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What’s next? – GOLD 26.03.18

Mar 26 2018, 01:48 PM (+06) | Fortfs.com

Gold prices were lower in Asian hours on Monday, with economic data and the US dollar expected to shape demand for the metal in the near term.

 

On the Comex division of the New York Mercantile Exchange, gold futures were down 0.27 percent at $1.346.20 a troy ounce as of 06:50 GMT.

 

The yellow metal ended last week at its highest level in five weeks, as market participants ran into safe-haven assets on rising concerns over a potential trade war between the US and China.

 

For the week, gold futures closed at $1,349.90 a troy ounce, adding 2.9 percent. Last week’s performance was the best weekly turnout in nearly a month.

 

On Thursday, US President Donald Trump signed a memorandum in order to implement import tariffs to Chinese products for a volume of about $60 billion.

 

The tariffs largely focus on technology sector goods and were intended to penalize China for, according to the Trump administration, stealing intellectual property.

 

The Chinese government responded almost immediately with a list of 128 US products that could potentially face retaliation if the Trump administration moves forward with tariffs.

 

In other news, former ambassador John Bolton took over as President Trump’s national security adviser, after Lt. Gen. H.R. McMaster recently left its post.

 

This announcement increased geopolitical uncertainty among investors. Especially as Bolton had previously advocated military force as a way to deal with North Korea and Iran.

 

The US dollar index, which measures the greenback against six major currencies, was trading 0.01 percent higher at 89.04 by the time of this writing.

 

In the next few days, traders will be focusing on incoming economic data, including a final revision on the US gross domestic product for the fourth quarter 2017 and several speeches from Federal Reserve policymakers.

 

On Friday markets will be closed in observance of the Good Friday holiday.

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