Daily Market Update

Gold Gains 1.5% After ECB Unleashes Bazooka of -0.5% Interest Rate and QE Of €20 Billion A Month

◆ Gold gained 1.7% after the European Central Bank unleashed easy money measures by cutting deposit interest rates and relaunched QE “for as long as necessary”

◆ The ECB moved further into negative rates at -0.5% and will electronically create of €20 billion euros every month to buy bonds; gold rose from €1,362/oz to €1,394/oz prior to giving back gains

◆ Gold has had back to back gains after rising on Wednesday and yesterday but it shed the ECB gains later in the session on fresh hints of progress in the U.S.-China trade dispute

◆ The ECB ‘bazooka’ has increased expectations for a dovish stance from the U.S. central bank at its meeting next week and the Fed is increasingly expected to also revert to quantitative easing and move to negative rates as demanded by President Trump who called Fed officials “boneheads” this week

◆ Palladium sets all-time high on supply angst; record high of $1,621.55/oz; Gold and silver will likely also reach record highs in the coming months

◆ For the week, gold is 0.6% lower and silver is 0.3% lower

 

 

NEWS and COMMENTARY

Gold gains over 1.5% on dovish ECB; eyes on Fed

Gold tallies a back-to-back gain after ECB unleashes basket of easy-money measures

Palladium sets all-time high on supply angst; gold pares gains

U.S. budget deficit passes $1 trillion mark for fiscal 2019

ECB’s new stimulus helps Trump’s bid against the Federal Reserve

Wall Street advances on trade concessions, euro zone stimulus

Stocks gain on report Trump administration weighing interim China trade deal

Reuters exclusive: Morgan’s head of gold trading put on leave amid probe

 

Gold Prices (LBMA – USD, GBP & EUR – AM/ PM Fix)

12-Sep-19 1502.95 1515.20, 1219.94 1227.46 & 1362.88 1373.53
11-Sep-19 1493.65 1490.65, 1208.21 1209.07 & 1354.74 1355.90
10-Sep-19 1494.60 1498.25, 1211.52 1211.34 & 1353.51 1357.11
09-Sep-19 1509.95 1509.20, 1223.81 1220.34 & 1368.62 1364.92
06-Sep-19 1504.95 1523.70, 1223.52 1237.09 & 1363.94 1378.49
05-Sep-19 1542.60 1529.10, 1257.06 1238.72 & 1397.44 1380.78
04-Sep-19 1538.80 1546.10, 1265.05 1269.97 & 1397.69 1403.86
03-Sep-19 1532.45 1537.85, 1278.06 1277.80 & 1400.35 1403.44
02-Sep-19 1523.35 1525.95, 1260.42 1265.01 & 1388.69 1391.51

 


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Mark O'Byrne
Executive Director

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