{"id":123750,"date":"2024-05-22T08:19:37","date_gmt":"2024-05-22T08:19:37","guid":{"rendered":"https:\/\/kinesis.money\/?p=123750"},"modified":"2024-05-22T08:19:37","modified_gmt":"2024-05-22T08:19:37","slug":"gold-edges-down-after-hitting-record-2450","status":"publish","type":"post","link":"https:\/\/kinesis.money\/it\/market-analysis\/gold-news\/gold-edges-down-after-hitting-record-2450\/","title":{"rendered":"Gold Price News: Gold Edges Down After Hitting Record $2,450 An Ounce"},"content":{"rendered":"\n

Gold prices held up well above $2,400 an ounce on Tuesday, somewhat lower following Monday\u2019s climb to a fresh all-time high of $2,450 an ounce.<\/p>\n\n\n\n

Prices appeared to remain well supported at around the $2,410 mark at the start of the week, and the market was trading at around $2,420 an ounce<\/a> by late Tuesday afternoon. That was down slightly from $2,428 an ounce in late deals on Monday.<\/p>\n\n\n\n

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

US Fed officials gave speeches early in the week which broadly suggested a cautious stance on monetary policy, as inflation remains stubbornly above targets. This translates into ongoing uncertainty over when the central bank will start to cut interest rates, with a need to maintain the current hawkish stance for the time being.<\/p>\n\n\n\n

However, a backdrop of heightened geopolitical risks continues to provide support for gold prices, and this has only intensified after the recent news that Iran\u2019s President Ebrahim Raisi, and several others including the country\u2019s foreign minister, had been killed in a helicopter crash. The long-term implications of the incident are unclear, but it does raise the risk of a political vacuum in Iran, which comes at a time of increased tensions in the Middle-East due to the war between Israel and Palestinian militant group Hamas.<\/p>\n\n\n\n

Elsewhere, technology and precious metals trading company Heraeus issued a report on Tuesday highlighting various factors<\/a> in the recent highs for gold prices.<\/a> Those included declining US treasury yields and a weaker dollar, rising US\/China tensions, and a potential strengthening of demand for gold in India due to a religious festival in May.<\/p>\n\n\n\n

Looking ahead, the markets will be watching out for Thursday\u2019s weekly US initial jobless claims figures, as well as Friday\u2019s monthly durable goods orders, both of which are set to provide a status update on the US economy.<\/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 held up well above $2,400 an ounce on Tuesday, somewhat lower following Monday\u2019s climb to a fresh all-time high of $2,450 an ounce.<\/p>\n","protected":false},"author":50,"featured_media":123793,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[215,91],"tags":[],"class_list":["post-123750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news","category-market-analysis"],"acf":[],"yoast_head":"\nGold Edges Down After Hitting Record $2,450 An Ounce | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' gold news analysis for today, Wednesday 22nd 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=\"it_IT\" \/>\n<meta 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