The Gold Forecast

Gold prices decline as focus shifts to Fed officials’ restrictive policy statements

Wed, 17 Apr 2024 18:14:12 -0400

Gold futures declined today after Chairman Powell spoke about a change regarding interest rate cuts this year saying that the fight to tame inflation has appeared to have stalled. Because of that central bankers need more confidence that inflation was on track to decline to its 2% target. Chairman Powell along with other Fed officials said that it is most likely that the Federal Reserve will maintain the current Fed funds rates which are between 5 ¼% and 5 ½% for longer.

Not all economists agreed with the way the Fed has communicated its changes to the public. Ian…

Gold Soars Above $2400 Despite Diminishing Fed Rate-Cut Hopes

Tue, 16 Apr 2024 18:49:45 -0400

Gold futures surged higher today, with the most active June contract reaching an intraday peak of $2,414.80 and settling at $2,407.80 in New York trading. As of 5:11 PM EDT, gold futures are trading on Globex at $2,399.50. The recent rally has been fueled by escalating inflationary pressures, heightened geopolitical tensions, and lackluster performance in Chinese property and equity markets.

Among these factors, the intensifying conflict in the Middle East has been the primary catalyst. On Saturday, Iran launched over 300 missiles and drones targeting Israel.…

Gold futures break above $2400 as geopolitical tensions escalate

Mon, 15 Apr 2024 21:09:39 -0400

As of 7:00 PM EDT, gold futures basis the most active April 2024 contract is trading just above $2400 at $2401.40. This is a net gain of $2.30 on top of the $39 gain from Monday’s trading in New York. Substantial Today’s gains have set a new record high settlement for gold futures. Spot gold also gained $39 taking the price of a troy ounce to 2383.05. Spot gold is currently fixed at $2384.47.

Today’s strong gains can be directly attributed to rising Middle East tensions after Iran's massive military salvo of more than 300 missiles and drones into Israel this…

Gold futures trade to new record high before correcting

Fri, 12 Apr 2024 18:48:04 -0400

As of 4:46 PM EDT, the most active June contract of gold futures is fixed at $2360.70 down $30.40, or -1.27%%. Gold futures also traded to its highest value of $2448.80 today, the highest value in history.

The latest leg of this rally began on March 25 when gold futures opened at $2189.30. Including today there were only three trading days in which June gold closed below the previous close. What would follow would be a spectacular parabolic move taking June gold to today’s high of $2448.

Concurrently, the dollar has been exceedingly…

Gold continues to trade to new historical record highs

Thu, 11 Apr 2024 18:04:31 -0400

The interview with David Lin was recorded yesterday, April 10th.

Gold prices are soaring to unprecedented levels as concerns over persistent inflation and geopolitical risks drive sustained demand for the precious metal. As of 5:25 PM EDT, gold futures basis the most active April contract is fixed at $2390.60. Gold futures opened at $2343.60, traded to a high of $2372.70 in New York and gained additional grounds trading at Globex before gold closed for a short break before reopening in Australia in approximately a half hour.

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The CPI Inflation Report and the FOMC Meeting Minutes Shift Market Sentiment

Wed, 10 Apr 2024 19:02:49 -0400

Today, the U.S. Bureau of Labor Statistics released its most current report on inflationary pressures via the March CPI (Consumer Price Index) report. Concurrently, the Federal Reserve released the minutes from last month's FOMC meeting. Combined, these two reports had a noticeable impact on market sentiment regarding the Federal Reserve's monetary policy moving forward.

Firstly, the BLS revealed that "In March, the Consumer Price Index for All Urban Consumers increased 0.4 percent, seasonally adjusted, and rose 3.5 percent over the last 12 months,…

Gold Soars to Record Highs as Multiple Drivers Fuel Stunning Rally

Tue, 09 Apr 2024 18:10:58 -0400

As of 5:30 PM EDT, gold futures hit a new record high of $2,384.50 per ounce, with the most active June contract closing up $11.40 at $2,362.40. This marks the eighth consecutive day of significant gains for the precious metal, driven by a trifecta of fundamental forces.

Central banks around the world have been buying gold at an unprecedented pace, stockpiling the safe-haven asset amidst rising geopolitical tensions and economic uncertainty. The ongoing Russia-Ukraine conflict, coupled with simmering unrest in the Middle East, has fueled a flight to the perceived…

Gold futures set a new record high, and closed $11 higher today

Mon, 08 Apr 2024 18:34:09 -0400

Gold futures basis the most active June 2024 Comex contract as of 6PM ET is trading up $5.60, or 0.24%, and is fixed at $2351. That being said, volatility in gold has returned as seen through today’s expanded trading range. Gold opened at $2342.60, traded to a low of $2321.70, and a high of $2372.50 creating over a $50 range between today’s high and lowest values. Today’s high also served as a new benchmark for gold futures as it took the precious yellow metal to the highest value in history.

While geopolitical tensions and rate cuts later this year by central banks…

Gold continues to skyrocket to new all-time highs

Fri, 05 Apr 2024 18:16:10 -0400

As of 5:30 PM EDT, gold futures basis the most active June contract is once again trading at a new record high of $2349.10. The June contract of Comex gold opened today at $2309.50, traded to a low of $2286.20 and a high of $2350 before settling just $0.90 off today’s intraday high.

It seems as though gold has entered a perfect storm…

Gold prices remain above $2,300 as investors bet on Fed rate cuts

Thu, 04 Apr 2024 19:07:03 -0400

After hitting a new all-time record high of $2325.30 gold futures basis the most active June contract has experienced a slight price decline today. As of 5:05 PM EDT the June contract is currently fixed at $2308.50, down $6.50, or -0.28%.

Gold futures pricing was supported today as investors continued to bet on interest rate cuts by the Federal Reserve later this year. The precious metal's safe-haven appeal also received a boost amid growing geopolitical tensions.

Despite the modest pullback, expectations of the Fed lowering interest rates in…