Gold Market News

Gold Market News

Gold prices higher as traders look ahead to U.S. report due later this week. Stocks higher as investors shift their attention to next week's Fed policy meeting. Gold last traded at $1,788 an ounce. Silver at $23.06 an ounce.

December 8, 2022

If Russia accepts gold for oil, gold price doubles to $3,600, says Credit Suisse's Zoltan Pozsar- Kitco--12.7.22
One expert is saying that it is not improbable for gold to double to $3,600 if Russian responds to G7's oil price cap by accepting gold for crude. It is not far-fetched given some of the geopolitical and macroeconomic surprises from this year.

Gold Outlook 2023: The global economy at a crossroads = World Gold Council--12.8.22
Economic consensus calls for weaker global growth. A mild recession and weaker earnings have historically been gold-positive while further weakening of the dollar as inflation recedes could also support gold prices.

China buys 32 tonnes of gold in November, first increase in reserves since 2019- Kitco--12.7.22
China is loading up on gold again, confirming what many analysts have long suspected was happening. The Bank of China has reported the central bank has purchased 32 tonnes of gold in November.

Gold futures eye back-to-back gains - Market Watch--12.7.22
Gold prices climbed on Wednesday, on track to post back-to-back gains, thanks to weakness in the U.S. dollar and U.S. Treasury yields. Traders and investors are growing concerned of a sustained global recession, boosting the need for safe-haven assets.

$3,000 gold and more outrageous market predictions investors shouldn’t brush aside. - Market Watch--12.6.22
The relief of moving out of a pandemic was replaced by the biggest war in Europe in decades, which sparked worldwide inflation surges. Some predictions made by Saxo Bank's annual "outrageous predictions" for 2023 include gold rocketing to $3,000 on unstoppable inflation.

Gold firms as dollar’s push stalls, yields ease; focus on Fed- CNBC--12.6.22
Gold prices rose on Tuesday as the dollar gave up some of its recent gains and U.S. Treasury yields retreated. Traders are now awaiting further direction from the Fed's interest rate hike strategy.

2023 'surprise' scenarios: gold price at $2,250 and Bitcoin at $5,000 - Standard Chartered- Kitco--12.5.22
Markets are underpricing several "surprise" scenarios for next year, according to Standard Chartered. This list includes Bitcoin dropping to $5,000 and gold rallying to a new record high of $2,250 an ounce. Gold prices could also jump on safe haven demand as volatility hit the marketplace.

Central banks maintain their appetite for gold -
Central banks continue to accumulate gold according to the latest data. In October, central banks added a net 31 tonnes of gold international reserves. This lifts global official gold reserves to its highest level since November 1974.

The Fed pivot will be good for gold in 2023, says Bank of America - Market Watch--12.2.22
On Thursday, gold prices jumped 3.1%, the biggest daily gain since April 2020. The commodity strategy team at bank of America thinks gold has further to go and believes prices could exceed $2,000 an ounce next year.

Sentiment shows gold price has the momentum to move solidly above $1,800- Kitco--12.2.22
Gold's recent price gains are creating significant bullish sentiment which will end up bringing investors off the sidelines. A recent survey shows that Wall Street analysts and Main Street retail investors are significantly bullish on gold in the near term as the market sees solid technical bullish momentum.

Gold soars 2% as Fed rate hike slowdown prospects hurt dollar- Reuters--12.1.22
Gold prices jumped 2% on Thursday as the dollar weakened on the prospects of slower rate hikes from the Fed and signs of cooling inflation. Traders are currently pricing in a 91% probability that the Fed increases rates by a 50 basis points on December 14.

Gold has a path to $2,000 and silver to $25 in the second half of 2023 - Bank of America- Kitco--11.30.22
According to analysts at Bank of America, gold has a solid path to $2,000 an ounce by the end of 2023. Bank of America is expecting gold to get a boost when the Fed stops raising interest rates.

Gold holds higher after Powell points to smaller Fed rate hike ahead- CNBC--11.30.22
Gold prices were higher on Wednesday after Fed chairman Jerome Powell delivered remarks pointing to smaller rate increases ahead. According to one expert, markets are now pricing in just about a 50-basis-point hike from the Fed in the next meeting.

Gold jumps as tepid dollar offsets rate-hike fears- CNBC--11.29.22
Gold prices climbed on Tuesday as a softer dollar outweighed pressure from hawkish remarks by the U.S. Federal Reserve officials on interest rate hikes.

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