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home / news releases / gold monthly the rally stalls

GLDI - Gold Monthly: The Rally Stalls

Credit Suisse X-Links Gold Shares Covered Call ETN

2024-06-10 15:30:00 ET

Summary

  • Gold hit an all-time high above $2,450/oz in May.
  • Prices have already drifted 5% from last month’s peak after stronger-than-expected US jobs data and after China’s central bank halted its gold purchases.
  • We see prices averaging $2,300/oz in the second quarter and an annual average of $2,255/oz in 2024.

By Ewa Manthey

Stronger dollar, subdued China buying could dent gold

Source: Refinitiv, ING Research

Strong US jobs dash Fed bets

Gold has risen almost 12% year-to-date, mostly amid optimism for a Fed pivot to monetary easing this year. Safe haven demand amid the conflicts in Ukraine and the Middle East, as well as buying by central banks, has also supported higher gold prices this year....

For further details see:

Gold Monthly: The Rally Stalls
Stock Information
Company Name: Credit Suisse X-Links Gold Shares Covered Call ETN
Stock Symbol: GLDI
Market: NASDAQ
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