Gold News

The gold market saw a highly volatile open last night in which a new all-time high was set in dollars, as well as many other currencies.

Gold has climbed back above $2,000 per ounce to hit a six-month high today of $2,028. Silver has also jumped to a near three-month high of $24.89.

Lower inflation figures in the US and UK have helped gold bounce back from it’s recent dip. Markets now firmly believe that interest rates have peaked, and that cuts could begin in 2024.

The price of gold and silver have dipped this week, pulling back from recent highs as markets turned to a more risk-on sentiment than in the past few weeks.

The gold rally continues to gain pace, as geopolitical and fiscal events drive safe haven buying. Gold has so far hit a peak of £1,647 per ounce, and the UK record of £1,659.59 is now well within reach of the metal and could be broken today at the current pace.

The recent rally in gold and silver prices has only gained pace, with last week in particular seeing some exceptional gains for both metals.

After last week's price dip, gold and silver opened sharply higher this week as markets reacted to the surprise Hamas attack in Israel. With Israel declaring war on Hamas, the region faces further conflict that could have wide-reaching implications around the world.

The recent fall in gold and silver prices has shown no signs of stopping this week as the dollar continues to strengthen. Both metals have fallen to near seven-month lows today in USD and lower prices are sparking some opportunity buying from investors.

Gold and silver prices have seen a sharp downturn this week as the dollar continues to strengthen and bond yields rise. Gold has fallen 2.8% in USD since markets opened this week, dropping below the key $1,900 level, with silver down 4.6% in the same period.

As expected, Wednesday and Thursday have proven to be volatile for financial markets following key rate decisions from the world’s central banks.

After the typical lull of the summer weeks, September is often a volatile month for money markets, and the past few days suggest this will be the same in 2023.

Gold and silver are continuing to enjoy a bounce back in their prices this week, both in the US and here in the UK.

Gold has fallen below $1,900 per ounce this week on market fears over a deteriorating Chinese economy and higher US rates.

Precious metals are experiencing volatility this week, with silver in particular seeing some big price swings. There is plenty going on in financial markets this week, despite the summer months normally resulting in a quieter period so below we have provided a brief summary of some of the key things influencing the financial markets this week.

The gold price remained largely unmoved by the latest rate hike from the US central bank last night. The decision had already been priced-in by markets and neither the hike itself, nor Chairman Powell’s press conference after, resulted in any significant change for precious metals.

After a difficult May and June, silver has enjoyed strong gains in July on the back of a weakening dollar and higher demand expectations. The alternative precious metal is currently bumping up against resistance at $25 per ounce but could be poised to make further gains in the months ahead.

Gold and silver are under price pressure in the UK as the pound climbed to a 15-month high against the dollar this morning.

Gold has successfully bounced back after falling below $1,900 per ounce last week and continues to show resilience in 2023 despite headwinds from likely rate hikes to come in the next few months.

The Bank of England took further steps to bring down inflation today, with a bigger than expected hike to UK rates.

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.