(Kitco News) – Precious metals traders rode a roller coaster of optimism and greed higher this week, as markets cemented expectations for a rate cut from the Federal Reserve at their September meeting. But gold prices may have pushed too high too quickly, with the ensuing pullback dragging the yellow metal right back to where it started.
Spot gold opened the week trading at $2,411.65 before moving down to test support near $2,400 per ounce shortly after 3:00 am early Monday morning. This level of support held, and it started the precious metal’s upward climb.
After hitting an intraday high of $2,436 per ounce shortly after 11:00 am EDT on Monday, spot gold saw a retracement down to the $2,420 area following comments from Fed Chair Jerome Powell, which were dovish on balance.
Prices then began trending higher during the Asian session, and by Tuesday morning gold was trading above $2,440 per ounce. Prices saw a dip to the low $2,430s following the release of a slightly better-than-expected U.S. retail sales report for June, but they rebounded sharply thereafter, and by Tuesday evening spot gold had set a new all-time high above $2,482 per ounce.
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