Another uneventful week for gold – but the precious metal trades higher

Market report Michael Blumenroth – 06.04.2017

Weekly market report

Just like in the previous week, gold prices have seen very little movement this week. However, this phenomenon has not been limited to the gold market. To some extent, price movements on the currency markets have also been modest. The euro has traded against the US dollar in a painfully tight range.

While gold still traded at around 1,243 US$/ounce last Friday, it climbed to 1,250 US$/ounce in the course of the day. Along with other precious metals, gold continued its advance at the beginning of this week – to 1,261 US$/ounce. There was a temporary downward move yesterday, as the US dollar strengthened in the wake of good US labour market data and an increase in US Treasury yields. The lowest level so far this week was reached at 1,244 US$/ounce. The US dollar, equity markets and US Treasury yields weakened after the release of the Fed Minutes in the evening, with the Federal Reserve Bank commenting on what they consider very stock market valuations as well as on the monetary policy outlook. In turn, the gold price climbed back to 1,254 US$/ounce.

Thanks to the euro trading at almost exactly the same level as one week ago, investors in the euro zone have been able to enjoy very similar gains. The price of Xetra-Gold rose from 37.40 €/gram last Friday to 38.09 €/gram on Tuesday afternoon. Yesterday, it was near 37.50 €/gram, and this morning it is trading slightly higher after the recovery in the evening – at around 37.80 €/gram.

This morning, markets were anticipating Donald Trump’s upcoming meeting with Chinese President Xi Jinping. Furthermore, the first round of the presidential elections in France on 23 April is already looming. It is worth monitoring developments for possible shifts in the polls. US labour market data due out tomorrow is not expected to move markets, and a number of economic reports scheduled for release in the week before Easter. Last but not least, the Invest fair is taking place in Stuttgart over the next couple of days.

I wish all readers a sunny and relaxing spring weekend.  

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