Gold prices were flat on Tuesday as appetite for riskier assets returned as the dollar rallied some ground and investors outstripped the economic risks posed by the Omicron coronavirus variant. Spot gold price rose 0.35% to $1,795 at the time of writing, while US gold futures were trading at $1,794, up 0.3%. Opinions and forecasts of analysts who interpret the developments in the gold market. cryptocoin.com compiled for our readers.
“$1,800 level remains an important pivot point for gold prices”
Phillip Streible, chief market strategist at Blue Line Futures in Chicago, states that after yesterday’s losses in US stocks, there is a risk of a rebound, and that the dollar has recovered with the US Treasury interest rates, emphasizing that they all put some pressure on gold. The strategist continues by making the following statement:
However, as they are worried about uncertainties, including the economic blow from Covid-19, people are buying whatever dip they can get, and the $1,800 level remains an important pivot point for gold.
Meanwhile, the US dollar recouped its overnight losses as the risk sentiment partially rebounded after a sell-off in global markets. Exinity chief market analyst Han Tan shares:
However, if nominal rates remain under pressure while inflation expectations stubbornly rise, the precious metal could catch new offers in 2022.
Jeffrey Halley: Gold investors have no tolerance for loss of any kind.
Bullion is often considered a hedge against large increases in consumer prices. However, increases in interest rates, while curbing inflationary pressures, may also reduce the attractiveness of non-yielding gold. However, Jeffrey Halley, senior market analyst at OANDA, comments:
Gold traders have no patience for losses of any kind and lack the momentum to exit the current range-bound trade, as evidenced by recent rapid pullbacks on rallies above $1,800.
In other precious metals, spot silver was up 1.2% to $22.50 and palladium was up 2.6% to $1,794.86, while platinum was steady at $932. Palladium could benefit from pent-up auto demand expectations, says Bob Haberkorn, senior market strategist at RJO Futures.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.