{"id":127644,"date":"2024-07-19T09:45:55","date_gmt":"2024-07-19T09:45:55","guid":{"rendered":"https:\/\/kinesis.money\/?p=127644"},"modified":"2024-07-19T09:45:58","modified_gmt":"2024-07-19T09:45:58","slug":"gold-prices-pull-back-all-time-highs","status":"publish","type":"post","link":"https:\/\/kinesis.money\/fr\/market-analysis\/gold-news\/gold-prices-pull-back-all-time-highs\/","title":{"rendered":"Gold Price News: Gold Prices Pull Back From All-Time Highs"},"content":{"rendered":"\n

Gold prices fell back on Thursday, having rallied to fresh all-time highs on Wednesday.<\/p>\n\n\n\n

Prices fell as low as $2,440 an ounce on Thursday, down from a high of $2,484 an ounce on Wednesday.<\/p>\n\n\n\n

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

US initial jobless claims figures came out on Thursday showing a higher-than-expected increase of 243,000 in the week to July 13. Other things being equal, a rise in the number of people seeking unemployment benefits would be expected to support gold as a safe haven investment. However, Wednesday\u2019s rally to all-time highs may have proved too much of an incentive for profit-taking, resulting in a pull-back.<\/p>\n\n\n\n

Moreover, the gains seen earlier in the week were linked to lower US inflation figures in June and comments from policymakers suggesting the US Fed will not wait for inflation to fall to the 2% target before cutting interest rates. Since the market has now fully priced in these cuts to start in September, any further data pointing to a sluggish US economy has little scope to alter that assessment.<\/p>\n\n\n\n

The market has also been on alert due to increased political uncertainty in the US after the recent attempted assassination of Donald Trump and questions over whether President Biden is the best candidate to lead the Democrats\u2019 re-election bid ahead of the November 5 vote.<\/p>\n\n\n\n

Elsewhere, open interest on gold futures on the Comex increased for a second straight week, rising to $133 billion in the week to July 12, according to World Gold Council data: Gold Open Interest Chart 2021 | World Gold Council<\/a>. <\/p>\n\n\n\n

That compared with $121.7 billion in the week to July 5, and $104.9 billion in the week to June 28, the figures showed. The most recent figure surpassed the previous high of $130.2 billion seen in the week to May 17.<\/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>
\n<\/i><\/p>\n

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 fell back on Thursday, having rallied to fresh all-time highs on Wednesday.<\/p>\n

Prices fell as low as $2,440 an ounce on Thursday, down from a high of $2,484 an ounce on Wednesday.<\/p>\n","protected":false},"author":50,"featured_media":127674,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[215],"tags":[],"class_list":["post-127644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news"],"acf":[],"yoast_head":"\nGold Prices Pull Back From All-Time Highs<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' gold news analysis for today, Friday 19th of July 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=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold Prices Pull Back From 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