{"id":4307,"date":"2023-05-04T20:14:31","date_gmt":"2023-05-05T00:14:31","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-climbs-past-2000-settling-at-highest-since-mid-april-a-day-ahead-of-fed-decision\/"},"modified":"2023-05-04T20:14:31","modified_gmt":"2023-05-05T00:14:31","slug":"gold-climbs-past-2000-settling-at-highest-since-mid-april-a-day-ahead-of-fed-decision","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=4307","title":{"rendered":"Gold climbs past $2,000, settling at highest since mid-April a day ahead of Fed decision"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0001996706\" role=\"document\">\n<p>Gold prices climbed above $2,000 an ounce on Tuesday to settle at their highest since mid-April as banking-sector worries lifted haven support for the precious metal ahead of Wednesday\u2019s Federal Reserve policy decision.  <\/p>\n<h2>Price action <\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold for June delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"positive\">+0.05%<\/bg-quote><\/p>\n<p>        GCM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210036712\/delayed\" class=\"positive\">+0.05%<\/bg-quote><br \/>\n       climbed $31.10, or 1.6%, to settle at $2,023.30 per ounce on Comex, the highest most-active contract finish since April 13, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      Silver futures for July<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"positive\">+0.39%<\/bg-quote><\/p>\n<p>        SIN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210317649\/delayed\" class=\"positive\">+0.39%<\/bg-quote><br \/>\n       tacked on 39 cents, or 1.5%, at $25.62 per ounce, also the highest settlement since April 13.<\/p>\n<\/li>\n<li>\n      Platinum futures for July<br \/>\n        PLN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/234960229\/delayed\" class=\"positive\">+0.15%<\/bg-quote><br \/>\n       rose $13.60, or 1.3%, to $1,078.30 per ounce, while palladium futures<br \/>\n        PAM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/234304205\/delayed\" class=\"positive\">+0.31%<\/bg-quote><br \/>\n       declined by $25.80, or 1.8%, to $1,421 per ounce.  <\/p>\n<\/li>\n<li>\n      Copper futures for July<br \/>\n        HGN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210057830\/delayed\" class=\"negative\">-0.04%<\/bg-quote><br \/>\n       shed 7 cents, or 1.8%, to $3.86 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>\u201cGold is rallying because the banking crisis, which had seemed to go away, has suddenly reawakened,\u201d Brien Lundin, editor of Gold Newsletter, told MarketWatch.<\/p>\n<div class=\"paywall\">\n<p>\u201cConcerns that First Republic\u2019s business practices were not much different than those at most banks today are sending regional-bank valuations plummeting and prompting investors to flood into safe havens like gold,\u201d he said.<\/p>\n<p><strong>Read:<\/strong> White House says Biden is taking Banking turmoil \u2018very seriously\u2019<\/p>\n<p>Meanwhile, the Fed on Wednesday is expected to raise its benchmark interest rate by another quarter of a percentage point in what could very well be the last rate hike of this cycle, economists said.<\/p>\n<p>Robert Minter, director of ETF investment strategy at Abrdn, said gold could potentially reach $2,300 on \u201cindications of a Fed pause in the hiking cycle,\u201d pointing out that gold rose 70% after the Fed paused rate hikes in 2018.<\/p>\n<p>Silver, meanwhile, may also benefit from a similar demand increase if the Fed pauses, the U.S. dollar weakens and gold prices rise, and if Chinese and European economies continue to outperform expectations and offset any U.S. weakness, he said.<\/p>\n<p>Before Tuesday\u2019s rally, prices for gold had been trading in a tight range around the $2,000 mark for more than a week.<\/p>\n<p>\u201cIt\u2019s not uncommon for market indices to consolidate around big round numbers,\u201d said Tim Hayes, chief global investment strategist at Ned Davis Research, pointing out that this happened with gold when it reached $2,000 in both 2020 and 2022. <\/p>\n<p>The gold market is telling us that the \u201cFed is close to ending its tightening cycle, and that bond yields will remain under pressure as economic growth slows down,\u201d he said. <\/p>\n<p>\u201cAlso considering the inverse correlation between gold and the U.S. dollar, gold\u2019s rise and the dollar\u2019s decline reflect the greater downward yield pressure in the U.S.,\u201d he said. \u201cThe widening gap between U.S. and non-U.S. yields is a negative influence on the dollar, and that\u2019s positive for gold.\u201d<\/p>\n<p>Hayes said he\u2019s bullish on gold prices and expects new record highs as well as the \u201ccontinuation of gold\u2019s long-term uptrend.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-ticks-higher-as-traders-await-fed-meeting-b2eda8b0?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices climbed above $2,000 an ounce on Tuesday to settle at their highest since mid-April as banking-sector worries lifted haven support for the precious metal ahead of Wednesday\u2019s Federal Reserve policy decision. Price action Gold for June delivery GC00, +0.05% GCM23, +0.05% climbed $31.10, or 1.6%, to settle at $2,023.30 per ounce on Comex, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4308,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-4307","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold climbs past $2,000, settling at highest since mid-April a day ahead of Fed decision | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold prices climbed above $2,000 an ounce on Tuesday to settle at their highest since mid-April as banking-sector worries lifted haven support for the\" \/>\n<meta name=\"robots\" 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