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Gold looks firm despite thin market

Dec 27 2018, 02:28 PM (+06) | Fortfs.com

On Wednesday, gold lost part of its earlier conquered positions amid stronger dollar, which continues to have a major impact on the yellow metal. At the same time, for the longer term, gold retains a very high upward bias since the market has seen a steady increase in the demand for defensive assets, amid growing geopolitical and economic uncertainty in the world.

In US, two main topics are now at the center of attention- this is the suspension of the government’s work, as well as the continuing criticism of President Trump to the Fed Chairman Powell.

On Wednesday, a representative of the US Department of Commerce announced that the agency would not publish economic reports during the suspension of government work. Thus, the agency will not publish statistics on the housing market, and construction, trade, orders for durable goods, GDP, and expenditures and incomes of individuals. At the same time, the ministry will continue to publish reports on the labor market and inflation.

Recently, the topic of the possible resignation of Fed Chairman Jerome Powell has been discussed more and more on the market. On the eve Trump called the policy of the Fed the main problem of the US economy, and the increase in interest rates caused the collapse in the US market, which last week showed the worst results in more than 10 years of trading. Trump's advisers and other White House officials already rushed to refute these rumors, stating that Powell was not in danger, but at the same time a number of media outlets spread that Trump was already interested in whether he could dismiss the Fed head. The possibility of meeting Trump and Powell, which can take place early next year, is being considered and may lead to a decrease in tensions between the White House and the Fed.

Today, in addition to domestic news in the United States, investors will closely monitor the publication of the CB consumer confidence index in the United States. The decline is projected. However the market remains low active and thin.

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