Gold prices rose $150 in March. Thus, March 2023 was the best month for gold since July 2020. Analysts are generally positive on gold, while they see markets contradict the Fed’s message.
Gold prices could see a more pronounced correction
cryptocoin.comAs you follow, gold prices retained most of their gains amid the market turmoil and are still trading above $1,950. Market participants will likely focus their attention on the US labor market next week, according to the Commerzbank economists’ report. In this context, economists make the following statement:
The gold market could see a more significant correction if the market sees vibrant US labor market numbers compelled to lower expectations for rapid rate cuts before the end of the year. Since the beginning of March, gold ETFs tracked by Bloomberg have registered 30 tons of entries. This means they’ll likely be posting monthly entries for the first time since April 2022.
Performance comparison for silver and gold prices
3 Bomb Forecasts For Gold Prices: These Levels Are Coming!n prices are supported by a weakening dollar and easing inflationary pressures. Economists at ANZ Bank predict gold will be $2,050 by the end of the year. For these estimates, economists underline the following:
We believe that fears of recession in the US, easing inflationary pressure and dovish monetary policy will improve the performance of gold. The macro background will also remain supportive. Therefore, any price drop is likely to be short-lived and seen as a buying opportunity. We are targeting gold at $2,050 towards the end of the year. Meanwhile, we expect silver to outperform gold in the rising price environment.
Long-term play in commodities
The global commodity sector came under pressure in March. But strategists at UBS remain the most favored in this asset class. Strategists address this issue as follows:
We continue to see opportunities in longer-term Brent Oil contracts with a price target of $100/barrel. We also recommend a long platinum trade with a price target of $1,150 due to the metal’s close correlation with gold. We also see opportunities to sell down price risks in crude oil, copper, nickel, gold and platinum.
Gold and silver may continue to be in demand.ir
Even if the banking crisis is resolved, a dormant problem could continue to support safe-haven demand for more precious metals, says Jonathan Butler, precious metals analyst at Mitsubishi. This is the rapidly approaching debt ceiling.
The nonpartisan Congressional Budget Office estimated that the government will run out of emergency supplies sometime this summer. That, in turn, raises the possibility of default unless lawmakers raise or suspend the ceiling. Butler said in a report released Thursday that gold and silver could continue to be in safe-haven demand at a time when uncertainty and fiscal commitments by the government may have to support more depositors.
Silver will shine stronger
The gold-silver ratio is currently trading around 82 points, dropping to a two-month low. As such, silver’s rally outperforms even gold. In a note on Friday, Forex.com market analyst Fawad Razaqzada says the rate’s drop below 86 points last week was a significant move, breaking the support of the bearish trendline. “If the uptrend for both metals remains intact, silver will shine stronger. This painting tells us that,” he says.
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