Can the gold price shine this week?

This week, too, there are many dates that can set the price of gold in motion. Among other things there is news from the US Federal Reserve and inflation data comes from the USA.

Gold price above $ 1,500/ounce

The gold price started the new week at prices above 1,500 US dollars. Today at 8:30 a.m. the troy ounce of gold on the spot market cost 1,506 US dollars. That was equivalent to 1,371 euros. Silver was quoted at 17.56 US dollars (15.98 euros). After the gold price fluctuated last week in the wake of the new US labour market data, there are also potentially market-moving dates on the horizon this week.

“Fed Minutes” on Wednesday

The “Fed Minutes” on Wednesday evening will be the focus of the reporting week. The minutes of the Fed meeting on 18-19 September 2019 may provide information about the mood in the circles of the US Federal Reserve and indications about the expected US monetary policy. The next US interest rate decision is due on 30 October. A further rate cut of 25 basis points on the US futures market (based on the Fed funds futures) is currently being traded with a high probability of 80.7 percent. Fed President Jerome Powell has already made a public appearance at an event of the Federal Reserve Bank of Kansas City on Thursday at 17:00 (CEST).

New inflation data

On Thursday there will be new inflation data from the USA. In August, the official annual inflation rate (increase in the consumer price index) was 1.7 percent. Analysts expect a slight increase for September. Subdued US inflation increases the likelihood of further rate cuts in the USA.

Further dates

The ECB will also publish the minutes of its last monetary policy meeting on Thursday. It is possible that the “ECB Accounts” will reveal more about the controversial decisions of the central bank, which certainly contributed to the departure of the German ECB Director Sabine Lautenschläger. Exploratory talks between the US and China on the trade war are also planned for the same day.