Gold price – That’s what awaits us this week!

Gold price above 1,500 US dollars

The gold price was quoted on monday morning at 10 a.m. on the spot market at 1,510 US dollars per ounce. This was equivalent to 1,353 euros. The silver ounce cost 18.10 US dollars (16.21 euros).  What can move prices now? After the eventful reporting week last week, there are only relatively few potentially price moving dates in the coming days.

 

Reporting dates

On moday afternoon at 4 p.m. the US order intake will be reported in September. Analysts expect a decline of 0.5 percent compared to the previous month. On Tuesday (14:30) the new trade balance with US exports and imports will be published in September. Shortly thereafter (16:00), the ISM Purchasing Managers’ Index for the non-manufacturing sector will be released. Within the US manufacturing industry, the index signaled a decline in economic activity for the last three months in a row. Wednesday at 8:00 a.m. brings us German new orders in September. On Thursday at 8 a.m. we will learn how German industrial production performed in September. On Friday there will be new foreign trade data from China (4 am) and Germany (8 am) with the latest data on exports and imports of both economies. From the USA the consumer confidence of the University of Michigan comes at 16 o’clock. All data without guarantee.

 

Market expectations

Following the recent Fed meeting, comments by Fed President Jerome Powell and the slightly positive economic news from the USA, the markets do not expect any further rate cuts in the US for the time being. On the US futures market, the probability of the Federal Funds Rate remaining at the current level (1.5 % to 1.75 %) is estimated at 93.4 % at the December meeting. Public presentations by Fed members will be given on Wednesdays (John C. Williams, New York Fed) and Thursdays (Raphael Bostic, Atlanta Fed), each evening. Meanwhile, the US and China seem to be moving closer together in the trade dispute. And the unregulated Brexit has been averted for now. But as always, the next trump tweet is sure to come.