Gold hits new cyclical highs

Market report Michael Blumenroth – 22.02.2019

Weekly market report

The ending week just has seen new cyclical highs for gold prices, which climbed to a ten-month high against the US dollar and a 22-month high against the euro.

Base metals also edge higher 

The reasons for the gold price’s performance during the past week remain hard to pinpoint. Generally speaking, the vast majority of commodities saw an uptrend on Tuesday and Wednesday. In addition to the precious metals gold, silver and palladium (which traded above $1,500/ounce for the first time), prices for base metals such as copper and oil also increased.

Commodities weakened yesterday

This may be due to the markets expecting some signals from the US and China to ease the trade conflict, which would have a positive effect on the global economy and the demand for commodities. After the US dollar edged higher mid-week and rather disappointing global economic data has been reported around the world, most commodities, including gold, saw a decline yesterday.

Gold in US dollar at ten-month high

Gold traded at $1,315 per ounce in US dollars on Friday morning last week. It then climbed quite steadily until it reached its ten-month high on Wednesday, at 1,346.75 $/ounce. The precious metal thus traded $180 higher than its August low and around $20 lower than its 2018 highs of April. Over the course of yesterday, the gold price then receded to 1,323 $/ounce but rebounded slightly this morning, to 1,327 $/ounce – a weekly gain of just under 1 per cent.

Gold in euro at 22-month high

The euro traded somewhat stronger against the US dollar over the course of the week. Still, the gold price in euro also rose during the week, hitting its 22-month high on Wednesday. Xetra-Gold rose from 37.50 €/gram last Friday morning to 38.15 €/gram on Wednesday afternoon and dropped to €37.70/gram on Thursday. This morning, it stood at €37.60/gram, with the US dollar somewhat firmer.

Market observers keep an eye on US economy

There seems to have been some profit taking to affect the gold price. Next week's agenda includes new Brexit votes in London and a variety of economic data from the US.

I wish all readers a relaxing and sunny weekend. 

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