March 12th Market Update
Gold Prices Continue Down
Gold hit its high for the week on Thursday but has suffered more losses Friday in the wake of the U.S. jobless report. Economic data was better than expected, pushing yields for Treasury bonds higher. Gold was trading at $1,711.52 by 9 a.m. EST.
Monday saw investors leaving tech stocks and other high flyers in droves. The Nasdaq fell, but the Dow held steady and even gained.
Tuesday saw those same stocks push back higher. Chinese markets tanked. The Pfizer and BioNTech vaccines for COVID-19 were tested against new variants and were found to be effective.
Texas continued to suffer disasters Wednesday, going from its arctic vortex to wildfires. The embattled state is at risk of worse fires in the future, which could impact its population and economy significantly, especially in the wake of what has already been a tough year. Joe Biden’s stimulus bill made it through all the legislative roadblocks and made it to his desk for signing.
Blackrock warned Thursday that gold was losing its value as a hedge and urged people to invest in interest-bearing assets. Vir and Glaxo sought approvals for their COVID-19 antibody treatments, which could add to a growing arsenal against the disease. Traders continued to pile back into tech stocks and the Nasdaq rose.
Futures and Treasuries dropped at the start of Friday, but markets rallied after U.S. jobless data showed a much rosier picture than expected.