Gold Market Update
Gold eased last week as investors opted for the relative shelter of the U.S. dollar.
Spot gold was down 0.2% at US$1,840 an ounce. Prices had fallen to their lowest since Jan. 18 at US$1,830.80 on Wednesday. U.S. gold futures shed 0.3% to US$1,838.60.
The delay in a US$1.9 trillion U.S. coronavirus stimulus deal, which has not received a green signal from Republicans, weighed further on gold.
“The Fed meeting yesterday had no positive impact on gold because, before and after the meeting, the dollar strengthened as it was sought after as a safe-haven due to other concerns in financial markets and that weighed on gold prices,” said Commerzbank analyst Daniel Briesemann.
“Market players are waiting a little bit longer to see if gold can regain the 200-day moving average or if it’ll fall further to US$1,800, which should be quite an attractive buying opportunity”.
Gold price this month in AUD/OZ
Rush Viewpoints
This week we take look at how gold performed in 2020 and start to look at what 2021 might have in store for the yellow metal:
Read the article: https://rush.sqzstage.com/a-
Gold in the News
Here are a few articles trending on the subject of gold.
- Respected gold analyst Peter Krauth does a summary of previous gold bull markets and where we might be in the current one: https://www.streetwisereports.
com/article/2021/01/25/why- the-gold-bull-will-run-for- years.html
- This article from MarketWatch says U.S. President Joe Biden and Treasury Secretary Janet Yellen will “stand behind their rhetoric” and “deliver stimulus in large increments,” which will be great for gold in the short- and long-term. The article cites “very little in the way of headwinds for the price of gold”: https://www.marketwatch.com/
story/gold-is-set-for-a- january-loss-but-upbeat- outlook-remains-intact- 11611858425
- Towards the end of last year, Goldman Sachs issued a report stating that a “strong recovery” in gold demand from emerging markets should boost demand for the metal. Goldman’s price target for 2021 is US$2,300 a troy ounce: https://www.forbes.com/
sites/simonconstable/2020/11/ 17/goldman-sachs-gold-bull- market-to-resume-in-2021/?sh= 1990ed662613
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