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GOLD: Treading Water Ahead of Big Week for US Data. 

GOLD
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  • Gold traded in a very narrow range over night in a week that could determine the outcome of the last meeting for the year for the Federal Reserve on December 19.
  • Gold started the US trading day at $2,643.13, headed lower to $2,622 before finishing at $2,639.
  • It opened slightly firmer in Asia’s trading morning.
  • Gold markets are watching for indications from the US data as to whether the Federal Reserve will cut rates at it’s December meeting, a move that should benefit gold.
  • Yesterday’s announcement that Australia’s biggest gold miner, Northern Star, was buying its rival De Grey mining for $5 billion could be the start of a round of consolidation in the gold industry.
  • The potential uncertainty that is emanating from the White House and incoming President’s policies has driven investors to gold thereby giving the bigger mining companies the cashflow to take out their rivals.
  • Central Banks and Hedge funds are among the investors that are adding to their gold allocations, with the latter holding the biggest long positions since early November. 
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  • Gold traded in a very narrow range over night in a week that could determine the outcome of the last meeting for the year for the Federal Reserve on December 19.
  • Gold started the US trading day at $2,643.13, headed lower to $2,622 before finishing at $2,639.
  • It opened slightly firmer in Asia’s trading morning.
  • Gold markets are watching for indications from the US data as to whether the Federal Reserve will cut rates at it’s December meeting, a move that should benefit gold.
  • Yesterday’s announcement that Australia’s biggest gold miner, Northern Star, was buying its rival De Grey mining for $5 billion could be the start of a round of consolidation in the gold industry.
  • The potential uncertainty that is emanating from the White House and incoming President’s policies has driven investors to gold thereby giving the bigger mining companies the cashflow to take out their rivals.
  • Central Banks and Hedge funds are among the investors that are adding to their gold allocations, with the latter holding the biggest long positions since early November.