GOLD PRICE

On Tuesday Kansas City Federal Reserve President Esther George addressed the question of why she supported a pause in the increase of interest rates, stating that she did so to allow the Fed to gauge the impact of previous rate hikes on the economy.

Federal Reserve President Loretta Mester commented on Tuesday, taking part in a panel discussion aimed at shedding light on current economic conditions in the US. Mester stated that the Fed aimed to end balance sheet runoff in the near future, indicating that new monetary policies are in the works.

The gold market is slightly higher in early action today as stocks soar. News of a possible deal to avoid another government shutdown later this week has fueled a stronger appetite for risk and buying in equities.

As we take a look at the macroeconomic calendar for this week, gold has shown some shakiness beginning with selling at the Sunday-night open which continued through Europe until the New York session. Constructively, spot price seems to have once again show strong support at and around the major psychological handle of $1300/oz.

The gold market is down slightly in early trade Monday as the new trading week gets underway. The market does have several key underlying bullish factors at play, however, including news that Russia is considering the elimination of its gold tax.

Happy Friday, traders. I’m usually desperate for the weekend at this point, but we’ve come to the time of year where I feel a little listless looking at a Saturday and Sunday with zero football on deck. Soccer will have to sustain me until Monday, I suppose. In the meantime, what kind of week has it been?

The US economy may be drifting off course when it comes to inflation after a rate hike implemented in December created an overly-restrictive environment, according to St Louis Federal Reserve Bank President James Bullard who spoke to reporters at St. Cloud State University in Minnesota on Thursday evening.

After trading modestly lower in early action, the gold market has seen buyers step in and the market is now moderately higher on the session. Some of the day’s reversal may be due to investors stepping in to buy the dip, however, the market may also be seeing fresh buying interest picking up today as hopes for a U.S./China trade deal fade.

Gold has held firm in the face of strong labor market report which saw initial jobless claims drop from a one-and-a-half year high last week as expected.

The Bank of England met expectations on monetary policy by leaving the current rate of interest unchanged for the time being, reaching the decision by a unanimous vote.

The gold market is slightly lower in early trade on Wednesday as investors digest last night’s State of the Union address by President Trump. Stocks are also moving lower today while the dollar index is stronger.

The ISM Non-Manufacturing Index failed to reach its expected target today, posting a drop from 58.0 in December to 56.7 in January vs 57.2 expected by most analysts, although others such as Goldman Sachs has predicted a sharp drop.