Gold rallied on Thursday, reinforcing its five-day winning streak as the US dollar weakened and US Treasury yields plummeted. Gold is trading at $1,810, up 0.42%. It rose to $1,814 on the day. The dollar index fell 0.1 percent, making gold cheaper for holders of other currencies. Analisdollarser also seems to be taking an optimistic stance for the gold price.
Commerzbank analyst: The only obstacle to the rise of the gold price is the dollar
Commerzbank analyst Carsten Fritsch said: “When we look at gold overall, we see that the direction is up… and the dollar is the only hurdle in the market that keeps gold from rising and pulling it back. The metal rose again as the dollar weakened slightly,” he said. He also added that there were no “surprises” in the minutes of the US Federal Reserve’s last monetary policy meeting, and that the decline in bond yields was positive for the price of the precious metal.
Cryptocoin. com, the Fed held a meeting on June 15-16. The analyst said that with the release of the minutes of this Fed meeting, “a variety of participants” felt that conditions for the central bank to cut its asset purchases “will happen a little sooner than expected”. Gold is highly sensitive to rising US interest rates.
BofA: The precious metal will be traded at these levels in 2021
On the other hand, Bank of America’s Global Research arm, in a note, predicted that gold will trade at an average of $1,828 this year. used.
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