Gold SWOT: De Beers just made one of the steepest cuts to its diamond prices in years
StrengthsThe best performing precious metal for the week was gold, but still down 1.01%. Gold was only up by 0.09% last week yet still appears to have support above $2,000. However, the metal slipped after the dollar reached a one-month high and on increasing signs that global central banks may have to delay the timing of interest-rate cuts.
Gold SWOT: Gold chocks up a gain in 2023 following two years of losses
Strengths· The best performing precious metal for the year was gold, up 7.93%. The yellow metal is up for the year, after two years of losses, while the dollar is down, falling 5% just in the last two months of the year. The greenback has weakened as U.S. interest rates are near a peak and the Federal Reserve’s aggressive tightening begins to take a toll on the world’s largest economy, investors say.
Crypto SWOT: Digital Currency Group is nearing a deal to sell its media company CoinDesk.
(Kitco commentary) - Binance will roll out full services on its new platform for Japan in August. The firm bought Sakura Exchange Bitcoin last November and said this May that it was creating a platform to fully comply with local rules, according to Bloomberg.
Gold SWOT: Agnico Eagle's second quarter earnings and sales tops estimates.
(Kitco commentary) - The best performing precious metal for the week was gold, but still down 0.38%. U.S. GDP came in higher than anticipated and pushed the dollar up on expectations the Fed still has room to raise rates higher.