The price of gold, traditionally seen as an inflation hedge, soared to a nearly five-month high last week as US consumer data posted the sharpest annual gain in 31 years. Meanwhile, analysts announced their forecasts. cryptocoin.com We share the predictions as…
Analysts drew attention to these levels for the price of gold
Craig Erlam, senior market analyst at OANDA, said after an uncommon seven-day streak for the metal, “Gold has ample support and is only making a little profit. “While a strong US dollar has not been a big boost for gold lately, the dollar’s decline may be somewhat supportive for prices today,” he added. Meanwhile, Saxo Bank analyst Ole Hansen said, “There is a risk that if gold fails to rise above $1,870 today, it could pull it back into the $1,830-1,835 area as it may disappoint some investors.”
Other than that, the strong rise in precious metals came as a bit of a surprise to Keith Neumeyer, CEO of First Majestic Silver. Neumeyer used the following statements while commenting on the rise of gold and drew attention to the rise in silver:
This move surprised me a bit because the economy is still doing pretty well and interest rates haven’t really dropped. The metal that surprises me the most is silver. We saw oil rise above $80. Copper is over $4. Everything is moving except silver. Silver is the asset I think will play ‘catch’. I think gold will hit all-time highs. But that record probably won’t happen until next year.
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