Gold Consolidates Near All Time Highs in Euros; Set For Weekly Gain and Monthly Gain Of 4% In USD

Gold in EUR – 5 Years (GoldCore,com)


◆ Gold has rallied 0.4% to $1,581.70/oz today and is at £1,204.60/oz and €1,431/oz, very close to the all time record high in euros seen on January 8th

◆ Concerns about the coronavirus are leading to risk aversion which is impacting economically sensitive, risk assets in the form of stocks and benefiting safe haven gold

◆ The risk that the epidemic becomes a global pandemic is leading to economic slowdown concerns, despite the World Health Organization’s confidence that the outbreak could be controlled

◆ A combination of technical and fundamental forces has gold hitting new seven-year highs in dollars and trading near all time record highs in euros and Australian dollars.

◆ Inflows into gold exchange-traded funds (ETFs) have hit seven-year highs as investors diversify into gold due to increasing financial and economic risks and the very uncertain outlook



NEWS and COMMENTARY

Gold inches higher on virus concerns; set for monthly gain

Gold prices settle at highest since 2013 as coronavirus worries feed haven demand

Investors flee to safe havens as virus burgeons

China’s December Net Gold Imports via Hong Kong Surge in December

Euro zone GDP falls short of expectations, rose 0.1% quarter-on-quarter, inflation picks up

Shares struggle for footing after virus-battered week

U.S. warns citizens against travel to China as virus toll tops 200

Coronavirus live updates: China says death toll hits 213, Britain reports first two cases

Gold Price Poised to Knock Out Another 7-Year High: 3 Reasons Why


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

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
21-Jan-20 1556.25 1551.30, 1192.87 1188.14 & 1401.25 1397.26
20-Jan-20 1559.25 1560.15, 1200.93 1200.38 & 1406.76 1407.72



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Mark O'Byrne

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