After settling just short of an all-time high this month, gold futures have ended April with little fanfare, as prices struggle to get past the key...
After settling just short of an all-time high this month, gold futures have ended April with little fanfare, as prices struggled to get past the key $2,000-an-ounce mark and finished only modestly higher than a month ago.
Gold futures GC00 GCM23 climbed past $2,000 an ounce on an intraday basis on March 20 for the first time in about a year. It settled as high as $2,055.30 on April 13, not far from the record-high finish for a most-active contract at $2,069.40 on Aug. 6, 2020, according to Dow Jones Market Data. “The previous all-time high is more of a psychological barrier than the $2,000 level at this stage. A breach of this is inevitable, but we may trade sideways for awhile yet, maybe into the autumn.””
Many of the key drivers behind gold prices rising past $2,000 are present, including persistently higher inflation in many countries, the likelihood of a U.S. and global recession, the U.S. regional banking system “getting wobbly,” and instability caused by the Russia-Ukraine war, but the relative strength of the U.S. dollar has been a “drag on higher gold prices,” said Edmund Moy, a former director of the U.S. Mint, told MarketWatch.
Global central bank demand for gold reached a record high in 2022 totaling 1,136 metric tons, based on records dating back to 1950, according to the World Gold Council. The year 2022 marked a thirteenth straight year of net gold purchases among central banks, it said.
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