The past few months have been frustrating for gold investors as the precious metal has failed to gain sustained momentum. However, investor focus remains low as rising inflation makes the precious metal an attractive, undervalued hedge asset. However, the year-end forecasts of the famous bank ABN AMRO do not look very encouraging. cryptocoin.com We share the estimates of the Netherlands-based bank…
ABN AMRO: Gold will close this year at $1,700
ABN AMRO’s strategist, Georgette Boele, drew attention to inflation fears and the US Federal Reserve’s (FED) interest rate decisions as factors suppressing the gold market. Boele points out that gold has fallen by 7.5 percent this year, emphasizing that the outlook for the precious metal continues to be negative. Boele says the bank’s estimate for the end of 2021 is $1,700. Drawing attention to the tightening monetary policy, the analyst says that this will cause an increase in bond yields, which is bad news for gold. In addition, it is stated that the increase in the US dollar led to the expectation of a decrease below the forecast.
The bank points to lower levels for the 2022 forecast. Boele stated that they kept their ounce gold forecast for the end of 2022 at the level of 1,500 dollars. The ounce price of gold closed the week we came to the end of the week with a slight increase, at $ 1,792 and increased by 1.4 percent. The gram price closed at 558 liras.
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