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Bullion Reaches Multi-Month High

GOLD

Gold prices are up 1% from their NY close on Friday to $1841.25/oz after reaching a high of $1843.18 earlier. This was the strongest since late June. The intraday low was $1826.95. Today’s move is consistent with the technical bullish trend. The USD is flat on the day.

  • Gold has been supported by the IMF’s warning that a third of the global economy could be in recession this year. It noted that America, the EU and China are “slowing simultaneously”.
  • Later today the final December US manufacturing PMI prints. There is further PMI/ISM data over the week but the focus is on Wednesday’s FOMC minutes and Friday’s payroll data for December, which is expected to post a 200k gain (bbg). Any signals of a less hawkish Fed should be good for gold prices.
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