{"id":125251,"date":"2024-06-21T08:40:14","date_gmt":"2024-06-21T08:40:14","guid":{"rendered":"https:\/\/kinesis.money\/?p=125251"},"modified":"2024-06-21T08:40:14","modified_gmt":"2024-06-21T08:40:14","slug":"gold-rallies-geopolitics-back-in-focus","status":"publish","type":"post","link":"https:\/\/kinesis.money\/tr\/market-analysis\/gold-news\/gold-rallies-geopolitics-back-in-focus\/","title":{"rendered":"Gold Price News: Gold Rallies as Geopolitics Back in Focus"},"content":{"rendered":"\n

Gold enjoyed a strong, but somewhat volatile session yesterday, briefly spiking to the two-week (pre-Fed) high of $2,364\/toz before profit-taking set in. Still, gold has moved decisively through the 50-day simple moving average at $2,343\/toz. If held, next resistance level is at the 7 June high at $2,387\/toz. Today\u2019s early trading sees gold at $2,359\/toz.<\/p>\n\n\n\n

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

While this latest rally has been framed as an indication of markets\u2019 increasing confidence of US rate cuts later this year, rate markets tell another story. Gold has risen as both US 2-Year and 10-Year Treasury yields have edged up and US Fed Fund Futures pricing in a slightly lower probability of cuts in 2024. While this back up in rates markets has been small, it is certainly not gold supportive. The answer lies elsewhere.<\/p>\n\n\n\n

A far more plausible explanation is that markets are now pricing in higher levels of geopolitical risk and gold\u2019s rise has notably been accompanied by an uptick in the safe-haven US dollar.<\/p>\n\n\n\n

Investors\u2019 anxiety over French parliamentary elections on 30 June and 7 July have been heightened by the European Commission recommended placing France into an Excessive (budget) Deficit Procedure on Wednesday. This has exacerbated concerns in the French bond market, sending credit spreads against German Bunds to a 7-year high.<\/p>\n\n\n\n

Meanwhile, Russia\u2019s President Putin has just signed a mutual defence pact with a nuclear-armed North Korea. It is difficult to argue that geopolitical risk hasn\u2019t risen \u2013 with gold a likely beneficiary.<\/p>\n\n\n\n

The market calendar for today includes Euro Area, UK and US flash PMI data for June, with a focus on the Prices Paid and New Orders sub-components as lead indicators of inflation and growth respectively.<\/p>\n\n\n\t\t\t

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Mike is a market strategist and media commentator with 30 years of experience analysing precious metals markets.\u00a0\u00a0\u00a0He developed his expertise working as an investment banker in emerging markets such as South Africa, Russia and Chile. His focus on precious metals was extended through subsequent work within private wealth management and his own research consultancy.\u00a0\u00a0\u00a0During this time, he covered the gold, silver, platinum and palladium markets.<\/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.<\/em><\/p>\n

Read our Editorial Guidelines\u00a0here.<\/a><\/em><\/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 enjoyed a strong, but somewhat volatile session yesterday, briefly spiking to two-week (pre-Fed) high of $2,364\/toz before profit-taking set in.<\/p>\n","protected":false},"author":51,"featured_media":125252,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[215],"tags":[],"class_list":["post-125251","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news"],"acf":[],"yoast_head":"\nGold Rallies as Geopolitics Back in Focus | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' gold news analysis for today, Friday 21st of June 2024, from leading precious metals analyst Mike Ingram.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"tr_TR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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