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The bulls started the New Year in control as gold prices rallied in the early morning after Israel attacked Syria in response to a rocket attack, and Turkey arrested 33 Israeli "spies".

There is fear that this might be the start of a deeper regional destabilization following the US Navy's sinking of three Houthi ships in the Red Sea, and Iran sending a warship into the Red Sea.

US interest rates were higher overnight and the dollar managed to rally sharply to start the year...[MORE]

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Dec 29 (Reuters) - Gold investors anticipate record high prices next year, when the fundamentals of a dovish pivot in U.S. interest rates, continued geopolitical risk, and central bank buying are expected to support the market after a volatile 2023.

Spot gold is on track to post a 13% annual rise in 2023, its best year since 2020, trading around $2,060 per ounce...[LINK]

The early corrective action in gold and silver this morning is very surprising, especially with the dollar breaking out and posting the lowest trade since the second half of July.

Certainly, a slight uptick in implied treasury yields suggests the rate-cut mentality is at least temporarily overplayed.

On the other hand, today's US initial and ongoing claims data will likely revive the rate cut watch with the probability of Fed easing rising incrementally with each soft US data point...[MORE]

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Dec 28 (Reuters) - Gold prices steadied after hitting a more than three-week high on Thursday, deriving support from a weaker U.S. dollar and lower bond yields as markets bet on rate cuts by the Federal Reserve early next year.

Spot gold was steady at $2,072.09 per ounce at 1206 GMT after earlier rising as high as 2,088.29, the most since Dec. 4. U.S. gold futures were down 0.5% at $2,082.20...[LINK]

With a new low for the move in the dollar early today and slightly weaker treasury rates, gold and silver bulls look to extend their recent control.

In addition to the constant lift from the fully entrenched expectation of lower global rates gold and silver are likely to benefit from favorable Chinese industrial profit results as China remains the number one consumer of gold.

Apparently, the Chinese central bank has predicted China will achieve its 5% growth target next year and that combined with signs of continued cash infusions from the Bank of India provides a very solid demand base...[MORE]

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Gold prices steadied on Wednesday as trading was muted in the last week of the year, but bullion was headed for its best year in three on expectations the Federal Reserve will cut rates in the first quarter of 2024.

Spot gold was flat at $2,067.14 per ounce, not far from an over two-week high of $2070.39 hit on Friday. Bullion was on track to mark an over 10% gain this year — its best since 2020...[LINK]