Weekly gold market report: prices from 2nd-9th January, 2017
How have gold prices started 2017? Find in this weekly report their complete performance from January 2nd to 9th including daily figures and their most relevant influential factors.
The first week of January 2017 has started positively for gold prices, which have slightly increased since January 2nd to find a zone of stability by the end of the week.
This is how and why:
On Monday January 2nd, gold prices reached a maximum of $1,151 per ounce. This price did not change because the financial markets from around the world were closed for the New Year holiday.
However, on Tuesday January 3rd, a timid price increment was detected due to a weaker dollar and a more solid gold demand in Shanghai. These factors resulted in gold trading at $1,157 an ounce.
The price rise continued on Wednesday January 4th with a still weak dollar and supported by a huge sale of gold from the SPDR gold ETF, which did not move the gold price down. Instead the gold price rose and more than expected by the fall in the dollar reaching $1,165 an ounce.
Shanghai kept playing an important role in the movement of prices both on Wednesday and Thursday, January 5th. Gold prices continued to rise slightly reaching $1,182 that day.
During the following day, Friday January 6th, small gains for gold investors stabilized due to a still weak dollar against global currencies. Gold prices went from $1,181 to a static price of $1,172 both on January Saturday 7th and Sunday 8th as investors wait for what the President-elect of the United States will implement once in office.
Today, Monday January 9th, gold prices seem to go higher again: $1,175 an ounce. Even though we find a stronger dollar, markets are moving into consolidation ahead of the future politics in USA.
But definitely, if gold prices are increasing is because investors trust this precious metal as a safe-haven asset in the face of upcoming events.
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