Strong US stocks indicate a strong risk appetite or a waning risk aversion. The gold price is still brave and is fighting for the $ 1,700 mark. The US technology index Nasdaq-Composite even closed at a record level at the start of the week. The yellow precious metal, on the other hand, receives support from the current weakness of the dollar. The dollar index is currently at its lowest level in three months. Before tomorrow’s Fed rate decision, however, the price fluctuations in the gold price will be limited. If US central banks are less pessimistic than expected about the state of the US economy, this could further dampen interest in gold investments. Yesterday, Monday, the world’s largest gold ETF SPDR Gold Shares reported outflows for the third day in a row. At the start of the week, the amount of gold it held fell from 1,128.11 to 1,125.48 tons.
Oil price: hope on the demand side
The hope of a recovering demand is spreading on the oil markets. The first easing measures have also been introduced in the New York region, which has been particularly hard hit by the Corona virus. The fossil fuel also received a tailwind from the price targets for the oil price revised upwards by Goldman Sachs. They expect $ 40.40 a barrel in 2020 and $ 36 a barrel in WTI. The weekly report of the American Petroleum Institute, which is scheduled to be published at 10.30 p.m. and could influence the trend for tomorrow’s trading day, should now attract increased attention. According to a preliminary Reuters survey among analysts, the oil volume stored should have been reduced by 1.5 million barrels.