Gold prices report on 23rd October

Global InterGold


We keep abreast of the gold prices dynamics. Let’s find out what factors have become decisive.

On Tuesday 17th, the world faced a terrifying fact: nuclear war is not a myth, but a real threat.

North Korean deputy consul Kim Ying Ren said that the Korean peninsula “has reached a critical point, a nuclear war can begin at any moment."

Deputy Permanent Representative of North Korea to the United Nations, Kim Ying Ren:

The entire territory of the United States is in the zone of our missiles, and if the United States dares to invade our sacred land even for an inch, they will not escape our cruel punishment.”

The unstable situation in Catalonia has not cleared up. The Catalan leader Carles Puigdemont expressed the desire to meet with the Prime Minister of the country and start a dialogue, but no certainty has yet been achieved.

Governor of the Bank of England, Mark Carney, made it clear that the peak of inflation is expected in October. Against the background of the published data, Carney admitted that he would have to give reason to the Minister of Finance.

Due to political statements and negotiations, the euro and pound declined while the dollar strengthened its positions and the price of gold reached $1,285.

On Wednesday 18th, the market remained cautious because of the congress of the Chinese Communist Party.

President of the People’s Republic of China Xi Jinping said:

“China’s prospects are bright but challenges severe.”

Weekly gold report

The Secretary General proclaimed 14 political strategies of the country. One of the most important tasks is to build a society of "average prosperity". The 19th congress will last until October 24th and will possibly strengthen the authoritarian positions of Xi Jinping.

One ounce of gold cost $1,281 on Wednesday.

On Thursday 19th, the market was waiting for the speech of British Prime Minister Theresa May. According to all forecasts, the country should leave the EU, but the ongoing negotiations are more of the process of adaptation to the current situation. OECD (Organization for Economic Co-operation and Development) recommended that Britain maintain economic ties with the EU.

HSBC analytics were skeptical about the meeting of the EU Council on Brexit:

"Things are not looking good for the UK." 

That day, Carles Puigdemont, the leader of Catalonia, reported on the possibility of the parliament to begin voting in case of continued repression by Madrid. The Prime Minister of Spain, Mariano Rajoy, threatened to establish direct administration from Madrid in the richest province of the country (Article 155 of the Constitution of Spain).

On Thursday, gold was worth $1,289.

On Friday 20th, the pound rose against the backdrop of preparation of the next phase of negotiations on Brexit being approved.

President of the European Council Donald Tusk defeated skeptics' forecasts:

"Brexit conclusions adopted. Leaders green-light internal EU27 preparations for second phase."

The US currency also rose in price after reports of the budget plan of $ 4 trillion for 2018, which may dramatically change the US Tax Code.

Gold prices stopped at around $1,280 at the end of the week.

On Monday 23rd, the victory of the Liberal Democratic Party in the elections in Japan and the approval of the budget for 2018 by the US Senate contributed to the growth of the dollar.

The situation in Catalonia caused tension in Europe. Carles Puigdemont intends to break relations with Madrid despite the removal of the Catalonian government from power.

The Prime Minister of Spain, Mariano Rajoy, announced the upcoming events for October 27th:

"We will ask the Senate to allow the government to take the following decisions: first, to remove the chairman of the Catalonian government, the vice-chairman and other advisors who are part of it."

At the beginning of the week, the price of gold was $1,275.

India took another step this week to formalize its gold trade. It ranks second in the world after China in terms of gold purchased. New contracts, according to the Multi Commodity Exchange (MCX) chairman, Saurabh Chandra, can provide "a strong impetus towards systematic development and transformation of commodity derivatives market."

After a slump in 2016, analytics still await a substantial pickup in gold demand on the backdrop of Indian government striving for more transparency.

We keep an eye on the market activity.

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Created: 25.10.2017
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