Standard Chartered analyst commented on gold prices. He said the precious metal is squeezed between two opposing forces that keep its trading range mostly between $1,750 and $1,850 per ounce. cryptocoin.com We share the details as…
What will gold prices be next year, according to the Standard Chartered analyst?
Standard Chartered precious metals analyst Suki Cooper, in the latest state of the market for gold; With a bearish physical market and a more aggressive Fed, he said he had absorbed omicron fears. Stagflation risks for gold are trapped by the Fed’s rate hike and rising safe-haven demand, as well as a softer physical market and fears that rate hikes will accelerate. The precious metals analyst noted that while the stock market remains volatile, gold now follows the inflation narrative and bond yields rather than inversely correlated with the US dollar.
Cooper explained that creating weight on gold in the short term is also tactical positioning. “Gold prices came under pressure before the Omicron variant appeared and investors started liquidating high long positions,” he said, adding:
The November rally for gold was accompanied by seasonal demand and provided a strong base for prices to rise. However, this demand will start to decrease in December. Recent trade data from India, China, Hong Kong and Switzerland underscore the strength of gold prices. Preliminary data shows that Indian demand remained strong in November. However, India’s domestic premium softened in early December, while China’s premium rose.
Standard Chartered forecasts gold to close the year at $1,825 an ounce and then rise to $1,875 an ounce in the first quarter of next year.
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