Safe haven gold is steady for now

Report settimanale - 10/02/2020

Gold Holds Steady

safe-haven-gold


Gold continues to be constant, while raising anxieties over the severity of the coronavirus outbreak and its influence on the global markets offset the positive pressure from strong economic numbers from the United States and China. A team of global specialists managed by the World Health Organization went to Beijing to assist in the investigation of the disease that took more than 900 lives in mainland China, exceeding the deaths from the SARS disease. Asian shares fell on market concerns covering the result from the epidemic. Spot gold was little exchanged at $1,569.04 per ounce while U.S. gold futures was level at around $1,572.69.

Week that was


Last Wednesday, Oil improved recovering from a 1% decline in the previous trading session, backed by producers analyzing further production/reductions in an effort to protect global oil demands from China’s coronavirus outbreak. U.S. West Texas Intermediate (WTI) crude futures grew 42 cents to $50.00 a barrel. Brent crude oil futures rose 44 cents, to $54.39 a barrel. OPEC and its partners led by Russia, examined the influence on global oil demand, and economic progress of the coronavirus outbreak at a gathering on Tuesday. Producers are considering further production cuts and planning a policy meeting in February rather than March.

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Main Focus This Week


While China is closed China is publishing tax cuts scheduled to start this Friday. How the U.S reacts, while China fights with the spread of the coronavirus will be fundamental driver in the week forward.

China is questionable if is going to be to capable to ramp up agriculture assets imports, or there may be extended request to balance a fall in domestic output. The numbers will be very important in the weeks ahead.

Looking past China, a settlement on a U.S auto agreement with the EU was put on halt moving towards the weekend.

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