An uneventful week

Market report Michael Blumenroth – 02.06.2017

Weekly market report

The past seven days have been like watching paint dry – which is about as boring as it can get. The gold market was exceptionally static and wallowed between 1,260 and 1,270 US$/ounce. In spite of rising stock prices across the globe (which makes the need for safe havens seem less urgent) and a stronger US dollar at the end of the week, the gold price has remained steady, almost at the same level as last Friday.

From 1,263 US$/ounce exactly a week ago, the gold price climbed to 1,274 US$/ounce on Wednesday evening – maybe also due to position closings at the end of the month. With the mentioned new record highs at some of the stock markets and slightly higher returns for government bonds, the price of gold slid to its weekly low of 1,259 US$/ounce last night and currently trades at 1,261 US$/ounce. 

Due to the marginal rise of the euro, the price of Xetra-Gold remained largely unshaken, from 36.20 €/gram after a weekly high of 36.65 €/gram on Monday morning to its current level at 36.15 €/gram. 

Today, market participants await US labour market data, likely to have little influence on the markets, provided they do not bring unexpectedly good or bad news. Thursday afternoon holds more suspense with Mario Draghi’s press conference following the ECB meeting. In addition, the UK’s general election awaits on 8 June, the same day former FBI director James Comey is set to testify before the US Senate intelligence committee on the circumstances that possibly led to his dismissal.

Until then, we wish all our readers a relaxing Pentecost weekend.  

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