Analyzes

Gold is struggling to sustain this week’s recovery, trading close to $4,550 early Friday after witnessing good two-way business on Thursday.

In a recent interview with Chris Marcus of Arcadia Economics, Money Metals Exchange CEO Stefan Gleason deplores the superficiality with which the issue of auditing the U.S. gold reserve at Fort Knox continues to be treated by the Trump administration and financial news organizations.

The Aussie Dollar’s uptrend seems to have met some decent resistance in the 0.7270-0.7280 band so far, with AUD/USD still looking for a strong catalyst to extend its rally and dispute the yearly peaks and higher levels.

Spot Gold trades in the $4,540 region, recovering in the American afternoon. The US Dollar (USD) started the day on the back foot amid hopes the United States (US) and Iran were working their way towards a deal.

There is a delicious irony arriving in Washington on Friday. Kevin Warsh, the man President Trump hand-picked to run the Federal Reserve (Fed) precisely because he is expected to lower interest rates, will be sworn in as chair at the exact moment the market has all but given up on a cut this year.

Oil traders have stopped pretending this is a fundamentals market. WTI spent Wednesday sliding below $100 on deal optimism, then spent Thursday clawing all of it back after reports claimed Iran’s supreme leader had ordered the country’s near-weapons-grade uranium to stay inside its borders.