Gold rattled by central banks' rate outlook but geopolitics could re-ignite price rally - analysts gold geopolitics centralbanks
The gold market is looking to end June down around $47 — its worst month since February. The precious metal is reacting to central banks doubling down on hawkish rhetoric and ignoring Russia's turmoil. But some analysts see geopolitics playing a more significant role in driving the gold price.
"We went as a demonstration of protest, not to overthrow the government of the country," Prigozhin said in an 11-minute audio message."Our march showed many things we discussed earlier: the serious problems with security in the country … We halted at the moment when the first assault unit deployed its artillery , conducted reconnaissance and realized that a lot of blood would be spilled.
In response to the events in Russia, gold had paused its selloff, finding support for the time being. Some analysts see the turmoil in Russia as lowering the overall risk appetite and igniting the safe-haven gold trade. The muted response is partly due to a lack of clarity over what comes next and financial markets being somewhat used to increased geopolitical uncertainty due to Russia's action, said ING's global head of strategy Chris Turner.
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