Gold Slips 0.5% at Record Chinese New Year, S&P Rises, 2024 Elections Roll On
Gold Price News By Adrian Ash - 9th February 2024
https://www.bullionvault.com/gold-new...
LONDON GOLD PRICES lost 0.5% this week as the record Lunar New Year bid for bullion from the precious metal's No.1 consumer nation China shut down for week-long holidays and US stock markets rose to fresh all-time highs despite geopolitical tensions around 2024's heavy election calendar as the Federal Reserve dashed hopes of a March cut to Dollar interest rates.
"[The United States] is practically implementing a policy of double containment" against Russia and China, said Moscow's President Vladimir Putin and his Chinese counterpart Xi Jinping in a phonecall on Thursday, accusing Washington of "interfering" in their domestic affairs according to a Kremlin aide.
Dropping $11 from last Friday's 3pm benchmark to fix around $2023 per Troy ounce today, bullion traded in London – the world's central trading and storage hub for precious metals – has now lost 2.7% from the record-high gold benchmark price set just before New Year's Eve.
The S&P500 index of US corporate stocks has meantime added 5.6%, breaking through the 5,000 level for the first time ever at Friday's opening in New York.
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