The World Gold Council‘s Gold Market Commentary for the month of May 2023 has been published.
Among the highlights are:
Gold lost 0.9% in May, owing primarily to USD strength, while global gold ETFs increased their holdings for the third month in a row.
Looking ahead, an expected rate hike in the United States could be a short-term drag on gold, but the Fed is likely to stop in the following months, providing gold some breathing room.
Furthermore, while financial markets calmed once the debt ceiling was raised, the long-term ramifications could be favourable to gold.