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Central Banks Flex Gold Market Muscle
Spot gold fell $43.38 per ounce (a decline of 2.21%) in June to close the month at $1,919.35. For the first six months of 2023, the gold bullion price increased $95.33, or 5.23%. This was despite the euphoria in the equity markets, with the S&P 500 Index returning 15.91% in the first half, its second-best start to a year since 2000. Gold's first-half strength also defied rate-hike expectations, a flattish U.S. dollar and net gold selling from CFTC (Commodity Futures Trading Commission) and ETF holders. Gold gained largely because central bank buying more than offset a generally bearish outlook among investment funds. ... (full story)