Gold prices, which made a good start to the past week, lost some of their shine with data from the US in the form of individual sales. It is now trading at $1,762. Gram gold changes hands at around 526 liras.
World Gold Council analysts: Gold prices have been performing very well for 3 years
World Gold Council analysts say that gold has performed very well since 2018 and said that although it lagged behind the commodity markets in the reflation environment observed after the quarantine process, it experienced a 42 percent rise since 2018, rising from $1,269 to $1,800.
They say that this situation may curb gold, but given the three-year performance before the stagflation period, gold is unaffected. On the other hand, the World Gold Council says that stagflation may be followed by a reflation process, and as a result, gold may lose its attractiveness again. Still, they say that probability is low.
ANZ Bank: Gold may pull back next year
ANZ Bank strategists also shared their thoughts on gold. Although prices may reach $1,850 this year, it may not be able to sustain that momentum next year, according to analysts. Experts said that there may be a decrease in gold due to the decrease in real returns. The bank says that gold may decline in the face of the Fed’s reduction in asset purchases, but it can still rise due to high inflation, making it seen as a better investment again.
ABN Amro expects recession in gold
ABN Amro analysts expect a drop in the ounce. The reasons behind the decrease are the rise in the US bond yield and the rise in the US dollar index. According to the company’s report, gold could fall to $1,700 this year and $1,500 by the end of 2022. The report states, “Precious metals have been weak recently due to the rise in dollar index and bond rates, and we think that the weakness will continue despite occasional reactionary purchases.”
cryptocoin.com As we have also reported, analysts draw attention to China’s third quarter Gross Domestic Product (GDP) data, and Consumer Price Index (CPI) data from the UK and Euro zone as developments that will affect gold this week.
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