The Phaserl


Daily Nugget – Gold ETFs drive value of entire global ETF market

by Jan Skoyles,

Despite two major central bank meetings, the price of gold remained relatively flat throughout the day yesterday due to the US Independence Holiday and the wait prior to the non-farm payrolls data.

Following renewed dollar strength yesterday, thanks to ECB and BOE dovish stances, many are expecting gold to take a bit more of a tumble today, despite gaining around 2% this week.

The ECB took a new step and released a statement in which the opening remarks explicitly implied that rates are likely to be cut. Mark Carney, in his first MPC meeting, also said that we should not expect any rise in interest rates in the near future due to fears of hampering the country’s recovery efforts.

The gold price fell this morning for the first time this week on the back of concerns over the US jobs data. May believe the data will show signs that the US economy is recovery, thus prompting more calls for QE to be tapered. If the report backs a stronger dollar then gold will suffer.

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