Editor’s Note: Don’t miss Kitco’s LIVE interview with Gareth Soloway, chief market strategist of InTheMoneyStocks.com, on Tuesday, June 29, at 4:00 pm EST, to be hosted by anchor David Lin.
“Gold continues to recover.
They had to come out and make a bold statement to curb some commodity prices, which they did.
“We’ve seen a lot of volatility and a lot of drivers, like the Fed going back and forth,” said Gainesville Coins precious metals expert Everett Millman.
“Our view is that the average gold price for Q3 is $1,790 and then we could start to see better prices later on,” Melek told Kitco News.
The 2023 rate hike signal was nothing more than just the Fed’s projections, which never go perfectly, Melek added.
This is a significant factor and not really bullish,” said Phoenix Futures and Options LLC president Kevin Grady.
I would like to see that volatility calm down and gold test $1,800,” Millman said.
The bullish side of the argument is that it would force banks to have allocated gold accounts.
“With inflation pressures looking set to remain elevated for longer than policymakers initially thought and the economy continuing to boom, the main disappointment is the slower than hoped-for recovery in jobs.