Gold rallied above $1,860 over the weekend, remaining at a five-month high. With the markets opening tomorrow, the possibility of a pause or a continuation of the rise in the precious metal was discussed by analysts. Here are the opinions of gold analysts…
What will affect the gold price? Here are the comments of 2 analysts
According to Michael Hewson, chief market analyst at CMC Markets UK, a combination of several factors is behind the rise in gold prices. However, he thinks that the upward momentum in the precious metal may not continue as the US Treasury yields continue to rise. He adds that metal investors will make some profits after really solid gains in this process. Increasing the opportunity cost of gold, the US 10-year benchmark bond yields remained above 1.5 percent, while the dollar index rose to its highest level since July 2020. While the dollar’s rally has generally lowered gold, it has largely ignored the rally in the US currency over the past few days as US consumer prices jumped sharply in October.
“Gold has improved its reputation as a store of value, especially after high inflation data from the US, and this will provide further support,” said Commerzbank analyst Daniel Briesemann. cryptocoin.com As we reported earlier, the sharp rise in inflation has also fueled fears that the Federal Reserve may raise interest rates sooner than expected. “(But) the Fed tightening monetary policy here from this month has not had such a strong effect on gold prices,” Briesemann said.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.