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.
Comment this article
>Follow all commentairies
You must be logged in to comment an article8000 characters max.
Log in or Sign up
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
MOST READ
Silver Technicals - Silver technicals - Zealllc
List of the Largest Diamonds In the World - Famous diamonds  (16)
On corruption - Food for thought  (12)
How To Buy Gold Or Silver - Trace Mayer - Run to Gold  (10)
Most commented articles More... 
TOP RATED
MOST COMMENTED
Latest Comments
‘Real’ Performance Comparison
26 MarChristopherbalz
Question: In the method of figuring inflation referenced, what is the rationale for adding population growth to productivity growth? Sugge...
100 Items That Disappear First in a Disaster
23 Markevthorne
68, 69 probably not that safe - particularly if you're growing your own vegetables - keep a Maine Coon cat instead: does the job automatically.
Farage Interviews Le Pen: “Prison of the EU”
21 Marneville1
BRITANNIA RULES THE WAVES AND NOW BREXIT WAIVES THE RULES. GO FOR IT FRANCE AND RID YOURSELVES FROM THE CHAINS OF IDIOTS. NOT SIN...
How the Fed Operates — And Why It's a Problem
20 Marramasart
In a nutshell, the Fed facilitates the theft of the value of the dollar, as they can control the increase in supply which at the same time inverts ...
How the Fed Operates — And Why It's a Problem
20 Marneville1
With all due respects for outlining how the crooked american Fed works or should work. From all our research we find the following the Fed...
Sparta - Gold prohibition in a collapsing economy
18 Markevthorne
You've answered none of the authors points: your comment is flat rubbish.
America Too Broke to Fix Crumbling Infrastructure? “Bridges, Roads,...
16 MarCameron Waugh1
Just like the leaders of the Bolshevik revolution were not Russians, those formulating belligerent US foreign policy are not Americans, and they ha...
POTUS at SOTUS
16 MarDRGEORGE1
Try explaining that to my patients dying on public waiting lists or getting ripped off by exorbitant private specialist fees!
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS