Welcome to Jaggards Friday Market Insight

3 February 2023
As at 10am, AEST.

Gold Spot Price $AU2,711
Silver Spot Price $AU33.33
Platinum Spot price $AU1,461

Market Sentiment
Google trend
Gold Price as a search trend dropped away at the end of January, as everyone paid attention to the FED meeting results. Importantly, the leading country of interest for Gold pricing is Pakistan. Pakistan is now experiencing extreme currency devaluation (as is Lebanon).

Twitter sentiment

Gold was tweeted 28,270 times - a significant drop in sentiment from the previous week's tweets (61,689) leading into the US FED news.

Market news highlights

The Federal Reserve has continued its path of rate hikes, raising the benchmark interest rate a quarter-point (0.25%). Chairman Jerome Powell believes this will be followed by additional increases before year's end and that no cuts are anticipated. Equities markets immediately responded positively to the news, as did Gold and Silver. Prices have since eased after the news has been absorbed worldwide. 

With alarming timing, both Lebanon and Pakistan announced concerning news about their currencies. The Lebanese pound is planning to devalue by 90% causing shockwaves through their economy. Pakistan appears to be the next currency to fall and is showing clear signs of continued downside into the future. Both Pakistan and Lebanon are leading the way for Worldwide interest in Gold over the last week.

Charts

Charts are shown in USD and show 30 days of activity. 

Gold prices have shown strong growth though are currently experiencing a pause around US$1920, following the US Fed News yesterday.

Silver prices continue to show volatility, bouncing between $US23.2 and $US24.27 during the last 30 days. Finally resting at $US23.48 today.

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