Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in

2-Week High in Gold Price as G20 Drops 'Free Trade', UK Names Brexit Date, Big Russian Build-Up in Crimea

IMG Auteur
 
Published : March 20th, 2017
485 words - Reading time : 1 - 1 minutes
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : GoldWire
GOLD PRICES rose to a 2-week high on Monday morning in London before easing back as the US Dollar extended its drop and world stock markets also slipped following the weekend's change to the G20 group of nations' stance on protectionist trade policy, writes Steffen Grosshauser at BullionVault.
Downing Street today announced that UK Prime Minister May will formally start the countdown to Brexit by triggering Article 50 on Wednesday next week, officially notifying the rump 27-nation European Union and setting a final exit deadline of 29 March 2019.
Moscow meantime ordered what several observers called an "unprecedented" rush to military exercises in the former Ukraine province of Crimea, from which the government of Poland again asked the Kremlin to withdraw, while the UK said 120 of its troops have joined the Nato deployment in Russian-neighbor Estonia.
Finance ministers meeting in the German town of Baden-Baden repeated their warnings over competitive currency devaluations to try and boost exports, but US pressure saw a clause on "free trade" cut from the summit's communique, along with a clause on funding anti-climate change programes.
Apparently refusing to shake hands with German Chancellor Merkel's hand at a press conference Friday, US President Trump is due to join his G20 counterparts at the next summit in July.
The US Dollar today hit a near 6-week low on the FX market after last week's widely expected interest-rate rise by the Federal Reserve, only its third hike of the last 11 years.
Dollar gold prices hit $1235 per ounce, the highest level since 6 March, before steadying around $1232.
That was still over $35 above gold's low before Fed chair Janet Yellen disappointed hopes for a strong rate-rise outlook in her post-FOMC press conference.
In the week preceding the Fed's decision, new data said Friday, hedge funds and other 'Managed Money' traders cut their bullish betting on gold derivatives at the fastest pace since January 2016 
Chart of 'Managed Money' net spec' long position on Comex gold futures & options
"With concerns of a more hawkish Fed now easing, the outlook for gold looks a little bit more positive," according to a note from Australian ANZ bank. 
Pegging resistance at $1237 per ounce, a further rise "could lead to a gain to $1243," reckons Reuters technical analyst Wang Tao.
Meanwhile, Eurozone stock markets slumped from new 15-month highs on Monday, also pulled down by lower oil prices weighing on energy stocks and Deutsche Bank dropping over 4% as its Annual Report explained why the German financial giant needs to raise €8 billion to help overhaul its business structure.
The British Pound dropped to $1.23 on the Brexit Article 50 news, holding gold priced in Sterling up at £994 per ounce.
Having rallied 2% last week against the Dollar, silver again tracked gold prices and rose 6 cents to $17.46 per ounce, while platinum prices also added 0.4%.
You can receive your first gram of Gold free by opening an account with Bullion Vault : Click here.
Data and Statistics for these countries : Georgia | Poland | Ukraine | All
Gold and Silver Prices for these countries : Georgia | Poland | Ukraine | All
<< Previous article
Rate : Average note :0 (0 vote)
>> Next article
The London Gold Market Report is the daily market review from BullionVault, the world's largest physical gold and silver market for private investors. A full member of professional trade body the London Bullion Market Association, BullionVault publishes the LGMR every day that the market is open, bringing you insider comment and analysis from the very center of the world's $240 billion-a-day physical gold trade, and putting the latest gold price action into its wider financial and economic context. Please Note: This article is to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it.
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Debate Over Electric Trucks: Let’s Get It On
25 AprJerry82
Thanks Mish, this was a very insightful and thought provoking piece. I've often heard concerns about the weight of these new electric trucks and th...
No, The Junior Mining Stocks Are Not About To Implode - Dave Kranzler
25 AprJerry821
Thank you Dave for this excellent article. I agree with your well thought out critiques that point to junior miners being just fine. Relying on tha...
Gold Bullion Erases $10 Bounce Despite French Election, N.Korea Ris...
25 AprJerry82
I don't know how much I'd trust the listed GLD holdings. I always found GLD's structure to be a bit strange. They so famously claim that they are 1...
The Story of Gold Money, Past, Present and Future, by Edwin Walter ...
18 AprJerry82
Thank you for this very thought provoking piece Nathan. I have not read any literature from Edwin Walter Kemmerer before but I am inclined to pick ...
Gold Prices Slip $10 After Breaking Downtrend as UK's May Seeks Bre...
18 AprSam Maher3
"That left the GLD gold ETF needing a 2017 high of 849 tonnes in bullion backing." I frequently see you make these claims on GLD's holding...
Bombs Away!
17 Aprprljr-1
James tribe owns trump.
Krunch Time for Korean Krackpot Despot, Kim Jong-Un: Missile Crisis...
17 Aprprljr1
Unfortunately the world is not run by Christians, well except for the useful idiot ones.
Krunch Time for Korean Krackpot Despot, Kim Jong-Un: Missile Crisis...
15 Aprkevthorne1
I read from this that it is the USA that is 'a threat to the entire world'. How many times have we heard this - 'country X is a threat to the w...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS