With the US Federal Reserve and the Bank of England stating that they are not in a hurry to raise interest rates, the gold price is changing hands with a slight increase, close to $1,800. So, what are the analysts’ expectations? Here are the analysts’ comments…
Analyst warns of gold price
Bob Haberkorn, senior market strategist at RJO Futures, said that the Fed probably won’t be dealing with interest rates, which means bullish for precious metals. cryptocoin.com As we have also reported, the US Federal Reserve signaled on Wednesday that it will be patient with interest rate hikes and will begin to cut back on its massive bond-buying program this month. Following this, the Bank of England kept interest rates steady on Thursday. Haberkorn then added that gold “could drop below $1,800 just depending on sentiment and techniques” by Friday.
Independent analyst Ross Norman said that strong physical demand for gold supports the market as India’s Diwali festival generally boosts precious metal sales. “Gold is trying to recap some of its earlier losses and the market is taking some relief from the Fed,” said Ole Hansen, analyst at Saxo Bank. “There was some tension prior to the Bank of England announcement…but there may have been additional offers in the market as there was no change (rates),” Hansen said.
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