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Here’s why gold’s price may rise this June
Gold has produced impressive gains so far in 2024. This year alone, the price of the commodity has climbed from $2,063.73 per ounce on January 1 to $2,439.98 per ounce on May 20 – a more than 18% gain. While that’s come down slightly in recent days, Aif you’re a gold investor, or considering an investment in gold, you may be wondering if the upward movement is going to continue through the rest of the year.
While definitively saying that gold will move in one direction or another for the rest of the year would be highly speculative, there are a few factors that could cause the precious metal to continue its upward movement this June. In fact, based on economic and geopolitical news, June could be a strong month for gold investors.
See how you could benefit from gold’s rising price by investing now.
Here’s why gold’s price may rise this June
Gold’s price is largely dictated by supply and demand. And while the supply of gold is finite, demand tends to shift – with strong demand typically leading to price growth and weak demand typically leading to declines. With that said, there are three things that could push the demand for gold higher this June, pushing the price of the commodity up.
The June inflation report
You may have felt the persistent inflation the United States has been experiencing lately at the gas pump, grocery store or anywhere else you spend money. And, while inflation may be bad for your budget, it’s usually good for gold. That’s because gold has a storied history as a hedge against inflation. Essentially, when the prices of goods and services are on the rise, gold tends to move upward as well – helping those who invest in the commodity protect the value of the assets they’ve set aside.
“The June US inflation report could affect the price of gold in a couple of ways,” explains Dana J. Menard, CFP, founder and lead financial planner at the wealth management firm, Twin Cities Wealth Strategies. “First, if the report shows continued, persistent inflation, then history tells us the price of gold could go up as it has acted as an inflation hedge.” But, if the report shows significant slowing in inflation, “then the price of gold could head lower due to the lack of demand for an inflation hedge and correlated assets.”
The next inflation report is scheduled to be released on June 12, 2024. This report will show the year over year inflation rate for May. And, if inflation remains too high for comfort, gold’s price could react by heading up.
Protect your investments from inflation with gold today.
The Federal Reserve’s June meeting
The Federal Reserve holds regular Federal Open Market Committee (FOMC) meetings. During these meetings, members of the Fed discuss the state of the economy and monetary policy (interest rate hikes or cuts, quantitative easing, quantitative tightening and more). As such, the result of these meetings can have a meaningful impact on the economy, the stock market and returns on interest-based investments.
In turn, FOMC meetings can also have an impact on the price of gold.
In fact, gold’s price has moved upward around the same time of Fed meetings as of late – and for good reason. Investors are using gold as a way to hedge against any interest rate or other monetary policy changes that may arise as a result of these meetings – leading to increased demand during these times. And, with the next FOMC meeting being held between June 11, 2024 and June 12, 2024, gold’s price could head up toward the middle of the month.
The political and geopolitical climate
Political and geopolitical conditions can also play a meaningful role in gold’s price. After all, when political leadership changes, so too can regulations that impact the economy and financial markets. And, since gold is a safe haven investment, political uncertainty can send the price of the precious metal up. So, any major updates in the U.S. presidential race can cause gold’s price to move.
Geopolitical conditions also play an integral role in the movement of gold. That’s because war and geopolitical unrest can have an impact on economies around the world. Unfortunately, there’s quite a bit of geopolitical unrest in the air at the moment. And, while that may be unsettling, any news from the geopolitical stage this June could push the price of gold up.
The bottom line
June could see the price of gold continue to rise. Between an upcoming inflation report, the Federal Reserve’s June FOMC meeting and what’s happening on the political and geopolitical fronts, there are multiple reasons the price of gold could head up. Add gold to your portfolio today to take advantage of these potential gains.
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How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
The Minnesota Vikings will take on the Chicago Bears today. The Vikings are currently 8-2, an impressive run so far this season, and will be looking to add a fourth win to their current streak after last Sunday’s 23-13 win against the Tennessee Titans. The Bears, on the other hand, are entering this game on the heels of a four-game losing streak after a tough 20-19 loss against the Green Bay Packers last Sunday.
Here’s how and when you can watch the Vikings vs. Bears game today, whether or not you have cable.
How and when to watch the Minnesota Vikings vs. Chicago Bears
The Vikings vs. Bears game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Minnesota Vikings vs. Chicago Bears game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Fubo offers you an easy, user-friendly way to watch NFL games on CBS, Fox, NBC, ABC, ESPN, and NFL Network, plus NCAA football channels. The Pro tier includes 200+ channels and unlimited DVR, while the Elite with Sports Plus tier adds NFL RedZone and 4K resolution. New subscribers get a seven-day free trial and all plans allow streaming on up to 10 screens simultaneously.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.