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Gold Returns to $2,300 USD Amidst Uncertainty

Today's market analysis on behalf of Antonio Ernesto Di Giacomo - Market Analyst Latam at


June 11, 2024 ( Newswire) The price of gold surged back above $2,300 USD per ounce on Monday, rebounding from the decline experienced at the end of last week. This volatility was triggered by the news that the People's Bank of China halted its gold purchases in May, initially depressing prices. Additionally, a U.S. Non-Farm Payroll report showing the creation of 272,000 new jobs compared to the expected 182,000 strengthened the U.S. dollar, putting further downward pressure on gold.

Over the weekend, elections in the Eurozone captured investors' attention. Far-right parties gained a significant increase in votes, creating a risk-averse atmosphere at the start of the week. This led gold to touch an intraday low of $2,288 USD per ounce, just above Friday's low of $2,287 USD. However, a more optimistic tone on Wall Street helped the precious metal partially recover, closing the day back above $2,300 USD. Despite this recovery, a cautious sentiment remains predominant.

This week will be crucial for financial markets, with several significant events on the agenda. On Wednesday, before the New York market opens, the May Consumer Price Index (CPI) in the United States will be released, a key indicator for assessing inflation. Additionally, the Federal Reserve (Fed) will announce its monetary policy decision and present new economic projections, events highly anticipated by investors.

The movement in gold prices reflects the market's sensitivity to global uncertainty dynamics and economic policy decisions. The combination of factors such as the pause in gold purchases by China, the strength of the dollar, and political tensions in Europe has created a volatile environment but has also highlighted gold's role as a haven in times of uncertainty.

In summary, gold has once again positioned itself above $2,300 USD per ounce amidst economic and political uncertainty. The strength of the dollar, central bank decisions, and European political developments have played a crucial role in the recent volatility in gold prices. As we progress through the week, attention will focus on upcoming inflation data and the Fed's decisions, which will likely continue influencing the gold market and investors' risk perception.

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