Morning Snapshot: Gold firm as protectionism worries weigh dollar

USAGOLD/Peter A. Grant/03-20-17

Gold starts the first week of Spring generally well bid. The yellow metal has added modestly to last week’s gains as investors digest the outcome of the weekend G20 meeting.

For some G20 partners the refusal of the US to commit itself clearly to free trade marked the first step down a dangerous road. — Financial Times

Worries about protectionism are keeping the dollar on the defensive. According to a Reuters article, the Chinese government is already planning to retaliate against any trade penalties initiated by America. There could be a trade war brewing.

Britain’s EU ambassador, informed the office of Donald Tusk, EU Council president, that Teressa May will trigger Article 50 on March 29. That will formally begin the Brexit process.

Chicago Fed dove Evans was out today trying to rebuild inflation worries after the University of Michigan inflation expectations gauge fell to a record low last week. Evans said that three rate hikes this year were likely, but a fourth is possible should inflation pick up.

This entry was posted in all posts, Gold News, Gold Views, Snapshot. Bookmark the permalink.

Comments are closed.