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GOLD: Gold’s Fortunes Whipsaw on Trump’s Comments.

GOLD
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  • Gold prices love an interest rate cut and whilst gold started to stumble, driving prices lower, comments from Trump on tariffs and the need for lower interest rates saw bullion rebound to finish in line with where it started the day.
  • For much of the week gold prices appeared supported by their safe-haven status but the week’s rally showed signs of softening before Trump addressed Davos in comments that drove volatility.
  • Trump had already levelled comments at Mexico, Canada, China and the EU warning them during the week of the potential for tariffs.
  • Opening the day at US$2,754.87 gold traded down to an intra-day low of $2,735.97 recovering to a high of $2,758.93 before closing where it started the day at $2,754.87.
  • In further signs of Central Banks being active in gold markets, Turkey’s central bank gold reserves rose US$491m to US$66.5bn as of January 17. 
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  • Gold prices love an interest rate cut and whilst gold started to stumble, driving prices lower, comments from Trump on tariffs and the need for lower interest rates saw bullion rebound to finish in line with where it started the day.
  • For much of the week gold prices appeared supported by their safe-haven status but the week’s rally showed signs of softening before Trump addressed Davos in comments that drove volatility.
  • Trump had already levelled comments at Mexico, Canada, China and the EU warning them during the week of the potential for tariffs.
  • Opening the day at US$2,754.87 gold traded down to an intra-day low of $2,735.97 recovering to a high of $2,758.93 before closing where it started the day at $2,754.87.
  • In further signs of Central Banks being active in gold markets, Turkey’s central bank gold reserves rose US$491m to US$66.5bn as of January 17.