Weekly Market Report

Last week, the Trump sell-off continued with Gold reaching a low of $1,170.30 per ounce on Friday. Gold broke down below the key $1,200 per ounce support level last Wednesday, causing margin calls and hitting sell stops  . . . .

The US dollar climbed on Friday to its highest level since 2003 on continued bets on faster inflation and higher interest rates, while Treasuries resumed a sell-off that left yields at their highest levels of the year . . . .

Unexpectedly, Gold has dropped $65 per ounce since the election of Donald Trump as president of the United States. During the same period of time, many Banking, Energy, and Pharmaceutical stocks have increased 10% or more . . . .

If just 2 percent of current Islamic finance assets are allocated to gold, a huge new source of demand – roughly equal to China’s total purchases in 2015 – will soon enter the market. And this could push gold prices higher… a lot higher . . . .

By the end of 2016, 1.6 billion people will likely have a new gold investment standard for the first time in modern history . . . .

Last week, after it appeared that Donald Trump would become our next president, precious metal trading was definitely extraordinary. In early Asian trading Wednesday morning, Gold reached a high of $1,355 per ounce, an $80.50 increase over the New York close  . . . .

Gold futures dropped Friday to mark their lowest finish since June, as strength in the U.S. dollar and equities this week, and growing expectations for a Federal Reserve interest-rate increase next month, fueled the largest weekly decline in more than three years . . . .

Last Friday Gold closed at $1,304.50 per ounce, up $27.70 on very active trading volume. Much of the increase in the Gold price is credited to the rise of Donald Trump in the presidential polls. However, many precious metal analysts believe regardless of who becomes our next President, the big winner will be Gold  . . . .

Gold investing has traditionally been fraught with challenges for Islamic institutional and individual investors. Now the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has joined forces with the World Gold Council to create a new Shari’ah Standard for gold . . . .

Gold is on course to head as high as $1,500 per ounce, according to a technical analyst, who says the current environment will disrupt the usual inverse relationship between the U.S. dollar and the precious metal . . . .