Gold News

Gold and silver have both seen their prices fall this week on news that the Federal Reserve have paused their rate hikes for now, but warned further hikes will likely still be needed.

In what has already been a difficult year for cryptos, the Securities and Exchange Commission (SEC) in the US has sued Coinbase Inc, America’s largest crypto exchange by trading volume. The news has seen both Coinbase shares, and crypto values in general fall.

As we head into June, and approach the halfway point of the year, we’re taking a look at the current outlook for the gold price; what is driving current trends and what might the gold price do in the near-term.

Core inflation for the UK has hit a 30-year high this morning, as prices continue to rise. Today’s figures will cause more headaches for the Bank of England and will almost certainly spur further interest rate hikes in the months ahead.

Two of the world’s largest gold miners are set to merge as Australian company Newcrest recommended the takeover bid by American rival Newmont. Should the deal get past shareholders and regulators, Newmont would be the world’s largest gold and copper miner.

After dramatic rises last week, precious metals have settled lower this week, and remain mostly unmoved by the latest economic drivers of the past two days. Gold is still waiting for the spark needed to push it to new all-time highs above $2,100 per ounce.

Gold and silver saw gains yesterday as market jitters returned. The Federal Reserve are due to announce their latest interest rate decision later today and there could be further price movement depending on the decision and guidance on the direction they will take in the future.

Gold and silver are both trading around key levels at the moment of $2,000 and $25 per ounce respectively. Having already posted strong gains in the past two months, both metals continue to be supported by strong fundamentals, and could be poised for a further breakout.

UK inflation remains in double digit territory following the latest figures released today. At 10.1% annually, inflation is proving increasingly sticky, and will give the Bank of England more cause for further rate hikes at their next meeting.

A weaker US dollar has helped keep gold and silver prices high in the past few weeks. Despite calmer markets following the recent banking crisis, gold and silver have maintained recent highs thanks to the falling value of the dollar.

After two weeks of volatility, has the mini banking crisis been averted? Markets seem to think so based on trading so far this week. After passing $2,000 per ounce several times in the past fortnight, gold has now settled at around $1,950 per ounce as traders take in the current banking conditions.

Following another chaotic weekend, markets seem somewhat calmer today following the dramatic buyout of Credit Suisse by rival bank UBS.

The collapse of Silicon Valley Bank last week has seen share prices slashed for many regional and mainstream banks around the world. While an outright banking crisis has so far been averted markets remain extremely tense.

Banks around the world have seen a ‘brutal’ sell-off in the past 24 hours, triggered by a share sale by Silicon Valley Bank that has caused a domino effect for the banking sector globally and has raised fears of a new potential banking crisis.

Sterling enjoyed a small rally yesterday as the government announced an agreement on the next steps for Brexit. The Windsor Framework seeks to ease trade friction between the UK and Ireland.

There has been more volatility in currency and precious metal markets today following the latest US inflation figures released this afternoon.

Having reached a new UK record last week, the gold price has pulled back this week following a strong job report in the US. Markets are now trying to work out the direction the Federal Reserve will take on interest rates at their next meeting.

The price of gold has climbed to a new all-time high in the UK today as major countries announce their latest interest rate decisions.

Two of the world’s leading coin mints have confirmed their coins will feature Queen Elizabeth II Memorial obverse designs for 2023 following speculation over a potential change to King Charles III.

Gold has climbed to a 10-month high this morning of $1,909.96, following a further slow down to the rate of inflation in the US. Annual CPI figures came in at 6.5% for December following 7.1% inflation in November.