Gold prices report on January 22, 2018
1g. 33.99 EUR
1oz. 1057.00 EUR
Price in EUR per kg
Gold Fixing

News


Gold prices report on January 22, 2018
Global InterGold

On Tuesday, 16th of January, the euro currency fell slightly, however experts acknowledged it to be a short respite. According to Stephen Innes, the head of trading at OANDA for Asia-Pacific region in Singapore, a continuing upward trend of the European currency will remain.

This week, investors started to give up on bitcoins, returning to gold assets.

On Tuesday, after the fall of bitcoin, gold sales have risen up. People began paying attention to the risks associated with cryptocurrency investments.

On Tuesday, the price of gold per ounce was $1,338.

On Wednesday, 17th of January, the market was roiled by reports from Germany, where SPD (Social Democratic Party of Germany) refused to negotiate coalition-building conditions. Position of the euro currency declined shortly after reports were made by representatives of the European Central Bank.

Ardo Hansson, the member of the Governing Board of the ECB, made a statement about the economic growth within the eurozone and possible paper money increase. As a result, the Central Bank of the eurozone may stop purchasing bonds in 19 EU countries. 30 billion euros worth of government procurement was promised earlier.

Economists insist on implementing economic reforms in countries of the European Union.

Bruno Le Maire, Minister of the Economy of France:

“...Progress has to be made by the end of the year 2018, no later than the beginning of the year 2019.”

On Wednesday, the price of gold fell down to $1,327 mark.

On Thursday, 18th of January, experts forecast that the ECB changes will occur no earlier than in March 2018, after monitoring of the economic performance indicators will be attained. Euro began to lose its positions, while dollar only strengthened due to emerged disputes between the Republicans and Democrats on immigration issues. Republicans have advocated for the government funding in order to provide child health insurance in the United States under the Federal program. A mere few votes of Democrats are required so that the proposed resolution could be adopted.

Mitch McConnell, the Senate Leader of the Republican Party:

“The deadline on the issue of immigration is not approaching yet, and the negotiations are going well on both sides, that means there's no reason to end the government funding up in hostages of the situation of unsolved illegal immigration.”

On Thursday, the price of the yellow metal was $1,327.

On Friday, 19th of January, the dollar began to lose its positions due to concerns of investors over the stability of the American Government. Barclay's analysts consider that the risk of a government shutdown has intensified. Republicans and Democrats did not reach consensus. 

Shinichiro Kadota, senior FX strategist at Barclays, noted that the role of the USA, as a governmental body that raises rates, has been reduced.

Gold rose to $1,338 per ounce.

On Monday, 22nd of January, the disunity of the American government intensified. However, many investors believe that this is just a political show.

Koji Fukaya, the President of FPG Securities in Tokyo:

"The market is not too concerned with the potential closure of the government, which is more like a political show."

At the beginning of the week, the gold was worth $1,331 per ounce.

Swiss analysts at MKS PAMP GROUP forecast the growth of gold up to $1,440 this year.

Frederic Panizzutti, MKS PAMP’s managing director of the Dubai office.

"The key drivers for gold throughout the year will be monetary policy tightening by the Federal Reserve and the introduction of the U.S. corporate tax cut. But, in which way those items will impact gold is unclear at this point."

Gold could also benefit from a major correction in global stock markets. On top of that, jewelry and industrial demand are supportive of higher gold prices, as both sectors are expected to achieve the higher global growth, he added.

Follow expert forecasts.

Strengthen your financial security.

 

VISIT THE ONLINE GOLD SHOP

 

Rate this article:
Published: 23.01.2018
Leave a Comment
Jydon
Jydon
The news is encouragingly good. No doubt, gold is money.
Jan 24
RELATED NEWS