Gold trading lacks lustre

Market report Michael Blumenroth – 17.11.2017

Weekly market report

As my regular readers will know, we are taking a look back at two weeks of trading today as I was “on the road” last week and therefore unable to write my commentary.

Generally speaking, trading was calm across the majority of markets. In foreign exchange trading, participants are eagerly anticipating the tug of war surrounding the Trump administration’s tax reform. If it is indeed passed by Congress, the US dollar will most likely, at least in the short term, benefit. This in, turn, would of course be counterproductive for the gold price, and cause investors to expect higher interest rates for the following years. It would also entail an adverse effect on gold. However, the markets have in all likelihood priced in the tax reform, whatever form its actual implementation might take. Major market movements will hence only occur should the tax reform fail.

The stock markets also remain indicative for the price development of commodities. If the selling and profit taking trend we have seen since midweek continue, the most precious of metals is likely to become attractive for all those seeking safe havens.

That said, the past two weeks have not been a showcase for volatility. Gold remains largely unchanged in US dollar. While it traded at 1,276 US$/ounce on Thursday two weeks past, it fell to 1,266 US$/ounce immediately afterwards on Friday 3 November. That was its lowest level for the entire two-week reporting period, directly following the publication of US labour market data. From there, the climb upwards was slow and steady. Due to both a weaker stock market and US dollar, it hit 1,289.50 US$/ounce on Wednesday this week and currently trades at 1,282 US$/ounce.  

Due to the stronger euro against the US dollar, gold traded in euro slightly slackened throughout the past two weeks. From 35.50 €/gram on Thursday two weeks ago, Xetra-Gold rose to 35.70 €/gram last Wednesday before dropping to 34.80 €/gram this week Tuesday. Currently, it trades at 35.00 €/gram. 

With next week’s Thanksgiving holiday, the US trading week will be short and most likely calm. 

I wish all our readers a relaxing weekend and hope you will join us for the next market report a week from today.  

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