A major macro shift has triggered gold’s breakout in June, which has led to the metal’s “cyclical repricing” with the new ceiling set at $1,440 an ounce and a new hard floor at $1,350, according to Scotiabank.
“Gold’s sharp repricing in June, in both US$ terms and versus other fiat currencies, was a statement breakout; it highlighted a macro regime shift and proved that it has adapted to be a geopolitical hedge, a trade policy hedge, a rate cut hedge, and a currency war hedge,” said Scotiabank commodity strategist Nicky Shiels in the Metals Monthly report.
Any future potential moves higher will depend on macro data, the central banks, as well as U.S. geopolitical and trade policies.
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