Daily Market Update

Gold Falls 1.4% As Trade Truce Sees Gold Futures Sold Overnight

GoldCore Note

Gold fell 1.4% from a six year high to back below $1,400 at $1,390 an ounce today as traders took profits and sold gold futures after the U.S. and China agreed to a trade war truce.

Risk assets like stocks got a bounce higher while safe havens like gold and the Swiss franc came off as traders digested the better than expected news from the G20 summit.  Gold prices fell after the leaders of the two largest economies, Trump and Xi Jinping, simply agreed to resume negotiations.

Gold In USD – 10 Years (GoldCore.com)

Markets and many investors are increasingly concerned about the outlook for the U.S. and the global economy. Participants will now focus on the U.S. jobs data which is due Friday.

Gold’s sell off may continue this week and a further correction is likely given the scale of the gains in the last month. Gold’s correction is likely to be temporary and will provide an attractive entry point for those seeking to take a position or buy gold. Dollar, pound and euro cost averaging and accumulating remains prudent.

The long-running and deepening trade, currency and geopolitical tensions will not disappear any time soon and looser monetary policies will also support gold.

LBMA Gold Prices (AM/ PM Fix – USD, GBP & EUR)

01-Jul-19 Prices not available from LBMA at time of publishing
27-Jun-19 1402.25 1402.50, 1103.71 1105.87 & 1233.14 1234.76
26-Jun-19 1406.75 1403.95, 1109.22 1106.73 & 1238.501236.32
25-Jun-19 1429.55 1431.40, 1120.62 1124.36 & 1255.72 1256.20
24-Jun-19 1405.45 1405.70, 1102.58 1105.30 & 1233.56 1235.05
21-Jun-19 1388.35 1397.15, 1095.96 1101.93 & 1228.55 1233.12
20-Jun-19 1381.65 1379.50, 1086.25 1087.74 & 1222.90 1221.27
19-Jun-19 1342.40 1344.05, 1066.67 1066.64 & 1198.36 1199.43
18-Jun-19 1344.55 1341.35, 1073.22 1070.67 & 1201.89 1198.09


News and Commentary

Gold tumbles nearly 1.5% as trade truce dents safe-haven demand

Trump says China trade talks ‘back on track,’ new tariffs on hold

Australia sees gold overtaking thermal coal as export earner

European shares hit 2-month high after U.S-China revive trade talks

UK current account gap hits highest since 2016, pushed up by gold

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Mark O'Byrne
Executive Director

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