{"id":2228,"date":"2017-06-30T15:00:58","date_gmt":"2017-06-30T14:00:58","guid":{"rendered":"https:\/\/www.ukbullion.com\/blog\/?p=2228"},"modified":"2017-07-03T15:02:26","modified_gmt":"2017-07-03T14:02:26","slug":"uk-bullion-gold-market-update-june-2017","status":"publish","type":"post","link":"https:\/\/www.ukbullion.com\/blog\/uk-bullion-gold-market-update-june-2017\/","title":{"rendered":"The UK Bullion Gold Market Update June 2017"},"content":{"rendered":"<p>It\u2019s been a relatively steady month for the gold price throughout June, right up until the end of the month when prices took a downturn. The <a href=\"https:\/\/www.ukbullion.com\/live-chart\/gold\/gbp\">spot gold price<\/a> ended the month at \u00a3957.41 per troy ounce on the 30<sup>th<\/sup> at 16:17 following a high of \u00a31003.80 on the 6<sup>th<\/sup>.<\/p>\n<p>The uncertainty surrounding the UK General Election on 8<sup>th<\/sup> June saw the gold bullion price drop momentarily to \u00a3987.44, but it soon rose again to \u00a31000.56 by the end of the day. With the announcement of a hung parliament in the early hours of the 9<sup>th<\/sup>, the gold price fell slightly to end on \u00a3993.79 by the close of play that day.<\/p>\n<p>A big low hit on the 26<sup>th<\/sup> which was triggered by an apparently accidental sell order, which pushed the gold bullion price to a 5-week low, <a href=\"http:\/\/uk.reuters.com\/article\/global-precious-idUKL3N1JN34X\">Reuters reported<\/a>.<\/p>\n<p>According to Afshin Nabavi, head of trading at MKS in Switzerland, the huge sale of 18,500 lots of gold (totalling 1.85 million ounces) on COMEX in a short period of time was the cause of falling prices.<\/p>\n<p>&#8220;Clearly somebody sold it by mistake and bought it back quickly, triggering stops below $1,250,\u201d MKS trader Bernard Sin told Reuters.\u00a0Despite the shock to the market, experts don\u2019t predict it\u2019ll have any lasting effect. &#8220;The gold market is seeing a bit of a bid right now. Growing tensions in the Middle East may be playing a part,&#8221; INTL FCStone&#8217;s Ed Meir told the news agency. \u00a0MKS\u2019s Sin agreed: \u201cThe world is in geopolitical chaos and gold is still good insurance.&#8221;<\/p>\n<p>The Italian banking sector\u2019s debts, concerns over President Trump\u2019s alleged connections with Russia and the uncertainty in Britain surrounding Brexit talks are also driving apprehensions about global instability, which tends to work in gold\u2019s favour.<\/p>\n<p>ABN Amro analyst Georgette Boele <a href=\"https:\/\/www.reuters.com\/article\/global-precious-idUSL8N1JO1S4\">told Reuters<\/a>: &#8220;The market is sceptical about Fed rate rises this year and next. Overall we&#8217;re optimistic about the outlook for gold, we [see] a weaker dollar later in the year.\u201d\u00a0So what next for gold bullion? Well the weakened dollar is certainly one to watch as are the mounting issues in the Middle East and in particular relations between Saudi and Qatar. While the end of June has put a dampener on price rises, traders still have high hopes for gold in 2017 and the ongoing global turbulence certainly isn\u2019t letting them down.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s been a relatively steady month for the gold price throughout June, right up until the end of the month when prices took a downturn. The spot gold price ended the month at \u00a3957.41 per troy ounce on the 30th at 16:17 following a high of \u00a31003.80 on the 6th. The uncertainty surrounding the UK General Election on 8th June saw the gold bullion price drop momentarily to \u00a3987.44, but it soon rose again to \u00a31000.56 by the end of the day. With the announcement of a hung parliament in the early hours of the 9th, the gold price fell slightly to end on \u00a3993.79 by the close of play that day. A big low hit on the 26th which was triggered by an apparently accidental sell order, which pushed the gold bullion price to a 5-week low, Reuters reported&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold Bullion Market Update \u2013 June 2017 | UKBullion<\/title>\n<meta name=\"description\" content=\"We look back at the gold market throughout June and uncover the huge \u2018mistake\u2019 that led to 5-week lows.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold Bullion Market Update \u2013 June 2017 | UKBullion\" \/>\n<meta property=\"og:description\" content=\"We look back at the gold market throughout June and uncover the huge \u2018mistake\u2019 that led to 5-week lows.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ukbullion.com\/blog\/uk-bullion-gold-market-update-june-2017\/\" \/>\n<meta property=\"og:site_name\" content=\"UKBullion Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/UKBullion\" \/>\n<meta property=\"article:published_time\" content=\"2017-06-30T14:00:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-07-03T14:02:26+00:00\" \/>\n<meta name=\"author\" content=\"UKBullion\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@UKBullion\" \/>\n<meta name=\"twitter:site\" content=\"@UKBullion\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"UKBullion\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ukbullion.com\/blog\/uk-bullion-gold-market-update-june-2017\/\",\"url\":\"https:\/\/www.ukbullion.com\/blog\/uk-bullion-gold-market-update-june-2017\/\",\"name\":\"Gold Bullion Market Update \u2013 June 2017 | UKBullion\",\"isPartOf\":{\"@id\":\"https:\/\/www.ukbullion.com\/blog\/#website\"},\"datePublished\":\"2017-06-30T14:00:58+00:00\",\"dateModified\":\"2017-07-03T14:02:26+00:00\",\"author\":{\"@id\":\"https:\/\/www.ukbullion.com\/blog\/#\/schema\/person\/b75a2818471441bc13534ace4965f7f2\"},\"description\":\"We look back at the gold market throughout June and uncover the huge \u2018mistake\u2019 that led to 5-week lows.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.ukbullion.com\/blog\/uk-bullion-gold-market-update-june-2017\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.ukbullion.com\/blog\/uk-bullion-gold-market-update-june-2017\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.ukbullion.com\/blog\/uk-bullion-gold-market-update-june-2017\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.ukbullion.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The UK Bullion Gold Market Update June 2017\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.ukbullion.com\/blog\/#website\",\"url\":\"https:\/\/www.ukbullion.com\/blog\/\",\"name\":\"UKBullion Blog\",\"description\":\"Welcome to the UKBullion Blog\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.ukbullion.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.ukbullion.com\/blog\/#\/schema\/person\/b75a2818471441bc13534ace4965f7f2\",\"name\":\"UKBullion\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.ukbullion.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/81b58785af6a958fc9b5b694ef5069c6?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/81b58785af6a958fc9b5b694ef5069c6?s=96&d=mm&r=g\",\"caption\":\"UKBullion\"},\"description\":\"UKBullion.com are the UK's leading site for buying Gold, Silver, Platinum and Palladium Bullion Bars. 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