Gold Outlook 2017

investing news-Unsurprisingly, 2016 was a volatile year for the gold market. At the start of the year, analysts were all over the map on the 2016 gold price predictions were as high as $1,382 per ounce, while others projected the price would fall lower than $1,000 an ounce. On the contrary, the gold price had a strong start to the year, rising to $1,237.90 per ounce before March. By July, the yellow metal had soared to $1,365.40 per ounce, following the Brexit decision in June. Since then, the gold price has dropped off drastically–despite a momentary spike during the US election–trading at $1,174.70 per ounce on December 5. Gold Outlook The below chart below provides an overview of gold’s activity in 2016 (click on the 1y icon): To get a better idea of what drove gold in 2016, and what to look for in 2017, the Investing News Network (INN) had the chance to speak with Jeffrey Nichols, senior economic advisor at Rosland Capital LLC, David Morgan, analyst at the Morgan Report, and Erica Rannestad, a senior precious metals analyst at Thomson Reuters GFMS. 2016 gold themes: politics, US dollar and inflation
Indeed, it’s impossible to talk about the gold price without mentioning the implications Brexit placed on it or, more recently, the US election. Rannestad elaborated by saying Britain’s decision to leave the European Union and the election of Donald Trump as president “lead to increased uncertainty” in the market. However, in speaking with INN, Morgan commented that the outcome of the US election wouldn’t particularly impact the precious metals sector. While that could certainly be the case long term, the gold price did substantially fall off in the days following the election, even dropping to nine-month lows. Nichols agreed with Rannestad, commenting that Trump’s victory had huge implications on the gold market, and the resource sector in general. “His statements over the course of his campaign were all contradictory so we don’t really know where he stands on a lot of issues,” he noted.

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Updated: 06/06/2017 — 11:25 PM

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Pramod Baviskar

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