Daily Gold Market Report

Gold marginally lower as summertime lull remains in full force
‘Gold’s price action less of an arrow and more of a feather’ – Ross Norman

(USAGOLD – 6/22/2023) – Gold is marginally lower this morning as markets continued to weigh the direction of Fed policy, and the summertime lull remained in full force. It is down $3 at $1931. Silver is down 2¢ at $22.70. Metals Daily’s Ross Norman offered an apt description of the current market in this morning’s Reuters gold report: “Gold’s price action is less of an arrow and more of a feather as it responds negatively to the latest hawkish tones coming from the Fed.” MKS Pamp’s Nicky Shiels told Ktco News yesterday that “[gold’s] been in no-man’s-land for too long, and the news cycle is simply slow, which usually implies a rerating lower in the near term.” She blames “predatory shorts” who entered after the last week’s strong housing report for gold’s recent $30 decline.