Most of the metal is used in the retail industry, specifically in making jewelry and also for industrial and/or dental purposes. This is a key factor in determining its price. Although an additional 3,200 tons of the valuable metal are mined each year according to the World Gold Council, an impressive amount of existing gold still must be recycled annually simply to help meet global demand. They also agree that most of this gold still exists in one form or another. Availability and PriceĮxperts are in agreement that approximately 120,000 to 150,000 tons of gold have been mined and is above ground. Although it is difficult to predict what the spot price of gold will be, it is important to understand some of the many ways spot prices are influenced. The global gold price today is determined by a number of factors. It's important that you learn about prices and understand the different investment choices available before you proceed. If you are planning to invest in the precious metals market, current prices and price trends are important to keep track of. Former Federal Reserve Chairman, Ben Bernanke told Congress that, "Nobody really understands gold prices, and I don't pretend to really understand them either." Even so, savvy investors are turning to gold at almost any price as it provides long-term security and a hedge against inflation. Wyckoff's Market Rating: 5.0.When there is a surge in gold prices, experts are often caught off guard and redouble their efforts to understand what factor or factors cause prices to rise. Next support is seen at the overnight low of $23.48 and then at this week's low of $23.32. First resistance is seen at this week's high of $23.87 and then at $24.00. The next downside price objective for the bears is closing prices below solid support at the May low of $22.785. Silver bulls' next upside price objective is closing July futures prices above solid technical resistance at $25.00. The silver bulls and bears are on a level overall near-term technical playing field. First support is seen at $1,970.00 and then at this week's low of $1,953.80. First resistance is seen at $1,985.00 and then at $2,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the May low of $1,949.60. Bulls' next upside price objective is to produce a close in August futures above solid resistance at $2,000.00. Technically, the gold futures bulls have the overall near-term technical advantage. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, international trade in goods and services data, consumer credit and the weekly DOE liquid energy stocks report. Plenty of value in gold as WisdomTree forecasts $2,285 by Q1 2024 Treasury note yield is presently fetching 3.683%. Nymex crude oil prices are firmer and trading around $72.50 a barrel. The key outside markets today see the U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins. That has potentially negative demand implications for the raw commodity sector, including the metals.Īsian and European stock markets were mixed overnight. Reads a Wall Street Journal headline today: "China's trade slowdown points to global woes." The story said China's post-Covid economy is sputtering and global trade is "cooling rapidly" amid major central banks tightening their monetary policies. Imports fell a less-than- expected 4.5% in May, year-on-year, after being forecast down 8.1%. dollar terms from a year earlier, missing consensus for a 1.8% drop. In overnight news, China's exports fell more than expected in May. August gold was last down $3.80 at $1,977.80 and July silver was up $0.02 at $23.69. trading Wednesday, following some weak economic data out of China that hints of a slowing global economy that could crimp demand for the precious metals. ( Kitco News) - Gold prices are slightly lower in early U.S. Receive a comprehensive recap of the day's top stories directly to your inbox. Get all the essential market news and expert opinions in one place with our daily newsletter.
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