Posted 17th July 2023

Gold Price News: Gold Holds Above $1,950 Amid Global Economic Concerns

gold price news july 17

Gold is continuing to hold above $1,950 an ounce with investors and traders still wary of committing fully to equities with the latest Chinese data adding to concerns about the health of the global economy.

gold price news

The fact that gold is still able to trade in such elevated territory despite the prospect of another interest rate hike by the Federal Reserve when the bank’s committee meets later this month illustrates how fearful investors remain with them still seeking out gold’s safety blanket. 

The next few weeks are likely to be crucial in determining gold’s medium-term outlook with a busy period of corporate earnings as well as the Fed’s latest interest rate decision providing big indicators on how well the global economy is holding up in the face of first stubbornly high inflation and now ever-rising interest rates. 

So far, investors have been reluctant to commit to a bullish outlook on equities and this has kept gold well supported. However, if the upcoming results paint a rosy picture of companies still proving resilient despite the challenging economic conditions, that may see gold weaken and equities gain. So while gold may be trading above $1,950 for now, the chances of it remaining above this threshold look slim. 

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.