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Gold Price Rise Accelerates as Global Market Sentiment Worsens

Gold Price Rise Accelerates as Global Market Sentiment Worsens

2019-01-03 11:40:00
Martin Essex, MSTA, Analyst

Gold price, news and analysis:

  • The gold price is climbing as market confidence takes a knock from Apple’s cut in its sales forecast, deadlock over the partial shutdown of the US Federal Government and China’s weak economy.
  • Gold, like the Japanese Yen and US Treasury bonds, is benefiting from safe-haven flows.

Gold favored as market sentiment deteriorates further

Investors and traders are moving into gold, as well as other “safe havens” such as the Japanese Yen and US Treasury notes and bonds, as the appetite for high-risk assets such as stocks falls.

Nerves about Apple’s cut in its quarterly sales forecast, a likely rejection by US President Donald Trump of a move by Democrats to end the partial US Federal Government shutdown and evidence that the Chinese – and global – economies are slowing are combining to extend the uptrend in the gold price that began in mid-August last year.

Gold Price Chart, Daily Timeframe (August 9, 2018 – January 3, 2019)

Latest gold price daily chart.

Chart by IG (You can click on it for a larger image)

These “risk off” flows have helped lift the gold price to its highest level since June 15 last year alongside the “flash crash” in USDJPY and the move into Treasuries that has reduced the yield on the benchmark 10-year note to just 2.631%. That, in turn, has helped the gold price as the difference in yield between Treasuries and zero-yielding gold has reduced.

As the five-minute chart below shows, the gold price is off its early highs in Europe Thursday but is still much higher than at the start of new-year trading and may well benefit further from the rise in risk aversion that has fueled safe-haven demand.

Gold Price Chart, Five-Minute Timeframe (January 2-3, 2019)

Latest gold price five-minute chart.

Chart by IG (You can click on it for a larger image)

More to read:

How to Trade Gold: Top Gold Trading Strategies and Tips

JPY Soars as ‘Flash Crash’ Moves Spark Flight to Havens

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--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

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