Breakout in gold takes futures to a high of $2043.40 in striking range of record high
A solid breakout in gold moved futures pricing well above $2000 in trading today. Currently, the most active June 2023 contract is trading up $39.10 or 1.94% and fixed at $2039.40. That puts gold within striking range of the all-time high of $2088 as well as the record closing price for gold futures at $2069.40.
The primary fundamental event that propelled gold well above $2000 was weaker U.S. economic data. This data suggests that the Federal Reserve could certainly consider slower rate hikes and a pause of rate hikes sooner. Because the Federal Reserve has been laser-focused on the extremely robust labor market as it uses its tools to reduce inflation today's report confirms that recent action by the Federal Reserve is beginning to have an impact as seen in the contraction of job openings.
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