While there is no doubt that gold remains firmly on track to swoop to breathtaking new price highs, there remain opportunities to buy the dip for those able to move quickly. This week is a case in point with news that Russian forces may retreat from key Ukrainian cities as peace talks between the two parties continue leading to an uptick in risk appetite and a window of opportunity to buy now.
Although the US and other observers are sceptical about whether Russia is serious about escalating the month-long conflict, the news was welcomed by investors and markets, with stock markets up in trading on Tuesday. Oil prices, which have been hitting eye watering levels also fell along with the US dollar index.
To this backdrop, gold prices dipped £20.00 ($26.30) during Tuesday trading to a low of £1,455 ($1,913). Don’t be fooled into thinking that you can move slowly however, as prices were lower earlier in the day but recovered strongly and, with China moving to lock down millions of people due to surging Covid cases, it’s clear that these prices won’t be available for long. Act fast. Buy now.