With less than 20 trading days left until the end of 2023, we have just witnessed a series of record-breaking price developments in the international gold price, as well as heightened gold price volatility, and the price moving in a $120 range intraday.
While a new all-time high monthly close in the US dollar gold price was achieved on Thursday 30 November at $2040/oz, and new all-time highs on the weekly close and daily close were achieved on Friday 01 December at $2072/oz, these new record highs were in hindsight, overshadowed by what happened subsequently. For following the weekend pause of Saturday and Sunday (when gold market venues around the world are closed,) the gold market re-opened into the new trading week with a shock and awe surge to $2143, the speed and magnitude of which has not been seen for many years. As the gold market opened at 6 pm New York time on Sunday 3 December (11 pm Sunday London time, 7 am Monday morning Singapore / Shanghai time), this price surge began to take shape a mere 15 minutes after opening, with the gold price blasting up by $70 from $2073 to $2143 in a little over 20 minutes – that’s a 3.38% surge in the gold price in a mere 20 minutes – shattering all resistance levels in a flash, and breaking through the psychologically important $2100 level. Equally spectacularly, after this price spike to $2143, the gold price went down again, as first violently, and then over the next 12 hours in a very controlled fashion. For the record, here are the details, using New York times as the reference point. Note that the ‘gold market’ opens on Sunday evening New York time when the CME’s Globex electronic trading platform opens for gold futures trading. This is a time of relatively low liquidity as none of the world’s major gold markets are officially ‘at their desks’, although its just before the Shanghai Gold Exchange (SGE) begins trading. Starting at 6:15 pm New York time on Sunday evening, the spot gold price rose over a 5 minute period from $2074 to $2088. Between 6:19 pm and 6:24 pm, the price then rose again from $2088 to $2112. Then between 6:24 pm and 6:29 pm, the price increased again from $2112 to $2124. Finally, between 6:29 pm and 6:34 pm, the gold price accelerated even further from $2124 to $2143.37. To reiterate, that was a $70 surge in a 20-minute period.
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