Gold prices report on 30th October
1g. 33.99 EUR
1oz. 1057.00 EUR
Price in EUR per kg
Gold Fixing

News


Gold prices report on 30th October
Global InterGold

 

On Tuesday 24th, the dollar began to decline. Investors monitor the progress of the struggle for the Fed Head position. The US president announced the names of the three main candidates: investment banker and member of the Federal Reserve Board of Governors Jerome Powell, professor of economics at Stanford University John Taylor and the first woman to head the Fed, Ph.D. Janet Yellen.

The US President, Donald Trump: "I will make my decision very shortly, pretty shortly."

He will announce his decision concerning the chose Fed Head on November 3rd.

In anticipation of a ECB meeting, the dollar weakened its positions while the price of gold reached $1,276.

German Chancellor Angela Merkel noted the EU's readiness for the next stage of negotiations on Brexit. The UK's commitments to the EU are estimated at 60 billion euros. It is possible that December will bring significant changes in favor of resolving the situation.

On Wednesday 25th, tension in the British market remained. Five British business leaders have asked the Brexit Minister David Davis to promptly approve the Brexit agreement, highlighting the need for urgent action:

“Agreement (on a transition) is needed as soon as possible, as companies are preparing to make serious decisions at the start of 2018, which will have consequences for jobs and investment in the UK.” 

Weekly gold report

Reuters economists are talking about an increase in rates at the end of the year and a double increase in 2018. Due to the fact that the future head of the Federal Reserve is yet unknown, investors are afraid of tightening monetary and credit policy.

One ounce of gold was worth $1,277 on Wednesday.

On Thursday 26th, there was a recovery in the market due to the ECB meeting. Mario Draghi said that interest rates remained at the same level. Due to the soft ECB decisions, the euro weakened its positions. Gold prices stopped at $1,267.

Analysts of the Moody's Investors Service agency announced the strengthening of the power of Chinese President Xi Jinping.

Michael Taylor, Moody's Investors Service chief credit officer:

"It remains unclear whether the increased centralization of authority will result in an acceleration of the pace of reform or a continuation of the gradual implementation of economic liberalization, which balances other policy objectives such as maintaining relatively strong growth and the strong role of state-owned enterprises observed in recent years." 

On Friday 27th, the euro continued its downfall while the dollar strengthened its positions. On the market, the results of the ECB meeting were actively discussed.

François Villeroy de Galhau, Governor of the Bank of France:  

"According to our forecasts, the output gap will close next year, and in the short term, the economy could grow even faster than previously expected.”

Gold prices on Friday reached the level of $1,274.

On Monday 30th, the world eagerly followed Catalonian course of events. The 70 out of 135 parliamentarians of Catalonia voted for independence.

President of the European Council, Donald Tusk:

“For EU nothing changes. Spain remains our only interlocutor. I hope the Spanish government favours force of argument, not argument of force.”

On Monday, the price of the yellow metal was $1,269 per ounce.

Analysts at Barclays say that this week investors' attention will be focused on US economic data and the prospects for tax policy.

Experts on precious metals say that “the new generation is buying gold to “make money” rather than to hedge against risk”.

Managing Director of CPM Group, Jeff Christian:

 “And the real thing is — let’s make money here.”

He believes in positive developments with respect to gold, adding that “a new gold renaissance” is on the way already.

Keep an eye on the market changes.

Security of your finances depends on you.

GO TO THE ONLINE GOLD SHOP

 

Rate this article:
Published: 30.10.2017
Leave a Comment
LATEST VIDEO
Global InterGold
RELATED NEWS