The DAX opened its Friday trading session with cautious sentiment. At around 9:30 a.m. local time the benchmark index was quoted at roughly 24,475 points, down 0.1 % from the previous day’s close.
According to Jochen Stanzl, chief market analyst at Consorsbank, the DAX may begin a technical counter‑trend after the recent losses. “We have reached the lower bound of the trading range that has prevailed for the past three weeks” he said. “That increases the likelihood that buyers will step in, at least in the short‑term. However, a clear trend remains elusive. Even to the upper limit of the day’s range there are still about 500 points of room. The index is currently dominated by short‑term, technical traders”.
In Asian trading, silver performed unusually well. The support level at $70 was breached, and the metal briefly fell close to $64. Nevertheless, the feared shock waves from the new silver lows have not materialised. Instead, risk appetite returned, allowing investors to take advantage of the low prices. “Many investors sold too far in the short term” Stanzl added. Silver’s price has essentially halved, falling from a record high to an overnight low.
All eyes now turn to China’s central‑bank decision announced over the weekend. There is hope that China’s central bank continues to purchase gold even at the record prices seen in January. The narrative that keeps gold above $5,000 is partly based on a “bet” between central banks and private investors. A decline in Chinese purchases at this stage would therefore be a shock.
Stanzl noted that, after Christine Lagarde rejected a rate cut by the ECB, investors are looking for more positive signals from the United States. “After this week’s losses, it may already be sufficient if next week’s inflation and employment data keep the pathway to further USD rate cuts in 2026 from opening fully” he said.
The euro was slightly stronger on Friday morning, trading at $1.1789 each; conversely, one U.S. dollar was equivalent to €0.8482.
Gold benefitted considerably. The price of one fine ounce was $4,867, a 1.9 % increase. This translates to €132.73 per gram.
The oil market also experienced a notable rise. At about 9 a.m. German time, Brent crude was priced at $68.28 per barrel, which is 73 cents, or 1.1 %, higher than the close of the previous trading day.
