Gold futures update to new highs

August 16, 2024Gold futures pricesIs the closing price$2537.80The new high price was updated.

The reason why the price of gold continues to riseInterest rate cutsIt is sometimes said that it is because it is close, but looking back on past examples, it is not necessarily that money was bought in a phase where interest rates were cut.

⭕ Gold futures are trending downwards

⭕ Gold futures are trending downwards

⭕ Gold futures are trending upward

⭕ Gold futures rose and then fell

In theoryInterest rate cutsIt is said that money is strong in this situation, and it can be said that this is just one factor.

The main reason money is being bought is globalunemployment rateIt's an increase.

Germany:2022/5 5.0% → most recent6.0%

UK:2022/10 3.5% → recent4.2%

Australia:2023/7 3.5% → recent4.2%

Canada:2023/5 5.0% → most recent6.4%

Even in countries other than the USunemployment rateis on an upward trend.

India doesn't announce the unemployment rate every month, so I don't knowTurkeywithMexicois progressing smoothly.

Announced at 16:00 on 2024/8/12Turkey Unemployment RateThe result is 8.5% of the previous month9.2%It has skyrocketed.

Turkey Unemployment RateYou can see a sense of bottoming out.

Turkey Unemployment RateThis is the first time in 2023/10 that it has reached 9.2%.

Turkey CPISince it has been falling for 2 consecutive months, there is a high possibility that it is deflationary.

TurkeySince it depends on the European economy, domestic demand is not as strong as Mexico.

gold priceThe reason it has risen so far is because the futures market has determined that the global economy is slowing down.