Daily Gold Market Report

Gold pushes toward $1900 as recession worries fade
City Index: Market ‘technically driven with bears booking profits’

(USAGOLD – 6/28/2023) – Gold continued to push toward the $1900 mark as recession worries went into retreat and markets digested the prospect of more rate hikes moving into the second half of the year. It is down $7.50 at $1908.50. Silver is down 27¢ at $22.66. City Index’s Matt Simpson told Reuters this morning that “strong economic data strengthened the dollar and sent gold back towards its June low.” Current pricing, he says, appears to be “technically driven with bears booking profits.”