Ounce gold reached its highest levels in about a week today. In line with factors such as Jerome Powell statements and inflation data, experts announced their expectations for the precious metal. As Kriptokoin.com , we provide the details…
Here are the expectations for the gold price
Fed Chairman Powell, the central bank’s plans to increase interest rates are not hampered or He stated that it should not harm the job market and that it will essentially paint a “soft landing” picture. Gold Newsletter editor Brien Lun said, “Although the Fed’s more hawkish slippage has scared all markets, I think Powell’s statement reassures the central bank that the central bank will not act too rough and will keep the health of the market as its top priority.” Analyst Naeem Aslam said:
Despite yields in excess of 1.80% on 10-year Treasury bills, gold prices are rising as yellow is considered a hedge against inflation, and investors expect inflation to continue to rise in the coming months.
Zaner Metals vice president and senior metals strategist Peter Grant said in a recent news release that the market now expects the Fed’s first rate hike in March, and shortly thereafter. He said he could start to lower his balance sheet. If that happens, “10-year yields are likely to test the 2 percent level in the near term,” he says. He states that this will provide support to the dollar and make it difficult for gold to rise above $1,800.
Grant said this week that the market will closely monitor inflation data. December US consumer price index will be released today at 16:30. “Inflation will likely remain high, stocks are already expressing dissatisfaction,” Grant said. “The declining risk appetite, along with the desire to hedge these inflation risks, can provide some shelter for gold.”