The gold price gained as inflation and geopolitical risks bolster its safe-haven appeal, driven by strong demand and supply risks. So, what levels might be next? One analyst expects a long-term decline in gold prices, while another thinks the bulls will take control. cryptocoin.com We are giving the details as…
What do analysts say about gold price?
“The bulls are in check because the safe-haven mood is definitely entering the gold market this week,” said Bob Haberkorn, senior market strategist at RJO Futures. The focus of the market is now at the Federal Reserve’s (Fed) meeting Jan. 25-26, and Reuters economists expect the central bank to tighten policy much faster than thought a month ago to rein in persistent high inflation.
Standard Chartered analyst Suki Cooper said in a note that he predicts prices will drop to an average of $1,783 an ounce in 2022. “Gold’s upside momentum may be difficult to sustain ahead of the expected rate hike, which reduces the appeal of holding non-interest-bearing bullion,” he said.
Gold rose about 0.9 percent this week as it sought protection from concerns over a possible extension of US sanctions or new EU measures should Russia, a major palladium producer, attack Ukraine, experts said. At the time of writing, the price of gold is changing hands at $1,831, down 0.3 percent. Finally, the upcoming period will determine which levels the precious metal will break.
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