BULLION LATEST 27/12: Gold prices up with positive expectations for 2018

The spot gold price rose during Asian morning trading on Wednesday December 27, amid positive market expectations for 2018.

The spot gold price was quoted at $1,281.75-1,282.20 per oz as of 03:52 BST, up $7.2 from the previous session’s close. Trade has ranged from $1,281.70-1,283.15 so far today.

“Gold’s rumble in the jungle like comeback continued apace overnight, as it climbed another nine dollars to 1283.25, coat-tailing skyrocketing prices in base metals,” according to Jeffrey Halley, senior market analyst at OANDA.

“Although volumes remain much thinner than average, many traders seem to be positioning for advancing global growth and higher inflation in 2018, of which gold is the obvious beneficiary.

“That said, we remain cautious at these levels as the prospect of higher US bond yields in 2018 could see gold’s rally become more fool’s gold than real gold as the new year gets underway,” he added in his report.

Silver, PGMs

In the other precious metals, the spot silver price rose $0.145 to $16.495-16.515 per oz. Platinum increased $3 to $918-923 per oz and palladium gained $20 to $1,054-1,059 per oz.

On the Shanghai Futures Exchange, gold for June delivery was recently at 277.05 yuan ($41.19) per gram, and the June silver contract was at 3,854 yuan per kg.

Currency moves and data releases

  • The dollar index was down by 0.01% at 93.25 as of 10.33am Shanghai time.
  • In equities, the Shanghai Composite was down 0.15% to 3,301.11.
  • In data, the US S&P composite-20 HPI came in at 6.4%, higher than the forecasted 6.3%, and the Richmond manufacturing Index came in at 20, lower than the forecasted 22.
  • In data today, US Consumer confidence and pending home sales month on month change numbers are due later.
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