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Gold and silver prices have seen a sharp downturn this week as the dollar continues to strengthen and bond yields rise. Gold has fallen 2.8% in USD since markets opened this week, dropping below the key $1,900 level, with silver down 4.6% in the same period.
Gold has fallen below $1,900 per ounce this week on market fears over a deteriorating Chinese economy and higher US rates.
The gold price remained largely unmoved by the latest rate hike from the US central bank last night. The decision had already been priced-in by markets and neither the hike itself, nor Chairman Powell’s press conference after, resulted in any significant change for precious metals.
After a difficult May and June, silver has enjoyed strong gains in July on the back of a weakening dollar and higher demand expectations. The alternative precious metal is currently bumping up against resistance at $25 per ounce but could be poised to make further gains in the months ahead.
Gold has successfully bounced back after falling below $1,900 per ounce last week and continues to show resilience in 2023 despite headwinds from likely rate hikes to come in the next few months.
Gold and silver have both seen their prices fall this week on news that the Federal Reserve have paused their rate hikes for now, but warned further hikes will likely still be needed.
In what has already been a difficult year for cryptos, the Securities and Exchange Commission (SEC) in the US has sued Coinbase Inc, America’s largest crypto exchange by trading volume. The news has seen both Coinbase shares, and crypto values in general fall.
As we head into June, and approach the halfway point of the year, we’re taking a look at the current outlook for the gold price; what is driving current trends and what might the gold price do in the near-term.
Two of the world’s largest gold miners are set to merge as Australian company Newcrest recommended the takeover bid by American rival Newmont. Should the deal get past shareholders and regulators, Newmont would be the world’s largest gold and copper miner.
Gold and silver saw gains yesterday as market jitters returned. The Federal Reserve are due to announce their latest interest rate decision later today and there could be further price movement depending on the decision and guidance on the direction they will take in the future.
Gold and silver are both trading around key levels at the moment of $2,000 and $25 per ounce respectively. Having already posted strong gains in the past two months, both metals continue to be supported by strong fundamentals, and could be poised for a further breakout.
A weaker US dollar has helped keep gold and silver prices high in the past few weeks. Despite calmer markets following the recent banking crisis, gold and silver have maintained recent highs thanks to the falling value of the dollar.
After two weeks of volatility, has the mini banking crisis been averted? Markets seem to think so based on trading so far this week. After passing $2,000 per ounce several times in the past fortnight, gold has now settled at around $1,950 per ounce as traders take in the current banking conditions.
Following another chaotic weekend, markets seem somewhat calmer today following the dramatic buyout of Credit Suisse by rival bank UBS.
The collapse of Silicon Valley Bank last week has seen share prices slashed for many regional and mainstream banks around the world. While an outright banking crisis has so far been averted markets remain extremely tense.
Banks around the world have seen a ‘brutal’ sell-off in the past 24 hours, triggered by a share sale by Silicon Valley Bank that has caused a domino effect for the banking sector globally that has raised fears of a new potential banking crisis.
Having reached a new UK record last week, the gold price has pulled back this week following a strong job report in the US. Markets are now trying to work out the direction the Federal Reserve will take on interest rates at their next meeting.
Gold has climbed to a 10-month high this morning of $1,909.96, following a further slow down to the rate of inflation in the US. Annual CPI figures came in at 6.5% for December following 7.1% inflation in November.
The People’s Bank of China have recently announced two large purchases of gold to add to the country’s already significant holding for their reserves.
Interest rates continue to rise following another round of hikes from key central banks around the world, with the Fed, BoE, and ECB all increasing rates by 0.5 percentage points.
