May Gold News 2023

Core inflation for the UK has hit a 30-year high this morning, as prices continue to rise. Today’s figures will cause more headaches for the Bank of England and will almost certainly spur further interest rate hikes in the months ahead.

Two of the world’s largest gold miners are set to merge as Australian company Newcrest recommended the takeover bid by American rival Newmont. Should the deal get past shareholders and regulators, Newmont would be the world’s largest gold and copper miner.

After dramatic rises last week, precious metals have settled lower this week, and remain mostly unmoved by the latest economic drivers of the past two days. Gold is still waiting for the spark needed to push it to new all-time highs above $2,100 per ounce.

Gold and silver saw gains yesterday as market jitters returned. The Federal Reserve are due to announce their latest interest rate decision later today and there could be further price movement depending on the decision and guidance on the direction they will take in the future.