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

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Published : June 20th, 2019
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Category : Market Analysis

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Gold prices surged as much as 3% to as high as $1,385/oz, their highest in more than five years today after the U.S. Federal Reserve went dovish, signalling possible interest rate cuts later this year which sent 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.

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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

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Mark O'Byrne is executive and research director of www.GoldCore.com which he founded in 2003. GoldCore have become one of the leading gold brokers in the world and have over 4,000 clients in over 40 countries and with over $200 million in assets under management and storage.We offer mass affluent, HNW, UHNW and institutional investors including family offices, gold, silver, platinum and palladium bullion in London, Zurich, Singapore, Hong Kong, Dubai and Perth.
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