Gold prices remained flat on Friday. That’s because traders are believed to be caught between concerns about rising inflationary risks and expectations for faster rate hikes, which is challenging the attractiveness of bullion as an inflation hedge. So, what levels will be seen in the precious metal now? Here are the analysts’ comments…
Experts draw attention to these levels for gold
cryptocoin.com As we have also reported, gold hit its highest level in more than five months earlier this week. “Amid a sharp recovery in growth, expectations for policy normalization by major central banks remain the main headwind for price, as rising inflation attracts strong buying interest in gold,” said Sugandha Sachdeva, vice president of commodities and currency at Religare Broking. Sachdeva uses the following expressions:
Gold prices are expected to consolidate in the $1,835 to $1,880 range in the short term. In the longer term, however, the precious metal will likely witness lower levels of buying interest. If prices cross $1,880, it could rally to $1,920.
On the other hand, DailyFX currency strategist Ilya Spivak said, “The focus on rate hikes and their impact on inflation makes the short-term price action of gold very sensitive to economic data.” Apart from that, Michael Hewson, chief market analyst at CMC Markets UK, said: “We’ve had a good upswing and yields are a little tighter, so it may actually be pushing gold prices down,” noting the uncertainty of Fed policy at the moment. Finally, Stephen Innes, managing partner of SPI Asset Management, said that until the signal for the Fed to accelerate asset purchases, gold is likely to rise above $ 1,875, and with the news of the new Fed chairman, it should hold the range of $ 1,850-1,875.
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