Gold Prices Surge Nearly 3% to 5 Year High At $1,385/oz After Fed Turns Dovish

GoldCore Note
Gold prices surged nearly 3% to a high of $1,385/oz, their highest in more than five years today after the U.S. Federal Reserve adopted a more dovish tone. The Fed signaled possible interest rate cuts this year which sent risk assets higher, U.S. Treasury yields and the dollar lower.

Gold gains in dollars have taken it to it’s highest level since March 2014. Short covering by futures market participants is  a primary factor in the sharp gains overnight. Large hedge funds globally are going long gold due to increasing worries about the US and global economy.

We are seeing a new sense of urgency from investors in recent days and an increase in safe haven buying due to concerns about the geopolitical and economic outlook. 
Spot gold prices surged higher in all currencies and saw new all time record highs in Australian dollars over A$2,000 per ounce. This is a new all time nominal record high. Concerns about the Australian economy and the global economy are pushing gold higher and should lead to further gains in the coming months.

There appears to be some confusion as to what the high was overnight but CNBC quoted Reuters reporting that gold had risen as high as $1,397.70 per ounce.

Silver rose another 0.4% to $15.23 per ounce, its highest in more than two months, while platinum rose 0.4% to $814.10 per ounce.


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

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
17-Jun-19 1333.20 1341.30, 1059.49 1065.13 & 1188.81 1193.09
14-Jun-19 1352.45 1351.25, 1069.79 1070.33 & 1200.03 1201.80
13-Jun-19 1335.80 1335.90, 1054.21 1052.69 & 1182.85 1184.81
12-Jun-19 1336.65 1332.35, 1049.27 1045.76 & 1179.99 1177.26
11-Jun-19 1322.65 1324.30, 1040.53 1041.30 & 1168.96 1170.42
10-Jun-19 1328.60 1328.60, 1046.94 1048.66 & 1175.41 1175.94
07-Jun-19 1334.30 1340.65, 1049.16 1052.14 & 1184.19 1184.60
06-Jun-19 1336.65 1335.50, 1053.15 1051.17 & 1189.62 1185.92
05-Jun-19 1337.75 1335.05, 1052.01 1049.22 & 1185.38 1184.99


News and Commentary

Gold Prices Surge to Five-year High After Dovish Fed Opens Door for Rate Cut

Gold Prices Climb After Fed Shifts Away From ‘patient’ Stance on Rates

Gold Rises as Fed Hints at Rate Cuts in 2019

Dollar Drops After Fed Holds Rates Steady, Risk Assets Gain

Facebook Discussed the Launch of Its Cryptocurrency With the Fed, Jerome Powell Says


Video: Gold is the ‘best Wealth Insurance’ and Will ‘move Up’…’life is Uncertain’ – Hambro

Video: Hedge Funds Place Big Gold Bet to Counter Global Economic Worries

Podcast: Gold a “Must-own Asset” as Runaway Debt Is Seeding the Next Meltdown

“We’re All Socialists Now!”

Fed Meet: Outrageously Bullish for Gold

Exclusive Offer Ends Fri June 21. Gold & Silver (CGT Free in the UK) Stored In Zurich


Mark O'Byrne

Also on news-goldcore-com

Videos

Expect $2,500 – $3,000 Gold In Next 12 Months

The 5 Major Trends That Are Shaping Our Economic Future

Patrick Karim on gold, inflation and the next break out

Blog posts

Gold Slips as Fed Signals More Hikes to Come

Yesterday the FOMC concluded their September meeting yesterday, leaving rates at their 22-year high. It signalled another rate hike was coming, this side of Christmas. The FOMC also amended its projection for 2024 rates, raising them from 4.6% to 5.1%. Unsurprisingly the US dollar surged whilst gold fell back. Prior to the FOMC statement gold […]

READ MORE

When The Weight of Inflation Becomes Too Much 

In a comment to MarketWatch last week we said that traders this week would be most focused on the CPI report that came out yesterday. In that very report, Inflation came in hot, above expectations, and posted its biggest monthly increase in August this year. It’s up 3.7% from a year ago. However, markets didn’t […]

READ MORE

Expect $2,500 – $3,000 Gold In Next 12 Months

It’s that time of the month again when we bring in a top chart analyst to take us through what they’re seeing in the markets, right now. This month we have the brilliant Gareth Soloway. Gareth explains why he’s watching the US Dollar, what he means by “Good news is bad news” and when we […]

READ MORE

Featured

The King and Queen will be Gold and Silver

READ MORE
Newsletter
Category
Archives
Popular

No posts available

Videos

Expect $2,500 – $3,000 Gold In Next 12 Months

The 5 Major Trends That Are Shaping Our Economic Future

Patrick Karim on gold, inflation and the next break out

Blog posts

Gold Slips as Fed Signals More Hikes to Come

Yesterday the FOMC concluded their September meeting yesterday, leaving rates at their 22-year high. It signalled another rate hike was coming, this side of Christmas. The FOMC also amended its projection for 2024 rates, raising them from 4.6% to 5.1%. Unsurprisingly the US dollar surged whilst gold fell back. Prior to the FOMC statement gold […]

READ MORE

When The Weight of Inflation Becomes Too Much 

In a comment to MarketWatch last week we said that traders this week would be most focused on the CPI report that came out yesterday. In that very report, Inflation came in hot, above expectations, and posted its biggest monthly increase in August this year. It’s up 3.7% from a year ago. However, markets didn’t […]

READ MORE

Expect $2,500 – $3,000 Gold In Next 12 Months

It’s that time of the month again when we bring in a top chart analyst to take us through what they’re seeing in the markets, right now. This month we have the brilliant Gareth Soloway. Gareth explains why he’s watching the US Dollar, what he means by “Good news is bad news” and when we […]

READ MORE

Featured

The King and Queen will be Gold and Silver

READ MORE