GOLD
It initially looked as if gold had to accept a third consecutive week of losses. In the end, however, the metal closed the reporting period with a small profit of 0.70%. A brief rally mid-week (+1%) remained without adequate support to defend the higher price level, let alone to continue to rise. With the release of U.S. employment figures (non-farm payrolls) due on Friday afternoon some short positions had been closed. The focus was hence again on the economic situation of the U.S. and the likely reactions by the Fed in terms of monetary measures. The worse-than-expected jobs data drove gold over the threshold of 1,300 $/oz and turned around gold’s direction of recent weeks. The prospect of interest rate hikes and the end of the quantitative easing program by the Fed, which have lately weighed heavily on gold, thus lost some immediate impact. Read more...
It initially looked as if gold had to accept a third consecutive week of losses. In the end, however, the metal closed the reporting period with a small profit of 0.70%. A brief rally mid-week (+1%) remained without adequate support to defend the higher price level, let alone to continue to rise. With the release of U.S. employment figures (non-farm payrolls) due on Friday afternoon some short positions had been closed. The focus was hence again on the economic situation of the U.S. and the likely reactions by the Fed in terms of monetary measures. The worse-than-expected jobs data drove gold over the threshold of 1,300 $/oz and turned around gold’s direction of recent weeks. The prospect of interest rate hikes and the end of the quantitative easing program by the Fed, which have lately weighed heavily on gold, thus lost some immediate impact. Read more...
