{"id":123695,"date":"2024-05-20T08:46:10","date_gmt":"2024-05-20T08:46:10","guid":{"rendered":"https:\/\/kinesis.money\/?p=123695"},"modified":"2024-05-20T08:46:10","modified_gmt":"2024-05-20T08:46:10","slug":"gold-rallies-1-9-weekly-gain","status":"publish","type":"post","link":"https:\/\/kinesis.money\/de\/market-analysis\/gold-news\/gold-rallies-1-9-weekly-gain\/","title":{"rendered":"Gold Price News: Gold Rallies to Notch Up 1.9% Weekly Gain"},"content":{"rendered":"\n

Gold prices powered up through the $2,400 an ounce<\/a> mark on Friday, capping a strong week for the metal, which posted week-on-week gains of around 1.9%.<\/p>\n\n\n\n

Gold prices touched a high of $2,419 an ounce on Friday, compared with around $2,379 an ounce in late trades on Thursday. That was the highest gold price since April 12.<\/p>\n\n\n\n

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KAU\/USD 1-hourly Kinesis Exchange<\/figcaption><\/figure>\n\n\n\n

Friday was light on macroeconomic data releases, and gold\u2019s ability to push higher seemingly without the support of underlying economic data does highlight its natural appeal as a safe haven during times of geopolitical tension.<\/p>\n\n\n\n

Recently-approved western financial support for Ukraine\u2019s defence against Russian military attacks raises the ante and may indicate a long-drawn out conflict in the region, maintaining a risk of the confrontation spilling out into a wider war. These tensions, along with the ongoing clash between Israel and Hamas, continue to create a risk premium for gold prices.<\/p>\n\n\n\n

On the demand side, the People\u2019s Bank of China has announced gold purchases for 18 consecutive months, the World Gold Council said in a report May 15<\/a>.<\/p>\n\n\n\n

Total official gold holdings at the end of April were 2 tonnes higher at 2,246 tonnes, representing 4.9% of the bank\u2019s total reserves \u2013 the highest ever, it said.<\/p>\n\n\n\n

The latest figures from China build on recent interest in gold among central banks more broadly, amid signs that they are seeking to rebalance portfolios to include a higher weighting for low-risk assets like precious metals.<\/p>\n\n\n\n

Looking ahead, the markets will be watching out for speeches by several US Fed officials on Monday and Tuesday, as traders scan for clues about the timing of interest rate cuts.<\/p>\n\n\n\t\t\t

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Frank\u2019s experience covering the commodities markets spans 22 years, with a particular specialism in metals, carbon and energy markets.\u00a0<\/em>He has worked as a senior editor for S&P Global Commodity Insights\u00a0(formerly Platts) and before this, at ICIS-LOR, a part of Reed Business Information (Reed Elsevier), where he covered the petrochemicals markets from 2003 to 2005.<\/em><\/p>\n

This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.<\/i>
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Read our Editorial Guidelines\u00a0<\/i>here.<\/a><\/i><\/p>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t","protected":false},"excerpt":{"rendered":"

Gold prices powered up through the $2,400 an ounce mark on Friday, capping a strong week for the metal, which posted week-on-week gains of around 1.9%.<\/p>\n","protected":false},"author":50,"featured_media":123735,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[215,91],"tags":[],"class_list":["post-123695","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news","category-market-analysis"],"acf":[],"yoast_head":"\nGold Rallies to Notch Up 1.9% Weekly Gain | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' gold news analysis for today Monday 20th of May 2024, from leading precious metals analyst Frank Watson.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"de_DE\" \/>\n<meta property=\"og:type\" 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