Daily Gold Market Report

Gold moderately lower as investors brace for next week’s Fed policy meeting
Citibank says it only a matter of time until gold posts ‘fresh’ all-time highs

(USAGOLD – 7/21/2023) – Gold is moderately lower in quiet summertime trading as investors brace for next week’s Fed policy meeting. It is down $8 at $1964. Silver is down 3¢ at $24.79. A sharp drop in the Japanese yen (-1.1%) is not helping matters. Citibank is bullish on gold for the near term, according to a Bloomberg report published this morning, saying it has already benefited from loosening monetary policy, record inflows into ETFs, and increased asset allocation. As a result, it is only a matter of time, says the bank, until the metal posts “fresh” all-time highs. The report points out that prices for the metal have already posted new highs in every other G-10 and major emerging market currency this year. Silver, it says, will benefit from “demand for a store of wealth.”