BREAKING: Gold price fell by ~1% today and is down over 6% from its all-time highs

What are the short-term and long-term perspectives for the yellow metal?

June 26, 2024

Gold prices were down ~1% in today's trading likely driven by a stronger US dollar and a notable rise in 10-year US government bond yields.

The so-called barbarous relic is down over 6% from its peak after an incredible run of ~18% this year. After this pullback, gold prices are now +12.5% year-to-date. By looking at the above chart we might expect the consolidation to last for another few days before a bounce.

In January I was expecting gold to potentially even reach $2,400-$2,500 per ounce this year which has been surprisingly hit already in April.

As you already know, I always focus the most on the long-term view of assets, and provide some updates in the meantime. I believe that gold will likely benefit more in the next 1-3 years in the current economic climate. To find out more about this thesis read the full piece below:

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