Gold trading remains strong as it reaches new YTD highs

Market report Michael Blumenroth – 07.09.2017

Weekly market report

This week’s report comes a day early, and next week’s report will be published on Wednesday. Today, all eyes are on the ECB meeting, which traders are hoping will give some indication as to the future European monetary policy.

The trading week kicked off with the shock of another round of missile tests by North Korea, and the US markets, which had been closed on Monday due to Labor Day, followed suit in their reactions on Tuesday. At the same time, prominent Fed representatives indicated that the next interest rate hike was far from imminent. As a consequence, the returns of ten-year US treasuries dropped to their lowest level in months at 2.06 per cent. During the course of the week, the US dollar weakened against a number of gold producing countries’ currencies, which usually benefits the gold price.

Since last Friday, we have thus seen an altogether friendly environment for the prices of gold, which seized the opportunity and came to rest comfortably above the 1,300 US$/ounce mark. From 1,320 US$/ounce last Friday, the precious metal climbed to a new twelve-month high of approximately 1,344 US$/ounce on Tuesday evening. Having slightly receded since, it has been trading within tight ranges since yesterday; currently at 1,336 US$/ounce.

Against the euro, gold therefore traded firmer than exactly a week ago. From 35.67 €/gram last Friday, the price of Xetra-Gold rose to 36.20 €/gram upon the start of trading on Monday. During the course of the week, it remained mostly above the 36€/gram mark and currently trades at approximately 36.05 €/gram.

This afternoon, market observers will focus on the ECB meeting and the markets’ reactions.

Although a day early, I wish all of our readers a happy weekend.

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