This reading was well above the consensus market forecast for a growth rate of 0.3% MoM and marked a slight deceleration in the 0.8% MoM growth rate seen in October. Statistics Canada said that GDP was most likely unchanged in December on a MoM basis, implying that Q4 GDP growth likely stood at 6.3% annualised.

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