Gold draws near 1,300 US$/ounce mark

Market report Michael Blumenroth – 29.12.2017

Weekly market report

During the past week, we saw the rather uncommon phenomenon for the gold market of a year-end rally. Throughout the past years, we had become used to the DAX® taking up significant speed during the year’s last five days of trading while the gold prices slumped. Not this year, as it seems.

The European stock markets have slackened throughout the past days, while the gold price rose steadily and is currently almost within sight of the 1,300 US$/ounce mark. This is due to the fact the US dollar fell to its lowest level in a month (measured against the DXY index) and returns (market interest) of ten-year US government bonds have also been on a downward slope. Overall, the week following Christmas has been a happy one for commodities investors. Palladium reached a new 16-year high, copper peaked with a four-year high and the oil prices were at their highest level in two-and-a-half years.

It has, thus, been a friendly environment for the yellow metal. While gold traded at 1,268 US$/ounce last Friday, it rose throughout the week, with charts tracing a steady, almost straight line. The weekly high, thus far, was reached last night at 1,296.50 US$/ounce, where it currently also trades. As usual, anything is now possible during the last trading hours of the year. 

Against the Euro, gold has also seen an upsurge. From 34.40 €/gram last Friday, the price of Xetra-Gold climbed to 34.85 €/gram this morning and has since remained firm.

Predictions for next week are difficult. During the past years, the gold price reliably rose at the beginning of the New Year, but there are no guarantees that the same will happen when trading in 2018 kicks off. It might, however, if the assumptions of many that the air is thinning across the stock markets come true. Investors would then seek out gold as a safe haven.

I wish all our readers a great start into the New Year 2018.

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