Gold prices are heading lower on Monday as investors unwind positions in line with a broader sell-off in equity markets, although analysts say the precious metal's safe-haven appeal remains strong amid fears of a US recession. Reuters writes about this.
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How prices have changed
The spot price of gold by 13:02 decreased by 0.82% to $2.423.19 per troy ounce.
“In the hackneyed saying that during a collapse, all correlations tend to one “There is some truth to this, and with traders having to liquidate winning positions to cover margin calls on other assets, gold's volatility signals the level of panic in stock markets,” said Adrian Ash of Bullionvault.
Read: Global central banks increased gold reserves by 12 tons in June
“There is likely resistance at the old peak of $2.484, but geopolitical tensions and concerns about whether the Fed is falling behind from the curve, supporting gold,” said Rhona O'Connell from StoneX.
Palladium fell by 3.51% to $858.6 per ounce, silver fell by 3.39% to $27 .58 per ounce.
The price of platinum dropped by 3.37% to $925.58.
Read: Gold prices jumped against the backdrop of the US employment report – Bloomberg
Recall
According to WGC, the second quarter of 2024 turned out to be a record for gold. The average price for the metal according to LBMA (PM) data was $2,338 per ounce, which is 18% higher compared to the same period last year and 13% higher compared to the first quarter of this year.
In May gold reached a new record of $2,427 US dollars per ounce.
- Gold