Outlook and Recommendation Gold skyrockets and then tumbled to close the month at 1716.55. Gold eased off as safe haven demand lessened and traders added
Gold skyrockets and then tumbled to close the month at 1716.55. Gold eased off as safe haven demand lessened and traders added more risk to their portfolios. Gold has been in a fairly volatile state to close the month. Market strategists have attributed the gold price’s inability to break out of its trading range to a confluence of macroeconomic factors – including the U.S. fiscal cliff situation, the seemingly never-ending European sovereign debt crisis, slower economic growth and lower demand for gold in China, and movements in the U.S. dollar as a safe haven during times when markets shift into risk-off mode.
Highest: 1754.65 |
Lowest: 1708.35 |
Difference: 46.30 |
Average: 1733.09 |
Change %: -2.02 |
Nonetheless, the longer-term outlook for gold prices remains favorable, according to analysts at Commerzbank. From an investment perspective, the firm contended that continued strong inflows of gold into exchange-traded funds (ETFs) are reflective of firm demand for the yellow metal.
FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more recent analysis and information in our weekly reports and we provide daily updates and outlooks.
Central Bank Name: Fed Reserve
Date of next meeting or last meeting: December 12, 2012
Current Rate: 0.00% – 0.25%
Economic Highlights of the coming week that affect the Euro, GBP, CHF and the USD
Date |
Time |
Currency |
Event |
Forecast |
Previous |
Dec. 03 |
08:15 |
CHF |
4.1% |
5.4% |
|
|
08:30 |
CHF |
47.0 |
46.1 |
|
|
15:00 |
USD |
51.3 |
51.7 |
|
Dec. 05 |
10:00 |
EUR |
-0.1% |
-0.2% |
|
|
13:15 |
USD |
125K |
158K |
|
|
13:30 |
USD |
2.7% |
1.9% |
|
|
13:30 |
USD |
-0.9% |
-0.1% |
|
|
15:00 |
USD |
53.5 |
54.2 |
|
Dec. 06 |
08:15 |
CHF |
0.1% |
||
|
09:30 |
GBP |
-8.8B |
-8.4B |
|
|
10:00 |
EUR |
-0.1% |
-0.1% |
|
|
11:00 |
EUR |
0.9% |
-3.3% |
|
|
12:00 |
GBP |
0.50% |
0.50% |
|
|
12:00 |
GBP |
375B |
375B |
|
|
12:45 |
EUR |
0.75% |
0.75% |
|
Dec. 07 |
09:30 |
GBP |
0.7% |
-1.7% |
|
|
09:30 |
GBP |
-0.2% |
0.1% |
|
|
09:30 |
GBP |
-0.6% |
-2.6% |
|
|
11:00 |
EUR |
-0.5% |
-1.8% |