Gold Prices Edge Higher, G20 Trade Concerns Underpin Sentiment

Comex Gold

Financial leaders of the world's biggest economies acquiesced to an increasingly protectionist United States on the weekend by dropping the pledge to keep global trade free and open.

The Federal Reserve is on track to raise interest rates twice more this year after a policy tightening last week, and it could be more or less aggressive depending on inflation and fiscal policies from the Trump administration, a Fed rate-setter said on Monday.

The net impact to the U.S. Dollar price action has been even-more weakness, as DXY fell-below the psychological level of 100.00. According to Bankrate.com chief analyst Greg McBride notes that it is the "cumulative" effect that we have to watch, particularly since the Fed had already raised interests in the two previous December months (2016 and 2015).

Although Trump promised in early February to deliver a "phenomenal" tax plan within a few weeks, no such details have been released yet, with many investors now waiting for detailed budget plan expected in mid-May.

"Gold is testing higher ground due to dovish tone from Fed on interest rate increase for the rest of the year, coupled with short-term covering speculations".

Center-Right Parties Expected to Form Government in Netherlands
If Wilders does win, it will be a challenge to find other parties willing to join him in forming a new coalition government. Unlike most polls, the LISS panel also asks voters to give a percentage likelihood of their voting for a given party.

This might seem daunting, at first, but NerdWallet mortgage analyst Tim Manni confides: "For consumers now shopping for a mortgage to purchase a property or refinance an existing loan, shouldn't feel like a real shock to the system since the rate move has already been "baked" into the market". This comment did little to effect the euro and the French election is still on the investors' radar.

Although the Dutch election is over, there are still geopolitical risks in the European Union and the attention is now focused on the French presidential polls. "But I expect the market to become more nervous near the election, given last year's experiences (with Brexit and the USA elections)", said Kazushige Kaida, head of foreign exchange at State Street.

The dollar index of its value against a basket of six currencies hit a six-week low of 100.02 on Monday before recovering most of its losses. Weaker copper prices failed to dampen the Aussie's gains as focus remains on USA dollar weakness. It has risen 2.0 percent since the Fed's policy meeting last week.

The Australian dollar rose 0.2% higher at $0.7719 against the U.S. dollar last week which is seen to be the highest level since last November.

Others are forecasting the price to range between 1,175 - 1,375 this year.

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