Gold Stabilises
12 May 2017
Gold prices have stabilised overnight, after falling down toward USD $1215oz, providing some respite for precious metal longs who’ve endured a painful few weeks, with both gold and especially silver down noticeably.
There was no major news driver overnight, though more important data is set to be released tonight on both sides of the Atlantic. In Europe we’ll get a look at German GDP, whilst in the US, we’ll get data on retail sales and inflation, which will no doubt make an impact on expectations of a June rate hike by the Fed.
Despite the current gloom surround the price trajectory for precious metals, there are some optimists, with ABN Amro seeing the metal heading back to USD $1300oz in 2017, and USD $1400oz in 2018, with the bank expecting real yields in the US, and the USD itself.
