The price of gold peaked above $2,000 on April 5, boosted by weak U.S. economic data as well as fears from the banking crisis shaking up the financial sector.
Spot gold prices hit $2,028 an ounce in early trading on Wednesday, hitting the highest level since March 2022. U.S. gold futures hit a high of around $2,040 per ounce. Meanwhile, the U.S. Dollar Index was hovering near two-month lows, making gold a cheaper investment option for investors holding other currencies. Gold prices in sterling and euros were at their highest level in over a week. The commodity had previously peaked above the $2,000 level in March 2022 and in August 2000.
The boost in gold prices comes amid weak U.S. economic data and the ongoing banking crisis facing the country.
U.S. job openings fell to its lowest level in almost two years in February, suggesting a cooling down in labor market conditions. Meanwhile, new orders for U.S. manufactured goods registered a monthly decline of 0.7 percent in February after falling by 2.1 percent in January.
The collapse of Silicon Valley Bank (SVB) and its after-effects have shaken confidence in the American banking industry. The risk of more bank failures and potential tightening of credit availability are also pushing up gold prices.
In an interview with The Epoch Times, Gabe Wright, co-owner of the store Coin Heaven in Arizona, said that SVB collapse has spurred demand for the yellow metal.
“After that bank fell, it created quite a panic, and people wanted to get their funds out of banks and into something real and tangible—gold and silver,” Wright said. Gold is “something you own. There’s no third party involved. It’s solely yours.”
Federal Reserve Rates
Gold prices are also buoyed by investor expectations that the Federal Reserve will pause its interest-rate hikes and even start cutting rates soon. According to the CME FedWatch Tool, the majority of interest-rate traders (65.4 percent), as of April 5, expect the Fed to keep rates unchanged at its upcoming May meeting.
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Over the past year, the Fed had pushed up its benchmark rate from around 0.5 percent to a range of 4.75–5.0 percent. High interest rates usually decrease investor appeal for gold as it is a non-yielding asset.
With expectations about Fed pausing and reversing its rate hike growing, the yellow metal is once more becoming an attractive investment option.
In another Epoch Times interview, Peter Schiff, the CEO of Euro Pacific Asset Management, said that inflation will remain “significantly above” the Fed’s 2 percent inflation rate target “as far as the eye can see.”
“Gold needs to be repriced much higher to reflect that reality. The adjustment still has a long way to go,” he predicted.
However, if the Fed makes it clear that it intends to keep raising interest rates till inflation is brought down, it could negatively affect the price of gold. James Bullard, president of the Federal Reserve Bank of St. Louis, had recently batted for more rate hikes to fight inflation.
Rising Demand
Gold demand has been rising over the past year amid economic uncertainties. According to data from the World Gold Council (WGC), annual gold demand jumped by 18 percent year over year in 2022, hitting 4,741 tons, which is the highest annual total since 2011.
Louise Street, senior markets analyst at WGC, pointed out that gold demand last year was partly driven by “colossal” demand from central banks as a safe haven asset.
“Turning to 2023, economic forecasts are pointing to a challenging environment and a likely global recession, which could lead to a role reversal in gold investment trends. If inflation comes down, this could be a headwind for gold bar and coin investment,” he said.
“Conversely, continued weakening of the U.S. dollar and the moderating pace of interest-rate hikes could have positive implications for gold-backed ETF [exchange=traded fund] demand.”
Article cross-posted from our premium news partners at The Epoch Times.
Starting the Day With a Scripture-Inspired Roast Helps Center Your Thoughts on Eternal Truths Amid Temporal Pressures
The world can seem chaotic, especially right after we wake up. Many believers start their mornings reaching for something familiar — a hot cup of coffee — yet end up settling for mediocre brews that do little more than deliver a caffeine jolt. The daily grind of life, with its endless distractions, news cycles, and responsibilities, can leave even the most faithful feeling spiritually parched alongside their physical fatigue. What if your morning ritual could do more than wake you up? What if it could ground you in truth, nourish your body with exceptional quality, and quietly advance a kingdom purpose at the same time?
That’s the promise — and the reality — behind Promised Grounds Coffee. This Christian-founded company doesn’t just roast beans; it approaches every step as an act of worship and discipleship. By selecting only the top 10% of specialty-grade beans, ethically sourced from dedicated farmers in Central and South America, and small-batch roasting them with reverence in Austin, Texas, Promised Grounds delivers what many describe as the best coffee available — never burnt, never bland, but rich with origin stories and layered flavors that honor God’s creation.
From the vibrant Psalm 27 Roast (a light, bright medium option) to the bold yet peaceful 2 Timothy 1:7 Decaf, each bag carries a Scripture verse that turns your daily pour into a gentle reminder of faith. And through their Ounce Per Ounce Promise, every ounce of coffee you enjoy provides an equal ounce of clean water to families in need via partnership with Filter of Hope — literally brewing hope for body and soul, one cup at a time.
The challenge for today’s Christians runs deeper than finding a decent cup. In an age of convenience-driven consumerism, it’s easy to support companies that dilute values or remain silent on matters of faith. Many believers want their everyday choices — from what they drink to how they spend — to reflect discipleship rather than just convenience. Promised Grounds solves this by weaving Christian excellence into the entire process: beans nurtured with prayerful stewardship by farming families, roasted as an offering rather than a commodity, and packaged with Bible verses to encourage a mindset of gratitude and purpose from the first sip. Reviewers consistently praise the smooth, rich profiles — whether enjoyed black in a drip maker, iced on a warm day, or shared in fellowship — noting how the quality stands toe-to-toe with premium secular brands while delivering something far more meaningful.
This integration of faith and flavor addresses a real need in Christian households and ministries. Busy parents, church leaders, and remote workers alike report that starting the day with a Scripture-inspired roast helps center their thoughts on eternal truths amid temporal pressures. The coffee’s exceptional character — bright citrus notes in lighter roasts or deep chocolate undertones in bolder ones — comes from meticulous selection and careful roasting that respects the bean’s natural gifts rather than masking them. It’s the kind of coffee that elevates a simple quiet time, fuels productive workdays, or sparks meaningful conversations when shared at Bible studies or outreach events. And because it’s ethically sourced with integrity, every purchase supports sustainable livelihoods for farmers who treat their crops like family harvests.
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Of course, quality alone isn’t enough if the experience feels out of reach. Promised Grounds keeps it accessible with practical perks like free shipping on orders over $40, sample sets for discovering favorites, and thoughtful add-ons such as faith-themed mugs. Whether you prefer whole beans for fresh grinding, grounds for convenience, or even bulk options for larger households and ministries, the result is consistently superior coffee that makes discipleship feel integrated rather than added on.
As you consider how to align even the smallest habits with your walk with God, Promised Grounds Coffee stands out as a refreshing solution. It tackles the dual problems of subpar daily sustenance and disconnected consumption by offering a product that genuinely excels in taste while advancing a mission of clean water, farmer dignity, and scriptural encouragement. Believers who make the switch often describe it as more than a beverage upgrade — it becomes part of their rhythm of gratitude, a daily invitation to remember that every good gift comes from above.
If you’re ready to transform your mornings (and perhaps your church gatherings) with coffee that honors both exceptional craftsmanship and Christian values, I encourage you to explore what Promised Grounds has to offer. One sip at a time, you’ll be nourishing your body, refreshing your spirit, and participating in something far greater — all while enjoying what truly is among the best coffee available.