Gold Market News

Gold Market News

Gold prices firmer on lower U.S. dollar and a dip in U.S. Treasury yields. Stocks higher after new inflation data shows inflation rose less than expected. Gold last traded at $1,848 an ounce. Silver at $22.19 an ounce.

September 29, 2023

Shutdown odds grow as Senate, House advance separate spending plans - Reuters--9.28.23
The divergent paths of both the Senate and the House appeared to increase the odds that federal agencies will run out of money on Sunday, furloughing hundreds of thousands of federal workers and halting a wide range of services.

US GDP revised down in every first quarter from 2020 to 2022 - Reuters--9.28.23
U.S. economic activity was either weaker or not as strong as previously estimated in each of the first quarters of 2020, 2021 and 2022 amid downgrades mostly to consumer spending, revised government data showed.

China's gold buying spree could reset fundamental price assumptions - Kitco--9.27.23
Sky-high demand for gold from both China's central banks and its citizens may not be a short term trend. According to experts, a breakdown in the U.S. dollar could eventually push gold prices to $2,600 an ounce. One of the reasons there is so much potential in gold is because of how resilient it has been in the last few months.

Upside price correction for gold Friday- Kitco--9.22.23
Gold and silver prices are higher on Friday, with silver scoring a two-week high. Gold is posting modest gains and is seeing a corrective rebound from selling pressure earlier this week.

Rising debt and debased currency will push gold prices to record highs - AuAG Funds' Eric Strand - Kitco--9.20.23
Growing balance sheets will lead to further currency debasement and, ultimately, higher consumer prices. One expert is expecting new all-time highs for gold if not by year-end, then by early 2024. Once markets feel that rate hikes are over and that central banks will start easing, "gold will really fly."

Gold prices head higher for a fifth day as traders await Fed decision - Market Watch--9.20.23
Gold prices continue to head higher after rising for four straight sessions as investors await an interest-rate decision from the Federal Reserve. Decisions are also expected later this week from the Bank of Japan and Bank of England.

Gold prices rise with Fed meet, government shutdown in focus -
Gold prices climbed on Monday as markets bet that the Fed will keep interest rates on hold this week. Growing fears of a U.S. government shutdown also spurred some safe haven demand for the yellow metal.

Gold prices end at a more than 2-week high as September Fed meeting looms - Market Watch--9.18.23
Gold prices settled higher on Monday, hitting its highest level in more than two weeks, finding support from weakness in the U.S. dollar ahead of a Fed decision on monetary policy due later this week.

New gold metric shows investors' holdings at their highest level since 2012 - JP Morgan - Kitco--9.13.23
The record streak of central bank gold purchases has also driven investors to allocate the largest percentage of their portfolios to the precious metal since 2012. Central banks have been adding to their gold reserves at a historically unprecedented pace since Russia's invasion of Ukraine in an effort to reduce their dependence on and exposure to the U.S. dollar.

Gold 'more than a defensive asset', has unique properties as a portfolio diversifier - WisdomTree's Nitesh Shah - Kitco--9.14.23
Gold is among the least correlated assets to traditional investments like stocks and bonds, which gives it a number of unique advantages. Gold also enjoys strong defensive traits, making it a good candidate to protect investment portfolios against sudden market downturns.

Gold shopping spree continues for Poland, Czechia and India, Uzbekistan also buys in August - Kitco--9.13.23
Central bank gold demand continues to dominate the precious metal markets and is one of the biggest factors supporting prices. Preliminary data from the WGC indicates robust central bank demand through the third quarter as Poland, India, Uzbekistan and the Czech Republic all increased their gold reserves last month.

Here’s what the gold-silver price ratio tells us about silver - Market Watch--9.13.23
Silver has underperformed gold this year, providing an opportunity for investors betting on growth in demand for the white metal. Industrial demand for the metal is "expected to grow" and one analyst believes the intermediate and long-term trend for gold and silver is "upward as the dollar continues to lose its base."

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