Welcome to SurvivalBlog’s Precious Metals Month in Review, where we take a look at “the month that was” in precious metals. Each month, we cover gold’s performance and the factors that affected gold prices.
What Did Gold Do in July?
We expected continued central bank policies of putting the inflation fight above the job market and preventing inflation would have put gold on the back foot, making traditionally weak summer gold demand worse. That isn’t exactly what happened.
August gold futures started July at $1,929 an ounce, with spot prices starting at $1,919. Prices peaked on the 18th, with August futures settling at $1,980, and spot prices closing at $1,977. The most active gold contract on the COMEX shifted to the December futures on Friday, July 28th, closing at $1,999.90. It ended the month at $2,009.20.
Gold saw highly volatile price movements this month, moving suddenly by $20 up or down on unexpected economic news.Continue reading“July, 2023 in Precious Metals, by Steven Cochran”