Daily Gold Market Report

Gold surges nearer all-time highs on Fed prospects, fresh safe-haven buying
Bank of America sees possibility of move to $2391/$2543 in 2023-2025

(USAGOLD – 4/13/2023) – Gold surged nearer all-time highs this morning on the prospect of Fed moderation assisted by this morning’s surprise drop of 0.5% in wholesale prices. It is up $29 at $2047. Silver is up 30¢ at $25.89. Fresh safe-haven and technical demand might also be playing a role in this morning’s upside. Bank of America updated its gold forecast yesterday, pointing to a bullish pennant chart pattern that favors a continuation of the current uptrend. “A new all-time closing high in gold prices above $2078 on daily and weekly charts,” it predicts, “would go a long way in signaling a significantly larger upside in 2023-2025 such as $2391/$2543.”