Gold prices recover after setback

Market report Michael Blumenroth – 23.12.2021

Weekly Market Report

Over the course of the week, the markets have thus far seen two noteworthy developments. First, the turbulence surrounding the Turkish government’s currency move, which caused the Turkish lira to spectacularly appreciate. Then, European natural gas prices hit new record highs on the Dutch stock exchange. In addition, at the start of the trading week on Monday, the stock and oil markets came under pressure in light of rising concerns regarding the increase of Covid cases due to the Omicron variant. However, the losses were more than made up for over the following two days. While the US dollar remained in demand as a safe haven early in the week, it had given up its gains by this morning. Yields on the government bond markets initially retreated, but were above last week’s level this morning.

The situation this week was at times somewhat confusing and price movements were not exactly stringent, most likely also due to decreasing market liquidity. Perhaps mimicking this development, gold prices moved indecisively back and forth before settling back in at their initial level.

Week-on-week gold price development

From 1,807 US$ per ounce last Friday, gold dropped to 1,785 on Tuesday afternoon. With the US dollar softening somewhat, it recovered to 1,808.50 and traded at around 1,807 this morning.

The price of Xetra-Gold is currently at approximately last week’s level. Within regular trading, it initially climbed from 51.25 € per gram to a weekly high of 51.55 as recently as last Friday. It retreated to 50.85 yesterday afternoon but has since recovered. It is expected to kick off trading this morning at around 51.25.

To close the year, next week’s report will feature a review of 2021 and an outlook for what may lie ahead.

I wish all readers a merry and restful Christmas.

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