Gold price steadies as traders focus on uncertain 2025 rate path
Gold has hit successive records this year and is set to close 2024 more than 25% higher.
On Tuesday, the return of the safe haven buyer and a weaker US dollar combined to lift the metal to its highest level since the election of Donald Trump on November 8.
Gold futures in New York for delivery in August, the most active contract, touched a high of $1,298.80, up more than 1% in heavy volume of more than 24m ounces. Gold is up 12.8% so far in 2017.
Gold’s recovery – up $80 an ounce in less than a month – was given fresh impetus by disappointing US jobs numbers released on Friday that hurt the US dollar and clouded the outlook for GDP growth in the world’s largest economy. The weaker than expected data also put equity markets on edge which have been trading at record levels.
Mounting geopolitical worries including upcoming elections and terrorist attacks in the UK and an escalating row between Saudi Arabia and the tiny state of Qatar drawing in the US and regional powers provided further buying momentum.
This chart shows gold finally breaking a downtrend in place since the metal hit a peak above $1,900 an ounce in August 2011. In 2016 gold attempted to break through this resistance level on several occasions, but failed.
6 Comments
nathan rotstein
100 % b.s.
Rate in u.s. going up at lest 2 more times this year and 4 next year. Fed knows 3% is the magic # to get banks lending and its bank lending that creates jobs.
It is paper gold being manipulated to create an illusion of demand.
SkyWatch
Wow, this chart will be BLASTED today or tomorrow to the “FAITHFUL”, cause for sure it’s another “BACK UP THE TRUCK” moment ! Can’t wait to open the emails from Casey “Research”, Stansberry, Agora, and all the other “experts”.
Lisa Donian
Well, I’m curious what the next “high” will be, we cannot predict it …. http://www.goldnewsweb.com/story/2630/gold-price-breaks-6-year-downtrend/
George K
This is BS,. no one buys Gold anymore. Bitcoin is the new gold.
Minedoubt
George would you still feel the same if you lived in a country with unreliable internet infrastructure and your country (and currency) were in crisis? Bitcoin is very sophisticated for the average person to comprehend and use. Gold has a 3000 year history as barter currency.
Matt
Frik, You may Want to correct/edit your interpretation; Gold price is dropping.