Daily Gold Market Report

Gold turns to the upside as speculative selling takes a breather
Gold is down 2% on the week, but up 5.1% on the year

(USAGOLD – 6/23/2023) – Gold turned to the upside as speculative selling from the rate-cut trade appeared to be taking a breather – at least in the early going. Gold is up $6 at $1922. Silver is up 16¢ at $22.45. Gold is down 2% on the week, and silver is down almost 6.5%. To put the price picture in perspective, gold year to date is up 5.1% (after all is said and done), and silver, the more volatile of the two metals, is down 6.6%.

“While major central banks adopting a hawkish stance and the modest strength of the US Dollar have posed challenges for gold,” says FXLeaders’ Arslan Butt. “there are glimmers of hope for a potential recovery. The recent rate hikes by the Bank of England, Swiss National Bank, Norges Bank, and others have exerted downward pressure on the non-yielding precious metal. Additionally, the US Dollar’s resilience, backed by Federal Reserve Chair Jerome Powell’s hints at further interest rate hikes, has restrained the US Dollar-denominated gold price. Despite these headwinds, gold remains a sought-after safe-haven asset amid economic concerns and cautious sentiment in equity markets.”

Gold and silver price performance
(%, year to date)

Chart courtesy of TradingView.com • • • Click to enlarge