Daily Gold Market Report

Gold edges higher in quiet summertime trading
JPM forecasts $2175 gold price by year-end 2024, Poland buys more gold

(USAGOLD – 8/11/2023) – Gold edged higher in quiet summertime trading as yesterday’s benign inflation report failed to motivate traders and probably any real change of heart among Fed governors. Gold is up $6 at $1920.23. Silver is down 3¢ at $22.76. Since the June 1 beginning of the summer doldrums, gold is down 2.33%, and silver, always the more volatile of the two metals, is down 6.55%. JP Morgan weighed in on gold this morning. As reported by YahooFinance, it expects the metal to hit $2012 by the middle of next year and $2175 by year-end based mainly on a complete reversal of Fed policy from hiking to cutting rates and continued central bank stockpiling. Buttressing JPM’s call on central bank buying, Poland announced yesterday boosting its reserves by another 22.4 tonnes in July. Since January, it has added 72 tonnes to its holdings.

Gold and silver price performances 
(Summer months, June 1, 2023 to present)

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