Demand for gold for jewelry tends to ease during summer. Jewelry producers and mints allow for their staff to take a summer break. Unless there is any other pent up demand, gold prices are usually weaker during summer.
The Corona year 2020 was the big exception, with a precipitous price drop in March at the outbreak and a subsequent summer rally after massive government support for businesses and employees on both sides of the Atlantic.
So far $2000/Oz gold never held very long. The Ukraine war and supply chain disruptions caused higher energy and transportation costs and higher food prices. Inflation broadened over all products and services. Persistent deficits in public finances make it unlikely for inflation to settle onto a more benign level. Only a severe recession can destroy demand and eventually cause a short deflationary shock.
Rising summer minima
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