Daily Gold Market Report

Gold marginally higher in follow-up to yesterday’s nearly $40 advance
‘Appears able to sustain momentum as dark clouds gather within the economy,’ says Norman

(USAGOLD – 4/5/2023) – Gold is marginally higher this morning following yesterday’s nearly $40 advance that took it over the $2000 mark. It is up $3 at $2026. Silver is down 23¢ at $24.85. London-based gold market analyst Ross Norman told Reuters that “the ‘third time’s the charm’ for gold, having probed above the $2,000 level in both August 2000 and March 2022. This time it appears to be able to sustain the momentum as dark clouds gather within the economy.” A recent poll conducted by Britain’s Royal Mint might be indicative of a trend that extends beyond UK’s borders.

“A poll of over 2,000 UK investors by The Royal Mint,” says Money Week‘s Tom Higgins, “found there is almost certainly a growing trend to buy gold, with one in four investors (23%) saying they plan to invest in gold this year, rising to 26% among Gen-X investors. Precious metals are the second most popular investment right now, only behind UK stocks and funds, with nearly a third of investors (30%) planning to invest in the asset class in 2023. Nearly one in six investors (16%) who haven’t previously invested in precious metals plan to in the future, further highlighting the increasing popularity of the asset class.”

Chart courtesy of the World Gold Council • • • Click to enlarge