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Gold climbs to $1613 before reversing – Kitco NEWS

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After 10 consecutive trading days which resulted in daily gains and a higher closing price when compared to the open that streak was broken today when gold futures settled sharply lower on today. The price difference between Tuesday evening’s high and today’s low was just about $60.

Gold futures settled in New York yesterday at approximately $1571. Tuesday evening prices spiked to $1631 when Iran launched a surface to surface missile attack into two airbases in Iraq which housed U.S. troops. Iran’s Islamic Revolutionary Guard Corps took credit for the attack as a retaliatory action from Friday’s drone attack that killed their second in command, Major General Soleimani.

Within an hour of the airstrike as the dust settled reports surfaced that there were no U.S. or Iraq casualties, which cause gold pricing to selloff breaking below $1600. Prices remained under pressure throughout the evening as market participants listened intently for incoming news from Iran’s foreign minister. His statement indicated that his country had taken “proportional measures in self-defense” and didn’t seek further escalation for war. This statement along with a tweet from President Trump which said that “all is well”, continues to pressure gold pricing.

This morning President Trump announced that, “Tehran appears to be standing down” and indicated that there would be no reprisal from last night’s missile attack. The statements by both the United States and Iran indicated a major de-escalation in the conflict which began at the end of last week.

This caused gold to cascade sharply to lower pricing. After trading to a low of 1553.40, gold recovered slightly and as of 4:30 PM EST is trading at $1557.00, after factoring in today’s net decline of $17.30.

On a technical basis, major support for gold pricing does not occur until approximately $1540 to $1535. $1535 is based upon a Fibonacci retracement from $1265 to $1613, the range of the most recent leg of this rally. $1540 is based upon the price top which is just below last year’s record high of $1565. Gold broke below last year’s record high at $1565 immediately following President Trump’s statement this morning, which is why our technical studies indicate that that price point is current resistance.

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Wishing you as always, good trading,

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Afterpay delays vote on $29 billion buyout as Square awaits Spain’s nod

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Afterpay Ltd will delay a shareholder meet to approve Square Inc’s $29-billion buyout of the Australian buy now, pay later leader, as the Jack Dorsey-led payment company awaits regulatory nod in Spain.

The investor meet was set for Dec. 6, but Afterpay said it would likely take place next year as Square, which has rebranded itself to Block Inc, is likely to get an approval from the Bank of Spain only in mid-January.

The delay is unlikely to impact the completion of Australia‘s biggest deal, which is set for the first quarter of 2022, Afterpay said.

“We continue to believe the risks of the transaction closing are minimal,” RBC Capital Markets analyst Chami Ratnapala said in a brief client note.

Meanwhile, Twitter Inc co-founder Dorsey is expected to focus on Square after stepping down as chief executive of the social media platform as it looks to expand beyond its payment business and into new technologies like blockchain.

Afterpay shares fell more than 6%, far underperforming the broader Australian market, tracking Square’s 6.6% drop overnight in U.S. market on worries over the Omicron variant.

 

(Reporting by Nikhil Kurian, Sameer Manekar and Indranil Sarkar in Bengaluru; Editing by Anil D’Silva, Rashmi Aich and Arun Koyyur)

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Canada Goose under fresh fire in China over no-return policies

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China’s top consumer protection organisation has warned Canada Goose Holdings Inc against “bullying” customers in China with its return policies, just three months after the winterwear brand was fined for false advertising.

The premium down jacket manufacturer has been a hot topic on Chinese social media in recent days over its handling of a case involving a customer who wanted a refund of her purchases amounting to 11,400 yuan ($1,790.17) after finding quality issues.

She said she was told by Canada Goose that all products sold at its retail stores in mainland China were strictly non-refundable, according to her account which went viral online.

State-backed media such as the Global Times newspaper later cited Canada Goose as denying that it had a no-refund policy and that all products sold at its retail stores in mainland China were refundable in line with Chinese laws. The company did not respond to Reuters’ request for comment.

That has not failed to quell criticism of the brand.

“No brand has any privileges in front of consumers,” the government-backed China Consumer Association (CCA) said in an opinion piece posted on its website on Thursday morning.

“If you don’t do what you say, regard yourself as a big brand, behave arrogantly and in a superior way, adopt discriminatory policies, be condescending and bully customers, you will for sure lose the trust of consumers and be abandoned by the market,” the CCA said.

Representatives of the brand were summoned for talks on Wednesday by the Shanghai Consumer Council to explain its refund policy in China.

The dressing down of Canada Goose comes as tension between China and Western countries has fuelled patriotism and driven some shoppers to turn to home-grown labels.

Canada Goose was also fined 450,000 yuan in September in China for “misleading” consumers in its ads.

($1 = 6.3681 Chinese yuan renminbi)

 

(Reporting by Sophie Yu, Brenda Goh; Editing by Kim Coghill)

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Apple tells suppliers demand for iPhone 13 lineup has weakened – Bloomberg News

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Apple Inc has told its component suppliers that demand for the iPhone 13 lineup has slowed, Bloomberg News reported on Wednesday, citing people familiar with the matter, signaling that some consumers have decided against trying to get the hard-to-find item.

 

(Reporting by Maria Ponnezhath in Bengaluru; Editing by Arun Koyyur)

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