New game, new luck

Market report Michael Blumenroth – 30.09.2016

Weekly market report

It may be hard to believe, but another quarter is behind us and we are entering the last three months of 2016 – it will be easier to grasp once the autumn weather sets in tomorrow. Compared to the first half-year, chart movements for the most precious of metals have been somewhat subdued and clear. As recently as on 24 June, the gold price had overcome the 1,300 US$/ounce mark following Britain’s Brexit vote. Just a day earlier, gold was traded at 1,250 US$/ounce. The good news: gold was able to defend the 1,300 US$/ounce mark throughout the traditionally difficult third quarter, even though the markets calmed down quickly following the Brexit vote and the US benchmark indices collectively climbed to new historic highs. His normally results in the exit from safe haven positions in gold by major investors. However, due to the intermittently strong stock markets and the prevailing placidness regarding the implications of the Brexit decision, gold was unable to defend its quarterly high of 1,375 US$/ounce.

Be that as it may – the precious metal currently trades slightly higher than it did on 30 June, when it had closed at 1,320 US$/ounce. At this moment, it stands slightly above the 1,325 US$/ounce mark.
During the course of the week, the gold price dropped by almost one per cent, from 1,336 US$/ounce exactly a week ago to its current price of 1,325 US$/ounce. At the beginning of the week, it had risen to 1,342 US$/ounce for a short period. After a CNN poll declared Clinton the winner of the first presidential debate, safe haven positions in yen, the Swiss franc and gold were liquidated. The gold price reacted accordingly, and had dropped to 1,317 US$/ounce by Thursday before rebounding to the above mentioned level.  

Xetra-Gold followed suit in this development and dropped from 38.25 €/gram exactly a week ago to 37.75 €/gram yesterday and its current price of 37.95 €/gram.
Tomorrow will see the publication of the official Chinese purchasing managers’ index. In the US, all eyes are on next week’s publication of labour market data and the upcoming second presidential debate. Generally speaking, the markets currently appear somewhat carefree regarding the presidential election, but as we all know, this can quickly change.  

To all our readers, a wonderful weekend, and to those in Germany: happy German Unity Day on Monday.

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