Gold Price Hits 2-Week Dollar, Euro High Ahead of Catalan 'Independence' as Shanghai Premium Leaps, Turkish Lira Sinks

IMG Auteur
 
Published : October 12th, 2017
543 words - Reading time : 1 - 2 minutes
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : GoldWire
The GOLD PRICE touched 2-week highs for Dollar and Euro investors on Tuesday, extending the metal's rally from Friday's 8-week low to 2.4% as world stock markets slipped further from last week's new record high.
Major government bond prices also slipped with stocks, edging yields higher.
Betting on the likelihood of a US interest-rate rise when the Federal Reserve meets in December slipped back to 86.7%, more than one percentage point lower from Monday but still nearly 3 times the level of betting this time last month.
"Even if financial markets can accept that appointing more ostensibly hawkish central bank leaders has some merit," says FX strategist Steven Barrow at Chinese-owned bullion and investment bank ICBC Standard, "we don't doubt that this process of acceptance by the market will require a rise in bond yields – and possibly quite a sharp one."
Gold priced in Dollars has shown an increasingly negative correlation with movements in US Treasury yields, losing an average $4.67 per ounce over the last 4 weeks for every 1 basis-point rise in 10-year T-bond yields.
24hGold - Gold Price Hits 2-We...
Shanghai gold prices slipped in Yuan terms, but the city's gold premium over comparable London quotes in Dollars jumped to $18 per ounce – twice the typical incentive to new imports into the world No.1 consumer nation – as the Chinese currency leapt on the FX market.
Precious metal prices in Turkey – formerly the world's No.4 consumer nation, now overtaken by Germany – rose over 4% at the Borsa Istanbul as the Lira sank within 3% of January's all-time record lows on the currency market amid Ankara's worsening diplomatic row with Washington.
The US yesterday suspended all non-immigrant visa services in Turkey after the arrest of a consulate staff member for apparent links with the Gülen opposition movement, blamed for last year's attempted coup.
Borsa Istanbul's 100 Index of listed companies bounced 1.2% for the day as the Lira sank, holding near Monday's 3-month closing low but still some 31% higher for 2017 to date.
Madrid's Ibex 35 meantime fell for the fifth session in 7 since Catalonia's unofficial referendum on separation, declared illegal by Spain's courts.
With regional governor Carles Puigdemont expected to declare independence at the parliament in Barcelona today – albeit symbolically – insurance group Catalana Occidente today joined 30 other major firms in moving its HQ from the region.
The UK gold price in Pounds per ounce meantime held near its highest level since mid-September on Tuesday, flattening at £978 per ounce as Sterling rallied after stronger-than-expected UK manufacturing data contrasted with a new all-time record in the country's deficit with the rest of the world on its trade in physical goods.
Prime minister Theresa May yesterday said her Government is preparing trade contingency plans for the event  of a "no deal" exit from the European Union in March 2019, saying that the "ball is now in [Brussels'] court" for negotiations – a metaphor immediately played back to her by a European spokesman.
While the Dollar price of gold today traded 12% higher for 2017 to date, the gold price in Euros held flat from New Year at €1095 per ounce.
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 | Germany | Spain | Turkey | All
Gold and Silver Prices for these countries : Georgia | Germany | Spain | Turkey | 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
Latest Comments
The Silliness of the Bretton Woods Years
18:24The Recusant
KUDOS! The book is anti-gold slanted throughout and subtly mocks those that value gold as seen in that silly Las Vegas Golden Rooster tale. As I pr...
The Future (Not)
14 OctS W.0
I have it on good authority that the Aliens living in Antarctica have discovered a way of turning Ice into Oil. All we have to do to secure ou...
No Joy in Trumpville
10 Octaccording
and the wine-glass is half empty. throw another log on the campfire jim.
Betrayal!
09 OctThemis1
I agree 100% with all the points you made. You have summarized my own anger and the reasons for it. My only consolation is that I believe the eli...
A silver price-suppression theory gets debunked
07 OctDoom
I think he linked the wrong article, because there's minimal facts and logic there relevant to price suppression. It's a shame, because I really wo...
Light It Up
07 OctThemis
I keep wondering whether the US is fermenting a war with North Korea so as to indirectly draw China in and delay implementation of the yuan-for-oil...
One Nation Under Gold (2017), by James Ledbetter
05 OctThe Recusant1
Sadly, I too hoped for a more even-handed assessment of gold in our economic history. The book IS biased and by the time I got to the 20th century ...
Fall of the Great Pumpkin
03 OctGypsy0
James, you've mentioned this 25th Amendment thing a few times. The primary reason the Deep State won't go that route is: when the attempt begins i...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS