Good morning, traders. Welcome to our weekly market preview where we focus on the developing stories and macroeconomic data that could matter the most to precious metals and related assets. We should strap in for a busy week ahead, as we have a packed data calendar heading into a week that looks to continue to be dominated by concerns around a coronavirus spreading through China.
Gold prices are markedly higher this morning on the back of a surge in safe haven buying at the start of trading Sunday night after the number of reported cases in China spiked over the weekend. The yellow metal has traded in a band between $1575-85/oz as Asian and European markets sold off in a broad risk-off move. As US stock markets have just opened, the major indices are down as much as 1.5% and yields on the US 10yr Treasury have hit a three-month low, while gold prices have traded closer to the top of that range although the fear impulse seems to be moderating somewhat.
Read the rest of the metals market preview for the week of January 27 – 31 on the GoldPrice.org website HERE