An uneventful week for gold

Market report Michael Blumenroth – 31.03.2017

Weekly market report

Throughout the week, the gold prices have hardly budged, although temporarily it did look as if the most precious of metals could rise to a new annual high. After the failed healthcare reform in the US, there were losses across the US stock markets on Monday, and a decline of US government bond returns as well as a depreciation of the US dollar. All of these developments usually have a favorable impact on the gold price. During the course of the week, however, we saw rising expectations for Trump’s “phenomenal” tax reform to come to life, which in turn would ultimately have a positive impact on the US economy. The US dollar therefore has been on the rise against most currencies since Tuesday and US yields also gained momentum. 

Last Friday, gold stood at approximately 1,242 US$/ounce. Following the failed US health care reform, it had reached 1,261 US$/ounce by Monday evening. Traded at around or above 1,250 US$/ounce on Tuesday, it fell to its weekly low of 1,240 US$/ounce last night. It currently trades at approximately 1,243 US$/ounce – a marginal weekly gain. 

On a brighter note, eurozone investors are seeing much sounder gains due to the weakened euro (from 1.09 to its current 1.0680) of almost one per cent week-on-week. From 37.10 €/gram last Friday, the price of Xetra-Gold climbed to 37.50 €/gram on Wednesday afternoon. It kicked off trading this morning slightly below that, at just over 37.40 €/gram.

Today’s trading activity will most likely be dominated by quarter-end trades. Will gold be able to defend the yearly gain of almost seven per cent thus far reached? Investors will also be paying attention to Eurozone inflation data as well as US economic data which might shed some light on the development of the global economy. Our next market commentary will be published a day early, on Thursday, as the Invest fair in Stuttgart will be opening its doors on Friday.

I wish all of our readers a sunny and relaxing spring weekend.   

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