Gold prices held steady in international markets on Feb. 4, with a weak dollar, persistent inflation concerns and tensions surrounding Ukraine thought to have boosted demand for gold. Meanwhile, analysts of a company are predicting lows for gold. cryptocoin.com We convey the details as…
What are the expectations for gold prices?
Gold prices rose on the back of a weakening dollar and soft bond yields, with services PMI still hovering around 50, experts said. The BoE’s rate hike is also believed to help the white metal appreciate against the dollar index. However, it should be noted that prices are experiencing a short-term retracement. Some think this is due to the decisions of the Bank of England (BoE). The European Central Bank also announced its policy, but did not change the interest rate and predicted that inflation could fall by the end of this year.
Meanwhile, Westpac economists expect the yellow metal to drop to $1,675, while Brent Crude Oil will see a deeper drop to $70 a barrel. Westpac uses the following phrases for precious metals and raw materials:
We expect crude and base metal prices to remain around current prices as we see a significant increase in bulk commodity supplies in early 2022 will lead to a faster correction in iron ore and coal prices. The base metals index is expected to recover from 240 to 204, crude oil (Brent) to fall from $90 to $70, and gold to fall from $1,797 to $1,675.
Latest situation in prices
Just a few months ago, experts predicted that gold prices would continue to rise due to inflation concerns. Now, with global and local developments, the outlook is not so precise. In November 2021, experts predicted a good year for the yellow metal, which reached a five-month high at the time. Hot inflation was pushing investors to buy gold as a relatively safe store of value. Gold hit a record $2,051.50 an ounce in August 2020, and some were saying it could hit those levels again. However, gold is currently around $1,809 an ounce.
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