Good morning, traders. Welcome to our weekly preview of the macroeconomic data and major narratives that matter for the gold markets for this, the first week of the last month of the year.
After some back-and-forth trading during the overnight sessions, gold and silver prices are lower to begin Monday morning as equity markets in Asia and Europe have made gains for the day (although, just after the cash open here in the states the Dow and S&P indices have both turned lower, providing a minor lift to the gold chart.)
The key narrative this morning, and the reason for the increase of risk appetite overnight, remains the health of international trade. Global markets are so far cautiously cheering the news that the Chinese government’s initial retaliation for the signing of a US bill in support of Hong Kong’s pro-democracy protests has not included tariffs or other punitive trade measures. At the same time, the day barely got started in Washington before Donald Trump announced a new round of tariffs on South American trade partners; clearly, in trading assets like the precious metals which are so sensitive to trade risk right now, this is going to dominate our focus in December (especially with new tariffs still scheduled to take in less than two weeks.)
For now, let’s take a look at was else is on our mind this week. Read the rest of the article on the GoldPrice.org website HERE