Gold remains above 2,000 US$ per ounce

Market report Michael Blumenroth – 12.05.2023

Weekly Market Report

At the close of the previous trading week, the US published strong labour market data (on Friday 5 May): new jobs were above expectations, the unemployment rate fell back to 3.4 per cent, a level previously only reported in January 2023 and before that in December 1969. The increase in average wages and salaries also exceeded analysts’ forecasts.

As a result, expectations of potential interest rate cuts by the Fed in the second half of the year were somewhat reduced on the interest rate futures markets. In addition, US government bond yields rose, and the US dollar appreciated moderately. Following the publication of last Friday’s data, long positions in gold were sold, and the gold price came down significantly but has thus far defended the 2,000 US$ per ounce mark.

Further US regional bank under pressure

Later this week, the data highlight was April’s US consumer prices, which were in line with expectations and therefore did not significantly move the markets. Yesterday, renewed concerns about a US regional bank and the US economy led to a risk-averse mood on the markets, which benefited the US dollar as a supposed “safe haven”, but gold less so.

While the precious metal traded at 2,047 US$ per ounce last Friday morning, it plummeted to exactly 2,000 in the afternoon after the US labour market data, recovering to 2,016 by the end of the day. Over the course of the week, gold traded mostly within a range of 2,020 to 2,040 – with a small outlier to 2,048 on Wednesday afternoon after the publication of US inflation data. Yesterday, it came under some pressure and fell to 2,011, and traded slightly lighter at around 2,010 this morning at 8:00.

The week for Xetra-Gold

The Xetra-Gold price held up slightly better due to the weaker euro. From 59.60 € per gram last Friday morning it dropped to its weekly low of 58.50 but recovered from the beginning of this week, reaching 59.95 yesterday afternoon. It has since weakened and was expected to start trading this morning at around 59.15.

Market participants will remain attentive to the development of capital market interest rates and the US dollar in the coming days. Yesterday’s significant appreciation of the US dollar has put the brakes on the precious metal’s uptrend.

I wish all readers a great weekend.

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