Gold price could drop through the summer but will end the year around $2,500 - Capitalight’s Chantelle Schieven
- The gold market is seeing solid selling pressure after failing to hold its ground at $2,400 an ounce. Although the market has room to fall lower during the summer, one market analyst says that the precious metal remains in a solid position to rally by year-end.Mount Erebus spews out approximately 2.8 ounces of pure gold over the course of the average day, worth a tidy $6,500 at today’s prices.
- Chaos in the Middle East continues to generate a geopolitical safe-haven bid in the gold market, but there are signs that the precious metal’s bull run is losing momentum.Gold SWOT: The sharp rise in gold prices this year could provide a nice bump to miners’ earnings. - The best performing precious metal for the week was silver, up 1.36%. The Times of India is reporting that the Reserve Bank of India has increased its gold purchases to enhance the diversity of its foreign exchange reserves amid fluctuations in the U.S. dollar.Halving day has arrived and the crypto market is showing signs of strength, with Bitcoin reclaiming support at $64,300 while altcoins closed the week mixed.New bans on Russian metals mean China will buy low and sell high to supply the U.
- This 5-minute bar chart for Comex gold futures can be a valuable analytical and trading tool for the active intra-day gold futures trader/market watcher. - Gold and silver prices are sharply lower in early U.S. trading Monday, on profit-taking pressure and weak long liquidation in the futures markets.
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