Gold prices hovered near a two-month high on Monday as investors cling to the view that central banks will keep interest rates low for now and focus on key US inflation data to be released later in the week. So, what are the analysts’ expectations? cryptocoin.com We share the comments of analysts…
Kyle Rodda: Gold can see these levels
Spot gold held steady at $1,816 after previously hitting $1,821.26, the highest since Sept. Over the past week, leading central banks have stuck to the view that existing inflationary pressures will ease and reduce the likelihood of faster rate hikes. Analysts say Friday’s better-than-expected US jobs report is also unlikely to change the Fed’s moderate monetary policy stance, with market participants now focusing on key Consumer Price Index data from Wednesday.
Kyle Rodda, IG Market Analyst; While he cautions that inflation data should be significantly higher than expected for any shocks to come back to fears of higher interest rates, he doesn’t think anyone will panic as long as the data is in line with or slightly above expectations. Rodda said a break above $1,830 could lead to a rally to $1,900 below, but will trend lower in the longer term as central banks eventually tighten their policies to control hyperinflation. It benefited under supportive monetary policy in the midst of the COVID-19 pandemic as near-zero interest rates reduced the opportunity cost of holding non-yielding assets.
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