After falling back below the mark of $2,000, which was broken yesterday, the gold price was able to break through again this morning.
The gold price has shown an impressive upward trend in recent weeks. Since 11 October, the price per troy ounce of gold has risen by around $70. On the one hand, this was due to the cooling economic outlook in the major economies. As a result, the market now assumes that the US Federal Reserve has reached the end of its interest rate hikes. Although the minutes of the FOMC meeting published yesterday indicate that it intends to maintain its aggressive monetary policy for the time being, the meeting took place a fortnight ago. The US economic data published in the meantime takes some of the sharpness out of the Fed's statements.
The fact that the statements in the minutes were not seen as very dramatic by the market was demonstrated by the fact that they were unable to provide any real relief for the currently weakening US dollar. This of course benefitted gold, to which investors traditionally turn when the dollar weakens. The fact that yesterday's statements by ECB Chairwoman Lagarde indicated that the European Central Bank would not raise interest rates any further for the time being and would initially monitor further developments certainly also had a supportive effect.
The gold price could receive further inspiration today when the data on new orders for durable goods and the weekly figures on unemployment claims are published in the United States. Gold is currently trading at 2,001.60, just above the important mark.