Daily Market Update

Gold Falls 0.6% After Having A Seven Year Weekly High Close and 4% Gain In January

Gold falls from seven year high weekly close

◆ Gold prices fell 0.6% today after reaching a seven year weekly high close at $1587.90/oz on Friday, gold’s highest weekly price settlement since March 2013, a 4% gain in January and its second straight monthly climb.

◆ Chinese stocks crashed over 7.7% overnight as investors got a chance to react to the worsening coronavirus outbreak which also saw European equities seeing some selling and economically sensitive commodities like oil fall in value

◆ The Shanghai Composite (SHCOMP) fell 7.7% and the Shenzhen Component Index collapsed nearly 8.4% on their first day of trading after an extended Lunar New Year holiday which had seen them closed since January 24.

◆ Chinese authorities pledged to use all monetary policy tools to ensure liquidity remains ample and prevent contagion amid the virus outbreak in Wuhan, which has so far claimed 361 lives.

◆ China’s central bank cut reverse repo rates and injected massive liquidity worth a hefty 1.2 trillion yuan into markets to help support them and to support an economy beginning to be impacted by the coronavirus outbreak.

◆ The risk of a deepening slowdown of the Chinese economy and then the global economy is high and the virus looks like it may be the straw that breaks the camel’s back. This will likely force other central banks to move to ultra loose monetary policies again in the coming weeks which will be bullish for gold.

◆ Gold prices may see support at $1,573 per ounce, prior to resuming their uptrend according to Reuters technical analyst Wang Tao.



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NEWS and COMMENTARY

Gold set for best month in five as virus stifles risk appetite

Gold skids 1% on China measures, stronger dollar

First coronavirus death outside China reported as infections top 14,000

China’s central bank said it would inject a hefty 1.2 trillion yuan shore up economy

Aviva stops investors from taking money out of property funds

Zero Hedge Permanently Suspended From Twitter for ‘Harassment’



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GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)

31-Jan-20 1580.85 1584.20, 1205.24 1204.63 & 1433.51 1431.96
30-Jan-20 1580.40 1578.25, 1213.75 1206.41 & 1435.16 1431.31
29-Jan-20 1571.20 1573.45, 1207.31 1209.20 & 1428.38 1429.95
28-Jan-20 1579.60 1574.00, 1212.19 1211.04 & 1433.33 1430.77
27-Jan-20 1583.45 1580.10, 1209.28 1210.04 & 1436.66 1433.94
24-Jan-20 1561.85 1564.30, 1192.63 1194.19 & 1415.04 1418.04
23-Jan-20 1554.05 1562.90, 1182.94 1191.24 & 1401.91 1411.77
22-Jan-20 1558.10 1556.90, 1193.19 1186.20 & 1404.78 1406.04




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Mark O'Byrne
Executive Director

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