The gold price fell on Friday amid pressure from rising Treasury yields on expectations of a US rate hike and a stronger dollar. So, what levels are next in the precious metal, which closed the week at $ 1,817? cryptocoin.com We convey the comments of analysts…
What’s next for the gold price?
Spot gold closed the last trading day at $1,817. Benchmark US 10-year Treasury yields strengthened, while the dollar rose 0.4 percent against its rivals, making bullion more expensive for overseas buyers. Gold, Americans supply chain bottlenecks and the explosion of COVID-19 infections; It rose shortly after the release of data showing retail sales fell 1.9 percent in December as the country struggled with goods shortages.
Philip Streible, chief market strategist at Blue Line Futures in Chicago, commented on gold. He said the precious metal acted as a placeholder in people’s portfolios “until things calmed down” about where the economy was heading. Streible said this week’s weak data could eventually either lead to selling in broader markets or cause the Federal Reserve to lower its rate hike expectations; He added that gold will be exposed to tailwinds either way.
On the other hand, TD Securities, one of the major financial institutions, said in a note, “Given that markets will eventually focus heavily on the exit of the US Federal Reserve, transferring less funds in the coming weeks may leave gold prices vulnerable to consolidation.”
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